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The year 2020 has been very tough on all industries, but the Hospitality industry is bearing the most impact of covid. A tough year means extra effort to get business and hence Hotels are looking for means and ways to increase the revenue either by devising new business strategies or by hiring revenue management like marketmyhotel.in 

Hotels should work on strategies that basically address Content – Reach – Price – Competition – Online Reputation. These are 5 pillars that define how successful a Hotel is when it comes to generating revenue. 

Considering this, MarketMyHotel.in recommends these Top 5 Revenue Management Strategies for the year 2020 that are going to definitely boost business for your Hotel.

1. Content: The first thing one should work on is creating the right content be it pictures, property description, property videos, customer feedback videos, hashtags and standardize it with Hotel branding. Content management is either missed out completely or kept un-organized by many hoteliers but this is one basic thing that should not be missed. Organized content will help you in reaching out to a larger audience base more creatively.  
2. Reach: Once content is created, the next strategy should be to reach out to the maximum audience. At MarketMyHotel.in, it’s done by listing out at around +50 OTAs, Meta Searches, Affiliates  as well as we reach out to +15000 travel agents on a monthly basis. Hotels should work aggressively on social media by regularly posting hotel and destination level content and engage with customers and potential travellers. An active social media profile is an indication of Hotel’s professionalism and how much a hotel cares about its online branding. 
3. Competition: In revenue management, competition analysis cannot be missed. A Hotel needs to keep a track of its competitor, its offerings, distribution channels they are leveraging. Creating a comp-set and keeping a track of different parameters respective to the competing Hotels should be religiously followed.  It should be noted that not all hotels are your competition but Hotels with similar USP, hyper-location, ratings, amenities, number of rooms etc. should be considered while building a comp-set. A correct comp-set will help you make correct decisions. 
4. Price point: Price is the final frontier where all battles will be fought. With more online penetration and increased transparency, getting your price right every time is something which every Hotelier strives for. Dynamic pricing, keeping track of competitor pricing, active participation in OTA promotions, maintaining rate parity and floating competitive pricing for Offline Travel are key steps to be taken by Hotelier.
5. Online Reputation: The last piece of the game is your online reputation – How do people see your Hotel as customer friendly – quality conscious – safe and above all guest centric. A hotelier should spend considerable time in keeping track of his customer experience and make sure they are happy during the stay and enjoying the experience. Such customers will become your brand ambassadors and will be the base of your word-of-mouth marketing campaigns. The toughest thing is getting new customers and the easiest thing is to create loyal customers. We suggest you work on the easiest thing. 

Apart from above things a consistent focus in generating direct bookings through direct website & phone calls should not be missed either. 

Keeping these strategies in mind, MarketMyHotel.in has created 5 products that basically aim to boost business for a Hotel in post-covid scenario. 

• revenueBOOST –  an Online Marketing & OTA business promotion solution.
• virtualFRONTOFFICE –  an All-in-One solution for remote Front Office and Customer Support.
• reviewPLUS – an Online Reputation Management programme.  
• socialPAGE – a Social Media Marketing programme.   
• emailPUSH – an eMail marketing solution. 

To subscribe to Hotel Marketing & Hotel Revenue Management services, write to contact@marketmyhotel.in 

The above blog is written by Ms. Dipali | Revenue Mananger @ MarketMyHotel.in