Avoiding Pricing Pitfalls: Smarter Strategies for Innkeepers and Hotel Operators
***Guest post from TakeUp, a WebRezPro partner*** Pricing is one of the most powerful levers in hospitality, yet it’s often mismanaged due to outdated strategies and misconceptions. Many independent hotel owners, boutique operators, and innkeepers fall into common pricing traps that can cost them significant revenue. The good news? There’s a better way to approach […]
5 Errors Revenue Leaders Are Making and How to Avoid Them
***Guest post from LodgIQ, a WebRezPro partner*** In today’s dynamic and highly competitive hospitality industry, revenue managers face immense pressure. Rising operational costs, growing guest expectations for personalized experiences, and ever-evolving competition are all part of the daily grind. As these pressures mount, the strategies used to maximize revenue need to evolve too. Yet, many […]
The CLV Golden Ticket: Identify, Attract & Retain Your Most Valuable Guests
Digital ads, social media, website, email campaigns…hoteliers do (and spend) a lot to attract guests. Add in OTA commissions, transaction fees, and even your marketing personnel and your Customer Acquisition Costs (CAC) could go through the roof. The importance of enticing guests to return cannot be overstated, given that customer retention costs less than acquisition—in […]
How Small Hotels Can Win Bookings
Being a small, independent hotel competing with big chains can feel like a David and Goliath scenario. While brand giants possess resources you don’t, there are plenty of ways to wield your slingshot and compete for bookings. Chains may have more muscle—and money—behind them, but independent hotels are often nimbler and more creative. Here’s how […]
Hospitality By The Numbers: 40+ Stats You Should Know
You can better manage what you measure. Knowing your numbers lends valuable insight for hoteliers as they plan and strategize for the year ahead. Collected here are various statistics and forecasts to inform you of important global and local trends, revenue drivers, cancellation rates, market insights, and guest/consumer preferences. As you plan your 2024 strategies, […]
A Hotelier’s Guide to Generating Profitable Revenue
The goal of any business is to make money. But it’s not all about revenue. Think about it this way: If you increase revenue, but costs rise as well, your profit remains the same (or declines), and your business can’t grow. While it’s important to monitor top-line indicators like total revenue and RevPAR, focus on […]
Data Power! How to Use Your PMS to Drive Bookings
Marketing efforts are usually front of mind when it comes to boosting bookings, but what’s behind a good marketing strategy? In more ways than one, your property management system (PMS) is at the heart of driving reservations—not just managing them. We’re not only talking about decreasing rates when occupancy is low; the secret to generating […]
An Independent Hotelier’s Guide to CAC
Customer acquisition costs (CAC) are more or less what they sound like—how much money it costs to bring in a new guest. OTA commissions, transaction fees, loyalty programs, advertising campaigns, and sales and marketing personnel all contribute to the cost of acquiring new customers. But why is knowing this important, and how do you measure […]
9 Great Guest Activities Any Hotel Can Offer
One of the best ways to boost your hotel’s bottom line is to offer activity packages and add-ons. Not only do they provide an opportunity to increase your TRevPar, they give guests more of an experience at your hotel. People have returned to travel in droves, but today’s guests don’t just want a place to […]
How to Maximize Hotel TRevPAR
Riddle: Two hotels have the same number of rooms and charge the same rates. On a given night, both book an equal number of rooms. However, in our imaginary revenue competition, there is a clear winner. How is this possible? The answer is simple (and the title of this post may be a giveaway!). TRevPAR […]
How to Attract Price-sensitive Guests without Slashing Prices
With Covid lockdowns fresh in our memory, the desire to travel is still strong. But as inflation and high flight prices persist, the revenge travel surge may start to wane. As the cost of living continues to rise, so will travelers’ price sensitivity. Hoteliers should keep this in mind as they strive to balance profit […]
Is Your Hotel Revenue Management Strategy Working?
Hotel revenue management is a complicated process with a simple goal: to maximize revenue. It’s about analyzing demand and honing what you offer to sell the right product to the right customer at the right time, on the right channel, for the right price to grow profit. If your hotel’s bottom line is bottoming out, […]
6 Opportunities to Boost Revenue Your Hotel Might Be Missing
Just as it’s important to always look for ways to enhance the guest stay experience, hoteliers must constantly seek opportunities to boost revenue. Adapting your money-making strategies to the ever-changing landscape of the hotel industry will help your business stay profitable during difficult economic times and ensure long-term success. By capitalizing on consumer demand and […]
How to Maximize Black Friday Bookings
People don’t have to spend Black Friday in a tent outside Best Buy, huddling for warmth and wondering if that new smart TV is worth it. There are alternative items and experiences they can purchase, i.e., a stay at your hotel. Customers are ready for special offers this time of year—we’ve all seen the bright […]
How to Turn OTA Customers into Loyal Guests
As of 2019, more than half of hotel bookings came from online travel agents (OTAs) like Expedia and Booking.com. Ouch. That’s a lot of commission fees. Fortunately, that’s also a lot of visibility. It’s like window shopping. Guests browse hotels on OTAs, but they can be enticed onto your property’s own website through an appealing […]
5 Promotional Rate Strategies to Boost Hotel Revenue
As travel picks up with the warming weather, it’s that time of year your hotel may be thinking about running special packages and promos to stand out from the competition. Promotional rates are not only good for maximizing occupancy and revenue, but they’re fun too! While your guests get great value, you get the opportunity […]
