While it has likely been on your radar for a while now, the spectacle of elite athletes performing on the world’s stage – and the massive influx of visitors that comes with it – is drawing near.
NB: This is an article from IDeaS
Whether the prospect of Olympic travelers soon arriving in droves has you excited for a boost in business or nervous about handling the surge, it’s time to tap into that energy and make sure your properties are positioned to make the most of this golden opportunity.
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Like the thousands of athletes competing in the 2024 games, your hotel needs a preparation plan to maximize its potential. Fortunately for any who may be feeling unprepared, there are several things you can do to get ready that don’t require a lifetime of intense dedication and training to achieve strong results.
Let’s take a look at some of the steps you can take right now to prepare.
2024 Olympic Preparation: 8 Winning Moves for Competitive Hoteliers
The right preparation approach for your property will depend heavily on factors like your proximity to Olympic venues, typical guest needs and the revenue generating services available on site. That said, it’s worth considering any number of the following as you plan for Olympic success.
1. Research similar events and forecast accordingly
Now’s the time to gather data and develop a stronger understanding of Olympic (or other large event) guest behaviors. While obviously you’re not likely to find data that’s a perfect comparison point, there are insights from past events that may shape expectations for your property.
For instance, during the 2012 London Olympic Games, our survey of 30 area properties found that there was a significant increase in RevPAR during and after the event, but also a significant pre-event occupancy drop-off as their typical group and corporate business steered clear of the city. This suggests a tactical change like increased length of stay requirements with a mini-promotion for early arriving travelers may be needed to shore up revenue on the days immediately before an event.
2. Review booking systems and upgrade, if needed
Booking systems are a foundational tool for successful hoteliers, so it’s worth pausing to consider the following:
- Are you confident in your booking system’s ability to handle a large influx of traffic and reservations during the Olympics without issues?
- Does your booking system integrate seamlessly with third-party booking channels?
- Can guests use a mobile device to easily book their rooms?
Many properties may be in good shape on this front, but now’s the time to take stock of the technology supporting your hotel and pursue any needed improvements.
3. Implement dynamic pricing
Dynamic pricing strategies are a tried-and-true way to maximize revenue, particularly during periods of high demand, like the Olympics, where prospective guests are willing to pay a premium. In its simplest form, dynamic pricing can be a manual adjustment of room rates based on factors like demand, event schedules, and occupancy levels.
While that manual approach is an improvement over static pricing, there are inefficiencies as well as information gathering and processing challenges that can be resolved with revenue management software like IDeaS’ G3 RMS. This powerful tool uses multiple hotel and market data sources to provide scientific, automated pricing decisions that are reactive to the business you have on the books, as well as the latest forecasting data.
4. Cater to Olympic guest behavior with flexible rate structures
The behaviours of your potential guests for the Olympics are not uniform. Some may book in anticipation of their nation’s continued sport-related success, while others are locked in for a trip they’ve had planned for years in advance.
