Hoteliers are constantly under pressure to improve their sales strategies and increase revenue. But old school approaches just don’t cut it anymore. Travelers are used to hyper-personalized buying experiences and they expect the same from hotels – interactions that are unique to their profile or preferences.
Here lies the biggest challenge for hotels. In order to give their guests personalized offers and the ability to cherry pick everything from room attributes to hotel services, hoteliers need to implement the right technology tools and have people and processes in place to make it all work. The ultimate goal is to better understand and cater to their guests' needs to improve their satisfaction and ultimately, revenue.
Let’s look at some of the sales techniques that, powered by technology, can make a huge difference to your property’s bottom line.
Hotels have been selling their rooms using the same model for decades. This model asks the customer to choose a room type, rate plan, arrival date, and number of nights. However, this model leaves out a wide range of room options that would better suit guests’ specific needs. Hoteliers are basically leaving money on the table.
One way to deal with this is Attribute-based selling. ABS is a selling model that focuses on the specific characteristics of a room and allows customers to select the exact features that matter most to them. With the help of the LasoExperience platform, you can tailor room options to guests' specific needs and preferences, so you can upsell a wider range of amenities and services.
ABS benefits your property in multiple ways. Firstly, it enables you to provide more customized offerings that meet your guests' needs, leading to higher guest satisfaction and loyalty. Secondly, ABS allows you to differentiate your offerings from competitors, providing a competitive advantage. Finally, ABS can increase a hotel's revenue by providing guests with options they would be willing to pay extra for, resulting in more significant profits.
By offering attribute-based upsells, you are showing your guests that you understand their preferences and are willing to go above and beyond to meet their needs.
When it comes to increasing upsells in hotels, it's all about understanding what guests want and providing personalized offers. Depending on the reason for travel and length of stay, guests may have different needs and interests. For instance, a business traveler may require a meeting room, while a family may be interested in nearby attractions.
Using LasoExperience you can provide personalized offers based on the guest's preferences, reservation data, and factors like membership, group codes, location, and rate code. For example, if a guest is celebrating a special occasion, you could offer them a bottle of champagne and a bouquet of flowers upon arrival. If a guest has booked a spa treatment, you could offer them a discount on a dining experience at the hotel's restaurant.
These targeted offers can help you increase conversion rates and revenue, as you are offering the right services to the right guests at the right time. You’ll also enhance guest satisfaction, as they feel that their specific needs and preferences are being taken care of by the hotel.
Dynamic occupancy-based pricing is a revenue management strategy that helps your property optimize pricing based on occupancy levels. With the help of a guest experience platform like LasoExperience, you can adjust pricing dynamically in real-time, depending on the demand and occupancy levels. This helps you avoid overbooking or underpricing, which can negatively impact your revenue and brand reputation.
For instance, if your hotel experiences high demand, the platform allows you to increase prices to maximize revenue. Conversely, if occupancy levels are low, you can offer discounts to attract more bookings. By offering the right price at the right time, you can attract more bookings and increase profits. It is a win-win strategy for both your hotel and your guests. Guests benefit from competitive pricing while your hotel benefits from increased revenue.
The way hotels sell to their guests is changing - from booking to in-stay offers - there are numerous opportunities for improvement. Putting the guest in control of their booking and stay experiences, optimizing prices based on occupancy, and adopting a "serve not sell" mindset through hyper personalization are just some of the approaches that will bring a significant positive impact to your hotel’s revenue.
These strategies are also a differentiating factor and can ultimately increase your hotel's revenue by providing guests with options they would be willing to pay extra for. Contact us to learn more about how LasoExperience can help! lasoexperience.com