It’s becomes a tough time to generate more revenue in the hospitality industry, why even more revenue and of course to achieve an average and reasonable revenue!
To be simple, room division is a core area for generating the revenue in the hotel industry; it consists of basic market segmentation of travelers like business and leisure.
Business travelers who are frequently travels for their business purpose, they desperately need a competitive budget rate for their accommodation so that they could forecast their budget requirements, accordingly.
Same like business travelers, leisure or tourists have their own budget criteria’s in order to fulfill their travel budgets and needless to say, that they too frequent travelers!
So, now these simple 2 segments can make more revenues by 3 different portals, are as follows…
- OTA (Online Travel Agencies) – OTA playing a significant role to generate the revenue by monitoring your room position, you could be adjusting your room rates by understanding and forecasting the busy and low periods of the calendar year. You need to simply manipulate or fluctuates the room rates depends on your room availability for that particular period. This is a type of systemically approaching the rate plan for your guests.
- Corporate’s – Generating the corporate bookings shall provide a solid platform for your revenue enhancement. Corporate guests have a habit of staying both long and short term, they provide us the constant length of room stay period, and then you can balance your room availability without any huge slum in the occupancy level. Once you have the accounts of more corporate, you get saved with your occupancy level and revenue level.
- MICE (Meeting, Incentive, Conference and Exhibition) – Mice business is one of the best business source to get your hotel business in the next level. It has a power of keeping your business revenue is more as much as possible. It sector will cover and generates revenue from most of your business channels. It creates a set of package to gain best revenue in all aspects for Hotel industry.