building blocks reflecting revenue management strategies to boost

Ancillary revenue helps to diversify income sources, making hotels less reliant on room income.

NB: This is an article from Mews

It also enhances the guest experience. In such a competitive market, the better your hotel can manage and promote ancillary offerings, the more likely you’ll reach your bottom line. To boost ancillary revenue, you should implement effective strategies that will help maximize profit and diversify revenue sources. Let’s look at some of the best strategies out there.

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Diversify your F&B offers 

F&B is a fantastic place to start when you’re thinking about ways to boost revenue. There are many ways to enhance on-site dining, such as restaurants, bars, room service, or catering. Or you can create unique experiences, food-themed parties, and happy hours to attract locals and guests alike. 

Don’t just target leisure 

To increase revenue from events, don’t just target the leisure sector – the corporate sector is where it’s at. Business travelers and event organizers are more likely to spend more. Don’t forget that corporate travelers are more likely to travel during the low season, helping you generate profit all year round. 

Train your staff 

You read that right – training your staff is a revenue-increasing strategy. Since trained staff know all about your hotel’s products and services, they can find creative ways to upsell and cross-sellRemember: the money invested in staff goes towards improving profitability because they become better at their jobs and more successful at driving revenue. 

Partner with your local community 

The more involved you are in the local community, the easier it will be to drive additional revenue. Make your hotel “the place to be” by curating cool events, a unique gastronomic offering, or a space for local artists to display their work. Partnerships help you develop alternative sources of revenue in the low season and stay profitable year-round.

Examples of hotel ancillary revenue

Hotel ancillary revenue includes a wide range of services, products and activities offered at an extra fee. Let’s see how to increase the per-night spend, even if guests stay at your property for one night.

Read the full article at Mews