WoodStock Digital

It is said that over 80% businesses in India shut down in their first 5 years. Hotels are no exception to this rule. In fact, many hotels shut down within the first year itself, and the reasons could be plenty: poor management, little-to-no revenue and inventory optimization, lack of facilities etc. But just like any other business, one reason is enough to destroy a hotel: ineffective, inferior marketing . To start a business, you need a business plan and to market your business, you need a marketing plan. Here’s how you can build an effective plan to market your hotel: 1. Market Research The competition decides your worth. Before your hotel is even established, invest in market research to identify your competitors in a particular region, their rates, their target customers etc. This helps you set a price range for your hotel while also establishing your position among the competition in that region. Location plays a huge role in the success of a hotel, a...

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While it may help you to keep things running, this way of running a hotel will never help you find success. Organization, planning, and strategy are important to every business, and hotels are no exception. But in the hospitality industry, this takes the form of Revenue Management. This is what a lot of hotel owners think about running a hotel: Sell as many rooms as possible. Sell to as many customers as possible. Hope for the best. What is Revenue Management? Strictly going by definition, it means: “Selling the right room, to the right client, at the right moment, for the right price, through the right distribution channel, with the best cost efficiency.” What does that mean? Well, let’s take a look at the characteristics of a hotel: Fixed capacity of rooms. Perishable products (limited number of hotel rooms). Product prices can vary. Product can be sold in advance. Lower variable costs, high fixed costs. Revenue Management involves usin...