After several turbulent years, hotel sales are finally on the rebound after the pandemic-induced industry recession.
NB: This is an article from CartStack
In 2023, revenue per available room (RevPAR) is forecast to grow at a rate of 5.8% across the U.S. hotel industry – and demand for hotel rooms only continues to grow. As the hospitality industry recovers, it is a perfect time to invest in your hotel sales strategies, and introduce innovative new techniques to attract hotel guests.
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From cross-selling to email marketing, there is no shortage of opportunities to increase your hotel revenue.
This guide will look into 15 different hotel sales strategies you can use to:
- Increase revenue
- Improve the guest experience
- Secure direct sales and bookings
- Competitively position your hotel
1.Focus on Booking Abandonment Campaigns
Cart abandonment is a popular strategy used by eCommerce businesses in order to increase revenue. But this strategy is not specific to any one industry, and hoteliers can (and should) utilize cart abandonment strategies to increase hotel revenue.
Hospitality reports estimate that $10 billion in revenue is lost each year to abandoned bookings. However, many hotels simply aren’t tracking or recovering these potential sales, leading to a black hole of revenue drain.
Only 0.58% of guests complete their online reservations, but with a booking abandonment campaign in place to recover sales, hotels can increase revenue drastically.
If your hotel website generates 10,000 leads per month, with the average 2% conversion rate, you can expect 200 bookings. However, 80% of bookings are abandoned, leaving 8,000 potential guests. Even recovering just 1% of these lost bookings can result in 80 more reservations, a 40% increase.
The best way to launch a booking abandonment campaign is to invest in an all-in-one booking abandonment tool. Booking abandonment tools take the guesswork out of your abandonment campaigns, by providing multiple features designed to optimize your campaigns.
We recommend looking for software with the following features:
- Real-time tracking
- Pre-made email templates
- In-depth analytics and reporting
- Data integration with your booking engine
2.Personalize the Guest Experience
Personalization is key to creating a unique and memorable guest experience at your hotel. When guests feel that their individual preferences are considered, they are more likely to feel valued and satisfied with their stay.