How to Guarantee ROI in the Hotel Industry
Jos Schaap | ROOMDEX
As a general or revenue manager, measuring your hotel’s success and ROI includes running an efficient long-term business strategy as well as looking at your bottom line. To achieve success and ROI, you must choose effective resources and then make the most of those tools.
Measuring ROI is effectively evaluating your hotel as specific segments and holistically, measuring investment and yield across all channels to see the results of your initiatives. Only after careful measurement and consideration can you then determine which tactics and tools are worth keeping.
Hotel managers must constantly think about which tactics and tools they can live without and still guarantee a good ROI. This is simply the nature of keeping your eye on the bottom line. But, many general and revenue managers are too quick to get rid of their marketing programs when evaluating expenditures and overall ROI. Even though marketing, programming, and promotional costs are tempting to cut and difficult to spend on at times, keep in mind that these tactics are critical to staying present in the market and competitive.
Personalizing the Guest Experience to Guarantee ROI
In today’s hospitality industry, providing meaningful experiences to guests is vital. Personalized and targeted room experiences, easy check-in and check-out, access to local events, and customized packages are what guests demand, and your marketing efforts are the tools you have to meet your customers’ needs.
Smart Technology and ROI
Successful hotels that see a good ROI are those that stay committed to investing in the technology that will connect the hotel to guests’ specific needs. By ensuring you have a PMS that allows for easy integration capabilities, you are in a great position to take advantage of third-party marketing and upselling tools that guarantee ROI. ROOMDEX Upgrade Optimizer is a great marketing tool to center a promotional and upselling budget on. It offers a proven and guaranteed ROI, which is a comfort to revenue managers who want to know about the success of a product before they implement it.
Upselling to Guarantee ROI
Upselling offers the best opportunity to increase the Average daily rate and RevPAR, and guarantee ROI while improving guest satisfaction. There are several upselling tools on the market, but most fail in both effectiveness and efficiency. For example, many upsell processes need human agents to drive them. If your upsell processes require you to dedicate expensive resources to their function, then they are not working for you.
ROOMDEX Upgrade Optimizer offers a holistic and highly-intelligent approach to upselling – one that addresses the critical weakness of other upselling options. It delivers ROI by using data and technology to take into account all of the critical components of your pricing, occupancy, and marketing strategies.
ROOMDEX Upgrade Optimizer offers:
- The ability to integrate with PMS data for a fast and accurate, and self-adjusting, configuration of your hotel rooms
- An exact reflection of your availability, down to individual rooms, room types, and room categories
- A pricing engine that yields real-time rates, automatically, within the hotel’s set and controlled constraints
- A persona engine that accounts for personal and reservation data to match guests to the right upsell products
- A forecasting engine to ensure guests receive appropriately priced upsell options, and only the upsell offers that the hotel can truly sell and fulfill
ROOMDEX Upgrade Optimizer relieves managers of the time-intensive tasks that other upsell options require, all while delivering high-margin hotel revenue generation and substantial ROI.