Off-peak hotel revenue is something most hoteliers lose sleep over. To be profitable, you must either make enough revenue in the high season to compensate for the decrease during the low season or find ways to maximize revenue throughout the year. Either way, you should check the effectiveness of your strategies and adjust them based on results.
NB: This is an article from Mews
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The more ways you can find to optimize revenue year-round, the better your bottom line will be.
10 strategies to increase hotel revenue during off-peak seasons
It can be challenging to boost hotel revenue during the off-season. To remain profitable year-round, develop a strategic approach adapted to your property’s characteristics, location and guests.
1. Local partnerships
Want to help boost local economy? Collaborate with local businesses to create mutually beneficial packages and promotions, such as stays that include a food tour with a local gastronomic tour agency. It’s a win-win for everyone, as your guests will eat at local restaurants, filling up tables that might otherwise be empty.
2. Events and packages
Events or themed weekends are a terrific way to attract guests during the low season. Think golf-inspired packages, wellness retreats, and food and wine tours. You can also host events in your hotel and tie them in with the local festivals.
For example, if there’s a wine festival, set up wine tastings at your hotel. When you create memorable experiences, the average spend rises, and guests feel encouraged to stay longer.
3. Targeted marketing efforts
Did you know that targeted marketing campaigns boost off-season sales? Use them to communicate deals, packages and promotions to specific target audiences. Social media, email marketing and online advertising will ensure your message reaches the right audience. For example, you can target families with specific off-season promotions.
4. Don’t neglect niche markets
Certain niche markets are known to travel in the low season – business travelers, retirees, conference-goers, or those arriving from a different hemisphere. Why? Because that’s when prices for venues drop, and there’s more availability in hotels. Target these niche markets and specific demographics by tailoring your marketing efforts.
5. Stay informed of local events
Your hotel is a part of the local community, so you should keep track of the local events, especially those happening in the off-season. You can attract new guests by adjusting your marketing and sales promotions to align with those events.
Have you considered sponsoring a local event? You could offer exclusive deals to those who attend the event and stay at your hotel. If you’re an event organizer, check out these 7 tips for hotel event organizers.
