Hotel banqueting represents an important source of revenue for hotels, which is why it’s so important to understand how to better manage this service in order to increase sales.
NB: This is an article from Mews
Banqueting is a fundamental part of the hospitality industry and as there are so many different moving parts, it’s important to have a defined system in place in order to guarantee the success of the operation. By taking a holistic approach to banqueting and understanding the different moving parts that are in play, you can optimize the service in order to make the most out of your resources.
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It is important to measure the different costs, such as food and beverage (F&B), human resources, administrational costs, property maintenance costs, and marketing efforts.
By understanding the associated costs, you can without a doubt find out how to optimize them in order to increase sales and drive revenue.
Why are banquet sales important for hotels?
Banquet sales are at the core of profitability. Offering extra services is a key way to drive revenue regardless of seasonality, and to provide alternative sources of revenue to the hotel by diversifying your offer. There is no doubt that banqueting requires a lot of human resources and management, but there’s no comparison between the revenue provided by a one-night stay vs a one-night event.
Optimizing inventories and maximizing profits is at the center of any strategy, and events such as weddings, conferences, and corporate meetings are fundamental to ensure your hotel remains profitable year-round.
Best ways to increase hotel banquet sales
Now that it’s clear why banquet sales are so important for hotels, let’s take a look at six key ways to increase hotel banqueting sales.
Differentiation is key
As in any business, the key to success is differentiation. Start by doing benchmarking to find out what your competitors are offering and how you can do it better. Then you can define your unique value proposition so that you can use these learnings to set you apart from the competition.
Whether it’s a unique food offering, a sustainable events center, or better prices, differentiating yourself is key to increasing sales. Be sure to share pictures of the food, or your events space on social media so that you can leverage your uniqueness to generate leads for weddings and other special events.