Deliver on your 2017 sales goals
The best way to ensure your hotel meets its sales goals in 2017 is to leverage high-demand periods and mitigate risk over low-demand timeframes in your market. Now is the time to review those demand periods, identifying booking trends that suggest either higher or lower than normal demand. It’s always best to put your strategies in place early in order to maximize revenue throughout the year. SynXis CR’s Daily Manager is a tool to help you deploy your strategy. Consider the questions below to help you create or define your revenue optimization strategy. For high-demand times and growing rates, consider the following:
- Is there sufficient demand to limit discounts?
- If you’re able to limit discounts without losing pace, can you use a stay restriction to drive longer lengths of stay and build surrounding days? (If you are not going to achieve a sellout, a length of stay restriction is likely to do more harm than good.)
- If that doesn’t slow demand, can you raise rates? (If you utilize any of these tactics, be sure to monitor pickup to ensure that you continue to progress towards sellout. If not, lessen or lift the restrictions.)
- Make note of historically low-demand timeframes, such as slow seasons or holidays with negative impacts in your market
- In observing pickup in future months, make note of other dates or date ranges that pickup is well below trend
- Should you use packaging or promotions to drive interest and conversion over a particular time frame or days of week?
- Does it make sense for you to lower rate to increase conversion?
- Should you increase discounts? (Price your hotel’s offerings based on value position in the market; don’t undercut lower value hotels unnecessarily. Be careful when lowering rates and increasing discounts at the same time or discounts may be compounded – especially for rates that include a margin or commission.)