Tactic #2: Use Data to Maximize Personalization
In all types of market conditions, guests value and are attracted to hotel offerings that cater to their specific needs. In seeking to maintain a steady flow of business, hoteliers should realize that they sit on a priceless trove of historical guest data that represents their most valued asset in ensuring full satisfaction and in obtaining repeat customers.
Tactic #3: Diversify Your Guest Traffic Sources
Whether existing in a good or bad economy, hoteliers should always be on the lookout for alternative channel sources and break their reliance on the status quo.
Tactic #4: Optimize Hotel Websites and Booking Engines
Once hotels seeking to attract more guest bookings have fine-tuned their marketing outreach efforts, the next vital step is to ensure that guests find a seamless and hassle-free experience when attempting to book directly or find more
information.
Tactic #5: Focus on local markets
Hoteliers experiencing booking losses due to a lack of in-bound travel to their area should absolutely turn their attention to local customers.
Tactic #6: Be Resourceful and Create Your Own Demand
As an extension on the notion of overcoming guest hesitancy by presenting them with added value, hoteliers facing low reservation rates can increase their numbers by creating reasons for a substantial number of guests to give them a second look.
Tactic #7: Leverage Periods of Low Guest Traffic to Make Hotel Improvements
While low guest booking periods can understandably create feelings of concern and a mission to turn around business performance at all costs, hoteliers should try to remember that reduced occupancy also presents an ideal opportunity to make property improvements.
Tactic #8: Advertising is Your Friend
Typically, one of the first targets of cutting expenses during a market downturn is to pull back significantly on advertising. Yet while representing an immediate ability to preserve existing revenue, a lack of advertising means that potential guests are unaware of the value and unique experiences that a hotel can provide.
Tactic #9: Don’t cut back on services
Another common reaction to conserve revenue during a time of uncertainty is to cut back on services and amenities that are available to guests. How can a hotel business achieve its core mission of providing guests with a positive experience along with the ability to attract more guests when it lacks the resources to ensure their satisfaction?
Tactic #10: Resist the Urge to Lower your Rates
Lowering rates DOES NOT translate into an ability to recuperate profit losses. With competitors likewise experiencing diminished sales and inclined to respond with their own “fire sale,” what inevitably occurs is a bidding race to the bottom that further reduces profit.
