Between rising bills and booming inflation, your accommodation business might be feeling the pinch right now. Here’s the thing: so are your potential guests. In 2023, your opportunities lie in attracting guests who are looking to get the most from their tightened travel budgets.
How do you make sure you keep your property profitable this year without pricing out cost-conscious travellers?
Here are some of our tips to help you save money, increase profits and keep delivering great guest experiences.
1. Expand your reach
Listing your property or properties on online travel agencies (OTAs) is the way to maximise your exposure and be seen by travellers online. Yes, OTAs charge you commission, but don’t avoid listing on them in an attempt to cut costs. They can get you in front of a world of guests, and it’s better to get 85% of a lot of bookings than 100% of just a few.
We recommend using the marketing power of the OTAs to get yourself seen, then add exclusive offers like free late check-out to your website to make booking direct more attractive.
2. Be savvy about your pricing
If you want to make the most revenue from every room, you need to devote time and attention to your pricing. Finding the right rates will depend on many factors that are unique to your accommodation, including your direct competitors and local area. However, there are certain best practices that apply to every property.
Here are some evergreen pricing tips. Offer lower rates for non-refundable bookings and make sure you secure payment upfront. Charge a higher price for bookings that can be changed or cancelled. And always set clear, sensible deposit and cancellation policies to ensure you get what’s due even if your guests’ plans change.
3. Stand out to searchers
Your potential guests are looking to get value for money in 2023. Grab their attention with promos, discounts and extras that you can use to upsell. Offering add-ons like a full breakfast or on-site activities allows you to keep your base rates attractive to searchers while enticing them to pay a little more for that upgraded experience. Focus on unique extras that really make you stand out: what do you offer that nobody else does?
Finally, make sure your accommodation looks its best online to drive those direct bookings and get guests to part with their cash. eviivo can help you set up a stunning responsive website without the hosting or maintenance fees.
4. Save time and cost with tech
Keeping day-to-day operations efficient is the biggest key to running your business more cost-effectively. Using a cloud-based booking and property management platform like eviivo Suite can help you save precious time and money by automating tasks across your business. You can also generate an array of reports to monitor your KPIs and identify opportunities to drive profitability. Features such as our interactive cleaning dashboard allow you to optimise your teams’ productivity with less hassle. And our ground-breaking mobile app enables you to take care of your property anywhere while freeing up valuable hours. Trust eviivo to help you drive efficiencies that cut down on costs and help you future proof your profits.