Like any other industry, hotels must adopt technology solutions to streamline operations, gain better control over processes, sell more rooms, meet guests' needs, and drive growth and revenue. Improving revenue allows hotels to invest in upgrading their facilities and services, which can further enhance the guest experience and increase customer loyalty. Ultimately, improving revenue is essential for the long-term success of any hotel. This blog will look at a few critical hospitality technologies to increase hotel revenue.
Hotel Channel Manager
Selling more rooms online via multiple OTAs, metasearch engines, etc., is essential. And so, it has become imperative to adopt a channel manager tool. Why?
Here is the answer -
Let's say you have a 30-room hotel selling on multiple online sales channels - five OTAs and two metasearch engines. Manually updating your rates and availability on each online sales channel whenever there is a change can be risky. It can lead to operational errors, overbookings, and unsatisfied guests. To avoid such issues, it's best to adopt a channel manager that automates the process of updating rates and availability on all the sales channels in real time.
- Push rates and inventories on online sales channels in real-time
- Ensure rate and inventory parity on all connected sales channels
- Eliminate overbookings and enhance guest experience
- Improve your hotel's ranking on OTAs and metasearch engines, reach a wider audience
- Ultimately, all these lead to improved revenue
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Web Booking Engine
Apart from indirect booking via OTAs, it is also essential to drive direct bookings via your hotel's website, and for this, you would need a web booking engine. It allows guests to browse the website for availability, rates, special packages, discounts, amenities, etc., to book their stay directly with you. The best part is that you don't have to pay any booking commission to anybody.
- Generate more direct bookings
- Sell more add-ons and increase the average booking value
- Drive additional sales with promo codes
- Gain control over guest details for targeted marketing
- Drive additional bookings from corporates and travel agents
Revenue Management System
It analyzes historical and real-time data to determine the optimal rate for each room type and date. The system can suggest room rates that maximize revenue and occupancy by considering seasonality, demand, booking window, and competitor pricing, etc. Additionally, a revenue management system can identify guests' booking patterns, allowing you to adjust your pricing accordingly to increase your hotel revenue. In short, it allows you to sell the right room at the best rate to the right guests at the right time via the right channel to increase revenue.
Online Reputation Management System
About 90% of travelers today rely on guest reviews when choosing the right hotel. They will likely book your hotel if you have better ratings than your competitors. In this context, an online reputation management system can help you. It tracks all the mentions about your brand across online platforms and lets you analyze them in one dashboard. The objective is to enable you to respond to all types of guest feedback so that you emerge as a hotel that cares for guests' sentiments. You can know your property's shortcomings and improve on them to offer what your guests want from you. All these will lead to your hotel's online ratings and scores. The best part is that a 1-point increase in your online ratings allows you to increase your room rates by at least 4% to 5%. And when you increase the room rate, you will see your revenue go up.
Hotel Property Management System
Also referred to as hotel management software, hotel software, or Hotel PMS, it is one of the most critical technologies that helps you increase your hotel revenue. Apart from automating and streamlining processes across departments, it allows you to access guest data to get to know them better and offer customized services during their next visit. When you successfully exceed their expectations, you win their loyalty. And loyal guests will mostly come back to you and will likely spend more, helping you increase your hotel revenue. And, of course, you can rely on PMS-generated insightful reports to see what works for you and what doesn't and make informed decisions.
Digital transformation in hotels is vital to boost its overall revenue. As we said earlier, your utmost objective should be to adopt the best-in-class technology to increase your hotel revenue while saving cost and time and improving guest service capabilities. Be careful while selecting your technology partner, as this would be your first step toward realizing your desired goals.