How to maximize your hotel’s revenue using Extended Length of Stays?
Hoteliers invest in multiple strategies that help them to drive profitability; one of their business strategies is to extend the guests’ Length of Stays. Large number of hotels are implementing extended length of stay, as it increases occupancy and helps to upsell your hotel services. The longer the guests’ stay, the higher they utilize your hotel’s services.
However, the majority of the hoteliers make some common mistakes when it comes to extending the guest’s length of stay. What are they?
- Slashing down the rates to sell longer stays
- Restricting shorter stays
Both of these strategies increase your hotel occupancy level, but none of them will drive profit to your hotel. If you truly want to maximize revenue, then try convincing your guests to stay longer with your hotel’s unique offerings and exceptional services.
Best approaches to maximize your hotel’s revenue from the extended length of stays,
Leveraging your data can help you better segment your guests. Hotel Management Software System like Cheerze Connect helps you fetch your long stay guests data and guests who extended their stays with reasons.
Therefore, it becomes easy for you to identify your specific audience, their unique needs, how long they stayed in your property, the reasons behind extending their stays, and their geography.
It helps you further categorize your guests based on their travel purpose (Business, Family Trip, or Medical Treatments). And, sheds light on your market’s up and trough seasons.
Given these insights, you can build unique offers that appeal to each guest category and help you cater to their unique needs.
Market your hotel’s services
Promoting your hotel’s services like SPA or other Fitness services on social sites and through emails can help you draw the attention of your targeted audience. Bundling offers will be an added advantage for guests that might trigger their interest. This approach can attract potential guests to book their stay.
Other than this, promoting offers while guests’ check-in or during their stay will convince them to stay longer. In addition, conducting in-house business events or other fun/art events can tempt your in-house guests to extend their stay.
Define a dynamic pricing strategy
Maximizing revenue is the topmost priority for hotels. To achieve this, you need to set the right prices at the right time. Therefore, before setting up the pricing, it is vital to forecast occupancy, market demands (peaks and trough), and other factors. Offering discounts for guests who book for multi-nights and highlighting benefits like a home-like atmosphere will attract and help you secure more bookings.
Deliver Exceptional Services
Guests who stay at your property for more than three nights will be considered as long stay guests. Hotel atmosphere and services will also influence guests to extend their staying decision. Therefore, strive to create a home-like experience and deliver more personalized and timely services to your guests.
Therefore, incorporating the advanced Hotel Management Software System can give insights on revenue-generating markets, help you build a dynamic pricing strategy, increase guest satisfaction, and discover methods to generate new revenue.