A disciplined approach to revenue management, backed by the appropriate technology, is essential for hotels looking to optimise their revenue and returns. Today’s consumer has more purchasing intelligence, putting greater pressure on hoteliers to make accurate forecasts relative to booking demand, room pricing, and promotions.
With the rise of OTAs and other online distribution channels, a hotelier’s price and value perception is on public display across more digital touch points and platforms than ever before: hotels need to ensure that their market positioning and strategy is in alignment with public perception. To this end, revenue managers and management teams need to work hand-in-hand with sales and marketing to ensure that they are effectively meeting real-time consumer demand.
With that in mind, here is a list of 6 marketing tactics to help you maximise your hotel’s revenue growth.
1. Involve marketing with pricing and customer acquisition strategy.
Due to different booking behaviour and price sensitivities across online channels, revenue managers must involve marketing in order to reach customers with the right balance of price and promotion. By providing a
granular understanding of the demand generation forecast, revenue management can work with marketing to strategise more effective promotional plans to reach consumers with the right mix of offerings across different channels.
2. More on-going collaboration with sales and marketing.
As technology continues to shape consumer behaviour, hotel operators must embrace a more holistic approach that combines the best of traditional marketing, online and mobile strategies, as well as revenue management.