Hotels operate in a cutthroat industry, compelling business owners to think outside the box to provide a unique selling point for their clients. But this fact doesn’t seem to deter entrepreneurs to venture into the hotel industry. In fact, the value of the hospitality industry is steadily increasing over the years. If you’re looking to start a lodging business, you may need to apply for hotel business loans to kick-start operations. Aside from working capital, here are seven simple tips you can implement to run a successful business.
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1. Focus on Providing Value
It’s important for your guests to realize the value of your business; it’s what makes them stay and frequent your establishment. Consistently provide value to your existing and potential guests and make sure they know about it. The value you’re offering should be clearly seen in your marketing strategies.
There are different ways to provide value. You can offer stellar customer service, cost-effective food and beverage packages, and other unique amenities. In this way, you can provide a positive experience your guests won’t forget.
Source: Maximum Business Solutions
2. Don’t Neglect Direct Booking
While booking through travel agents and other external partners are important, direct bookings are a better option. Direct booking promotes brand awareness and customer loyalty. Some of the few things you can do to increase the number of direct bookings are to offer value-added incentives, such as reservation price discounts, meal coupons, free drinks at the bar, and more. You can also promote a loyalty program to increase loyalty and word of mouth advertising. Your aim is to encourage potential guests to book via your website than from comparison sites, where they can easily choose your rival hotels.
Source: Hospitality Insights – EHL
3. Plan Your Marketing Strategies
Marketing is an important aspect of hotel management. It takes several months of planning to implement successful marketing strategies. Take note of the events and holidays throughout the year and start planning for next year’s events. Additionally, you can partner with event planners in the area to be one of their preferred hotels for local events. Better yet, you can collaborate with multiple wedding planners so you can offer a wedding package that includes unique amenities, like free rooms, shuttle service, etc.
Check out these five clever ways to market your hotel and gain more customers.
Source: Sachs Marketing Group
4. Keep an Eye on Your Competitors
How many other hotels operate in your area? Make sure to keep an eye on your competitors – review their amenities, prices, promos, and discounts. Compare your hotel to the competition because you can be sure your target market is doing the same thing. Don’t just consider your current competition – you also need to consider the future. Stay updated with current market trends, demands, demographics, and other factors that affect the industry.
Source: Day of Dubai
5. Customer Experience – The Heart of Your Hotel Business
There’s a reason why hotels fall under the hospitality industry. The success of your business relies heavily on customer service and customer experience. Always remember that your customers are more likely to talk about the unpleasant customer experience than to appreciate a good one. And customer reviews can easily make or break your entire business. For this reason, it’s important to do everything you can to improve customer service and experience.
Ask your staff to smile and greet guests, opt for more comfortable comforters and softer pillows, or offer complementary services. Always look for ways to improve your service because if you don’t, your competitors will. Also, remember that the latest trends and technology could never beat interpersonal skills and hospitality. Visit here to know more about the best qualities your hotel staff should possess.
Source: CallMiner
6. Survey Your Guests
Want to know which products and amenities your guests are willing to pay for? Ask them! You can conduct surveys and ask them for feedback as they checkout of your hotel. Also, take note of your guests’ inquiries and requests. If a number of guests ask for dining options and you don’t have one in your place, you may want to consider adding one to generate revenue.
Source: Gastfreund-Blog
7. Have Sufficient Working Capital
The previous tips would be for naught if you don’t have sufficient working capital to run your business. You don’t have to be a seasoned entrepreneur to know the importance of working capital. To successfully run your business, it’s crucial that you have access to funding. You can apply for hotel business loans from traditional or alternative lenders. The funds you receive can be used to improve operations.
Source: SlidePlayer
