Despite signs of recovery in 2023, the hospitality sector’s 2024 outlook is unpredictable. Deloitte’s Hospitality Industry Outlook 2023 identified the hospitality sector’s key challenges for 2024 as a drop in consumer confidence, continuing labor shortages, and the inability of hotels to raise prices despite escalating costs.
NB: This is an article from EHL
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However, by leveraging strategic hospitality revenue management, hotels can navigate these hurdles and even drive revenue growth in the coming year. While the effectiveness of these hotel revenue management strategies will vary by location, audience and the economy; here are ten effective ways to increase your hotel’s revenue in 2024.
Elevate the guest experience
For hotels, it’s more important than ever to offer experiences that meet guests’ evolving expectations.
Achieve exceptional client experiences by enhancing your customer journey, actively pursue and promote sustainability initiatives, deliver seamless customer experiences, and consider expanding your venue’s customer base with hosted events.
1. Enhance the guest experience with customization
The guest experience begins well before check-in. Review every touch point in your customer journey, from booking to check-out, and ensure you deliver exceptional customer service at every stage.
Make your booking process memorable with personalized service offerings, from room to balcony view recommendations.
Switzerland’s Hotel Lugano Dante’s online check-in portal, ‘My Page’, distinguishes its offering with up to 150 optional customizations per room.
2. Incorporate sustainability into concierge services
Increasingly, guests expect hotels to champion sustainability. Consider offering guests eco-friendly amenities and create a positive difference for your guests, business, and planet.
Advertising your hotel’s sustainability policies can be a great way to attract the more eco-conscious traveler. However, be aware that consumers are increasingly wary of greenwashing.
Consider backing your claims with a recognized sustainable certification. Booking.com’s Sustainable Travel Report 2023 found that 43% of today’s travelers are willing to pay more for travel options with sustainable certifications.
3. Offer enriching experiences with hosted events
Don’t be afraid to host different types of events at your hotel. Consider what would be suitable and the type of guests you want to attract.
It’s not uncommon to transform hotel spaces. The Peninsula Hong Kong Hotel’s ‘Art in Resonance’ programdelivered a series of celebrated art installations.
Luxury hotels are also great partners for health & wellness brands like SUDA, who deliver tailor-made programs and embed their wellness advisors in luxury resorts.
