5 tips to recover from struggling Hotel inventory sales
Many times we go through the phase of struggling Hotel Inventory Sales. And we don’t even know what we are doing wrong. This creates a great dilemma for the hoteliers.
We think slashing the rates is the ultimate solution but it is not. Slashing the rates can lower the value of your services. And it also becomes difficult to amply the rates again. It is also lethal for your revenue.
If you are seeking better hotel inventory sales then, first of all, you should focus on providing a better guest experience.
Apart from that, there are other things that we can do to raise our hotel inventory sales. I am going to discuss them here in this article.
Smart Inventory Distribution
Inventory Distribution is actually a very sensitive task. We have many distribution channels these days and we have to hit the sweetest spot while allowing them the inventory.
If we allow more inventory to OTAs then we will end up in giving more commission and if we keep more to ourselves then we might end up with unbooked rooms
When also have to be very careful while selecting the OTAs also. Analyze the top performing OTAs. List your hotel on those OTAs only and leave the rest.
Ergo, having a great OTA strategy is very essential.
Try to improve direct sales
OTAs are mainly channeled through OTAs and they play a major role in bringing sales to your hotel. But they charge heavy commission on the bookings they bring.
Top online travel agencies are charging from 20 to 35 % as the commission on hotel online bookings. And many times this hurt your revenue generation.
After all, we want hotel inventory sales for revenue and betterment of our business only.
So we must adopt the strategies to bring more direct sales.
Add Value to your Hotel Services
Value creation is the most important and basic reason for any business to flourish. It is the prime factor which distinguishes you from your competition.
It is the helps you to create brand value and establish long-term relations with customers.
If you do not provide the optimum value with your hotel services then there is no reason for the customer to opt for your hotel. And all your efforts will go in vain.
So you will have to strike the balance between the value you are providing and the prices of your inventories so that you earn an optimum profit while providing the best possible services.
Play on Insights
Insights make the picture clear for you. They help you analyze what’s working and what’s not. Insights should be the basis of your decision regarding your hotel.
With the help of analytics, you can understand the behavior of your guests. Then on the basis of that, you can optimize your services. Hence, creating more value.
Analytics can help you to depict the future and innovate accordingly.
Also, analyze which of your effort is not returning the result and then stop making. It will save your resources. Insights can be a good source of growth you are looking for.
Leverage Cross Promotion
Cross Promotion is also a power that could draw more sales to you. Wikipedia defines Cross Promotion as
Cross-promotion is a form of marketing promotion where customers of one product or service are targeted with the promotion of a related product.
Cross-promotion may involve two or more companies working together in promoting a service or product, in a way that benefits both.
You can take advantage of your location. Promote your location with your hotel that will draw some sales. Apart from that, you can also benefit yourself from local events.
Partner with events and fests planned at your area and promote yourself with them.
Conclusion
Sometimes our efforts become obsolete and things do not look good. But we should understand the core of the problem before looking out for the solution.
The hotel business is dedicated to providing a serene stay to the guests. And if we take care of that our sales will never go down. But if they do then we should consider implementing the above points.
Please share your views in the comment box. Your suggestions are also most welcomed.
Contact Us
We aspire to serve the hotel industry with our product QloApps and that process we have taken a step forward by launching the QloApps Forum. So please raise any of your issue on our Forum.
For any kind of technical assistance, just raise a ticket.