Turning Small Group Bookings into Big Business Using Hotel Sales Software

“How can I get the most bang for my buck?” — This concept has guided consumer buying behaviours for decades. We hope to receive the best value or return with each dollar spent or invested.

In the hospitality industry, getting the most bang for your buck translates to “how can we maximise revenue?” as well as across the various revenue streams that drive a hotel’s profitability. While mapping out revenue projections, budgets, and occupancy forecasts, hoteliers have to ask themselves — “How can I generate the most revenue from each reservation?” In other words, with each room or event booked, how can hotels maximise their revenue potential using hotel sales software?''

Hotels and Revenue Management

Effective revenue management has become a primary indicator of both short and long-term success in the hospitality industry. The technology and strategies employed to maximise revenue potential should help to drive down costs, optimise pricing according to demand, improve demand forecasting, provide competitive insight/market awareness, and reduce the time associated with traditional pricing/booking tactics. Utilising hotel sales software is crucial in achieving these goals.

Further, a strong revenue management strategy must account for group business — a segment that is growing faster this year and represents an exciting wealth of revenue opportunity across various touchpoints of guest spend. Of course, while group business represents a profitable group of travellers, it’s no secret that effectively managing large group revenue (with various moving parts) can be easier said than done. Luckily — with the right hotel sales software in place, hoteliers can turn small group bookings into big business. Here’s how:

1. Take it Online

The booking process for group business has finally tapped into the online audience. While making a group reservation was previously a tedious and manual process for sales teams and planners, hotel websites can finally offer a comprehensive booking portal. With images, virtual tours, and real-time availability, conversion rates can increase favourably for group businesses. Hotel sales software facilitates this online booking transformation.

2. Easy to Book Creative Packages

Advertising exclusive packages, tailored upgrades, or deals to groups (or during ‘shoulder season’ to increase occupancy) allows hotels to upsell with ease. For example, hotels attracting businesses (with a predominantly millennial employee base) can provide creative wellness packages or memorable local experiences that those meeting-goers would feel inclined to purchase, to maximise their stay. Hotel sales software helps to seamlessly integrate these offers into the booking process.

With eCommerce statistics revealing that consumers spend more money each time they shop online (consumers worldwide will spend up to $4.8 trillion online in 2021), utilising an online booking portal represents an exciting opportunity to increase revenue. Hotel sales software can enhance the online booking experience, leading to higher conversion rates.

3. Optimised Pricing

Advertising the wrong price at the wrong time can severely undermine a hotel’s ability to maximise occupancy, just as advertising the right price at the right time can ensure a property is constantly booked and in demand. Group booking technology should simplify revenue management by suggesting optimised pricing for accommodation or group event ticketing based on demand forecasts, real-time availability, and more. Hotel sales software provides the necessary tools for effective pricing strategies.

4. Automate Marketing

With the help of an automated platform that utilises guest data, hotels can readily curate effective, tailored marketing campaigns and appealing upgrade offers. After all, group segments aren’t likely to capitalise on a discount or upgrade that doesn’t appeal to their group or event agenda. But with an insight-driven platform that selectively suggests appropriate upsell opportunities, hotels can better understand (and market to) each group and what they're looking for. Hotel sales software makes marketing automation more efficient and targeted.

5. Centralised Lead Tracking

Not all groups are created equal when it comes to revenue potential. With this in mind, hotels need to utilise technology that effectively streamlines their lead-tracking process in a way that allows them to focus on high-value, qualified leads. Those smaller groups with less complicated requirements for their stay can self-serve via an easy-to-use online portal, while the sales team can focus high-touch attention on those leads that represent the most value. Hotel sales software can centralise and streamline lead tracking, ensuring no opportunities are missed.

With the right technology and management strategy in place, your hotel is sure to maximise group business in a way that translates to major profit for your property. After all, with big business, comes big rewards.

Enhance your group business approach with iVvy. Find out how - click here.