👋 Bruce Jordan discusses Revenue Management Tricks for hotels that are often overlooked.
🔢 Tip 1: Avoid using confusing numbers. Guests prefer familiar numbers. For example, a rate of $119 may remind them of 911, while $117 or $711 are more appealing. Make your rates attractive and relatable.
📍 Tip 2: Expand your hotel's location visibility. Attach your hotel to nearby attractions like colleges or hospitals. For instance, rename your hotel to include a popular landmark, such as Great Boutique Hotel Westbrook Hospital, to improve search visibility.
💰 Tip 3: Understand the 49 Cent Rule. Setting a rate at $151.49 will still display as $151 to guests, maximizing revenue without them noticing the extra charge. This can add significant revenue over time, such as an additional $26,000 with 55,000 room nights.
⏰ Tip 4: Change your rates during peak traffic times. Analyze your website and reservation analytics to determine when bookings are highest. Adjust your rates accordingly to maximize revenue during these peak times.
🙏 Thank you for tuning in! Remember, these strategies can help increase your hotel revenue.