Month: September 2023

Peak season is the best for the Hotelier as there is high demand and an influx of guests. During high season, it’s quite easy to achieve full hotel occupancy. However, the Hotel’s low season is a harsh reality of the global hospitality industry when the Hotelier has to struggle with attracting guests and reaching maximum hotel occupancy. Seasonality creates demand fluctuations that could be due to natural reasons, like temperature and climate. Also, other reasons, like holidays, economy and other factors play a role in this aspect. Unfortunately, low season has a negative impact on the Hotel’s revenue and turnover. Now, the question arises: How to increase demand outside high season

• Use Booking Master to forecast low hotel occupancy periods with high accuracy.
• This gives a crystal-clear picture of accounts receivable and payable during the low season. It enables the Hotelier to meet business objectives and do an overall planning.
• Target niche markets: Focus on Millennials, backpackers and generations Z and X who travel throughout the year.
• Make Wellness/Spiritual Travel a USP of your Hotel or Resort: Spiritual travel allows people to detach from the cacophony and get re-energized both mentally and physically.
• Make your hotel pet-friendly, particularly during the low season as it will definitely help you attract customers who are otherwise reluctant to leave their pet during their trip.
• Boost your occupancy rates in the low season with attractive family package deals.
• Offer your property for corporate meetings and events during the low season.
• Offer a coworking space for self-employed people and small businesses.
• Create space for renting your property for weddings and other private events during the low season.
• Focus on Geo-Targeted Marketing to increase conversions: For instance, if your hotel is situated in a coastal area, you could target potential customers from areas with high temperatures as they want to beat the summer heat.
• Introduce new activities and offer lucrative Packages for potential guests.
• Incentives like free drinks at the bar, welcome gifts, and huge discounts can attract customers in the low season.
• Reduce room rates to attract price-sensitive customers.
• Booking Master’s revenue management system can help you reach the right guests with the right offers during the low season.
• Create engaging events for specific audiences during the low season. For instance, if you’ve decided to target retirees for a mid-week travel, you can hold an event where a local author speaks about financial planning during retirement.
• Repeat guest promotions, event hosting, dine & and stay packages, value addition through special packages, concerts or dances, Spa packages & and retreats, complimentary airport shuttle etc. have the potential to attract guests.
• Promote the low season as a benefit for the Guest. Highlight low room tariffs, great incentives, less crowds as unique selling points within your promotion.
• Avail Booking Master’s Channel Management Service: The surest way to increase occupancy during the low season.
• Temporarily increase your metasearch budget during the low season as there is a dip in occupancy at this time.
• Increase your Google search engine ranking and optimize visibility by implementing effective SEO strategies, such as keyword usage and adherence to meta description guidelines.

In a nutshell, in order to stay ahead of competitors, you have to think outside the box during the low season. You need to consistently update and improve your Hotel’s Revenue Strategy and you can do that with Booking Master.

Every hotelier faces the challenge of how to increase revenue. Engagement in day-to-day operations could make it difficult to have a bird’s eye view. Income can be generated through room sales as well as through exploring some of the best options.

Consider Upselling Options

Generating income through room sales should not be the only focus. The Hotelier should also consider other ways to increase hotel revenue. For instance:

Spa/salon services

Restaurant

Seasonal offerings

Netflix/streaming packages

Room service

Upgrade Almost Anything

Train your staff on how to implement your upgrade program.

Creative ways for upselling your guests

Offer special services on holidays, like Independence Day, Valentine’s Day, Dura Puja, Christmas etc.

Create a discounted rate structure for longer stays.

Show Guests pictures of better rooms using a tablet or iPad. It gives a much more enticing glimpse of what’s on offer.

Membership Programs

Offer membership programs that offer benefits to guests for their frequent stays and upgrades.

Direct bookings with Booking Master’s Booking Engine

Direct bookings generate the most revenue since there are no agents/distribution partners that must be paid a commission when a guest books the room directly from the Hotel’s Website. Prioritize social media strategy when focusing on increasing direct bookings.

Destination Marketing Campaign

In this, local businesses collaborate with the Hotelier to promote the region as a whole. Result: The inbound tourism markets are targeted resulting in a drive-in demand and higher revenue.

Cross-promotion

Hoteliers can promote their brand at concerts, music or art festivals, and major events.

Run a Loyalty program

This could include rewards for staying frequently/Rewards for purchasing upgrades, and finally Rewards for referring your property to friends and family members.

Revenue management

Drop room rates during the off-season in order to encourage bookings and increase the rates during a full season.

Optimise OTAs

Provide high-quality photos, engaging descriptions, and up-to-date information about your hotel’s amenities and services on platforms of Online Travel Agencies (OTAs) such as Booking.com, Expedia, and Agoda to improve your ranking on OTA search results so that your hotel is more visible to potential guests.

Consider Re-marketing

Guests nowadays explore their options by doing thorough research by visiting a number of different websites. If potential guests have visited your site and have not finalized their booking access these customers again at different websites and nudge them with offers to visit your website again to book with you.

Co-Promote

Build partnerships with local restaurants, adventure companies, adventure sports companies, car service companies, etc.

Sales and Marketing

Drive sales with amazing visual advertisements, videos, unique selling points, virtual tours of your hotel, etc. Other methods: Connect with influencers, link with local businesses, focus on creating user-generated content and reviews, humanize your Hotel brand, incorporate discounts with eye-catching promotions, offer promotions around honeymoons or anniversaries [if your Hotel is located in a romantic place], offer promotions around relaxation experiences like spa and water sports [if your Hotel is located in a coastal region], offer promotions around adventure sports like paragliding and hiking [if your Hotel is located in the lap of mountains]

Partnership promotions

Partner with other businesses, for example, restaurants, cinemas, sporting adventure, and tour guides.

Hotel Sales Software

Use technologies like Booking Master’s channel manager, online booking engine, and Revenue Manager- the sure shot way to have supernormal profits.

Booking Master’s Accounting Software saves time and money by automating financial tasks, like recording transactions, tracking payments, and generating financial statements, advanced analytics, mobile support, payroll, asset tracking, budgeting, and project accounting. Using Hotel Accounting Software cash flows are tracked across departments and the hotel’s financial position is analyzed so that the balance sheets, profit and loss, and cash flows are all up-to-date. Accounting makes budgeting, forecasting, or cost planning much more effective by ensuring profitability and helps in making data-driven decisions based on Financial Reports. 

With the use of Booking Master’s Accounting Software, the whole accounting process is automated and there is no need to hire expensive Accountants. Booking Master’s Accounting Software will maximize your hotel’s revenues through a thorough review of the budget based on real-time information and will adjust profit forecasts accordingly.

Once the burden of executing all tasks related to accounting is reduced hotel owners can focus on more important things like operations and Business.

Why use Booking Master’s Accounting Software?

Saves Time, Labour, and Money

Manual data entry could be labor-intensive as the transaction volumes increase. Also, hiring expensive Accountants could expose your business to corruption. For checks and balances, one needs to hire more trained people which will eventually increase your expenses. And even after that, your finances are prone to corruption.

Zero Errors

Manual data entry increases the likelihood of errors, with potentially serious consequences for the Hotel business. Switching to Booking Master’s Accounting Software automates and accelerates your hotel’s accounting processes, from entering transactions to creating invoices, tracking payments, and generating reports.

Generates Revenue and Grows your Business

As the Hotel Business expands, the accounting need becomes quite complicated. Manual accounting processes can be cumbersome and they can have an impact on the business growth. The Hotel/Resort might struggle to complete vital financial tasks on time, such as invoicing customers, collecting cash, paying bills, and closing the books. Booking Master’s Accounting Software allows Hotels and Resorts to be more productive with fewer staff, helping them boost business growth while reducing labor costs.

Eliminates the problem of scattered and inaccessible Data

Storing financial data in Excel, spreadsheets or paper documents leads to huge confusion and makes it hard to share information across the company’s Departments. Copying data from one source to another is labour-intensive and leads to errors. Booking Master’s Accounting Software consolidates financial data into one system so that everyone has access to a single, accurate source of information.

Helps in making Data-Driven Decisions

It’s hard for managers to get an accurate overview of what’s happening across the business when financial information is scattered across multiple spreadsheets. As a result, it is not possible to create accurate budgets and forecasts. Centralization of Financial Information along with Live Real Time Reports and Analysis, using Booking Master’s Accounting Software help Hotels and Resorts in making better-informed decisions.

Helps meet growing compliance needs

With the expansion of the Hotel/Resort Business, it becomes quite burdensome to comply with regional tax mandates, accounting standards, and other regulations. Booking Master’s Accounting Software can help overcome these challenges.

Inventory Management

Inventory & and fixed assets are critical for accounting needs. Booking Master’s Accounting Software has the ability to register fixed assets and compute depreciation for them. Important aspects of accounting include – Costs incurred on fixed assets, up-to-date track record of those assets, calculation of fair value, and the dynamics of asset management, etc.

Booking Master’s Accounting Software provides all capabilities like tagging inventory items, verification, revaluation or costing etc.