Running a hotel means doing everything you can to keep happy customers rolling through. It also means ensuring that your revenue stays on the up and up. But sometimes, it’s challenging to figure out how to make those things work in tandem for the good of your business. That’s why it’s crucial to get creative and diversify your offerings. Explore this guide and discover some practical strategies to help you do exactly that!
Provide Your Guests With Unique Experiences
Ensuring that every guest experience is unique and accommodating is one of the best tips for diversifying hotel revenue and increasing profits. After all, it’s a well-known truth that travelers crave enriching, one-of-a-kind stays from the resorts they book. So providing them with activities and amenities they can’t get anywhere else is key.
Perhaps your establishment faces a private beach. If so, offering beachfront yoga sessions at sunrise might be the perfect way to diversify and increase your profits. Plus, giving your guests such a memorable experience means that they’ll likely choose to stay with you again.
Offer Extended Stay Options to Customers
You can also diversify your revenue by offering visitors extended stay options. It wasn’t as common for hotels to provide extended stay services in the past. But as the world started to change, customers became more drawn to longer stays and co-living situations. Thus, the hospitality industry rose to the occasion, making these booking options more accessible.
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This includes laundry services, communal areas, kitchenettes, and gyms. It’s worth noting that providing this type of service is an investment, to be sure. But it’s well worth what you’ll get out of it for offering extended stays at competitive pricing. This is especially true when you consider that these kinds of offerings are becoming increasingly sought-after among various customer bases.
Invest in Top-Quality Food and Beverages
Another great tip for diversifying hotel revenue and increasing profits is investing in top-quality food and beverages for your guests to enjoy. This goes beyond offering a new coffee roast at your continental breakfast bar. If you want to see your profits increase, you need to ensure that your menu matches the margins you’re hoping to meet. That’s why it’s wise to add as much variety to your food and drink options as possible. Perhaps you have a selection of basic breakfast foods like eggs, bacon, and cereal.
This is a great start! But if you want to up the ante, consider adding some other dishes to the mix. Pancakes, biscuits and gravy, and specialty lattes, for example, would be excellent additions to your breakfast menu. If you offer beer and wine with your services, build on that with a few cocktail options. The point is, diversifying your revenue requires expanding your offerings. When you do that, you’ll be amazed at the business you’re able to draw in and the upswing in your overall profits.
