/Do local events play a role in your revenue strategy?

Do local events play a role in your revenue strategy?

Leverage local events to drive more hotel revenues

With Christmas and New Year around the corner, your city is gearing up for large-scale celebrations. There will be New Year bashes, concerts and parties conducted throughout the city. As a hotelier, you can leverage this opportunity to connect better with your customer segment, market your hotel and boost revenues. Here are some quick tips:

1. Organise an event at your own hotel:
Most hotels in the city would conduct their own New Year parties. It is a great way to drive ancillary revenues. Depending on your available budget, your new year party can be anything from a small-scale dinner to a large-scale bash. Firstly, an on-property Christmas/New Year party acts as an added motivation for travellers to book their stay at the hotel. This means they do not have to step out to celebrate the special day. Second, the event also attracts local people and would result in incremental revenue.

2. Promote a local event, if you’re not hosting one:
To attract visitors to your website, you need to have relevant information on the site. While details about your hotel are mandatory, additional information such as weather, transport options and events could add more value to people. Posting about new events also keeps your website content fresh and positively impacts your SEO. Moreover, associating yourself with the event’s promotion on social media channels can gain you greater exposure among a more targeted group.

3. Create offers around the event:
If the next IPL match is going to be hosted in your city, create offers and packages around those days. You can offer discounts to people who book your hotel during that time, give out free tickets of the match, or create a two-night package that includes drop and pick-up from the stadium. It not only optimises your website content for the most trending keyword, it also grabs immediate attention of cricket lovers, especially those traveling to your city to watch the match.

4. Rethink your revenue strategy:
When a local event is announced, check the rate trends of your competitors. Rising prices will be an indication of higher demand. RezRate, the advanced rate shopper solution from RezNext, allows you to monitor competitor rates along with inclusions to give you a detailed idea about market dynamics. Also, do not sell all your rooms early if the demand is high. Expect some last-minute bookings where you can increase your room rate and drive higher revenues. For events such as New Year, one-day music concerts, sports event, many-a-times the demand could surge only for a single day – the day of the event. Your occupancy will drastically fall the following day as most people will check-out. If you want to avoid that plan a minimum length of stay promotion during those times.

RezNext’s team of revenue analysts can help you identify many such revenue maximising opportunities in your day-today business model. To know more about our services, write to us at info@reznext.com.