Inventory optimization. How can hoteliers achieve it? Well, in order to achieve that, we need to first understand the fact that a hotel’s top most priority has always been selling out maximum guestrooms. Every other way of earning revenue is secondary to that. Hence, when it comes to making a hotel inventory list the hotel inventory management; always looks for the best hotel suppliers such as D-ZEE Textile. To learn more why they are the best suppliers in the hospitality business you can always visit their website. But hoteliers always opt for the best suppliers because they want to ensure they provide their guests with the highest quality hotel products; during their stay to always be satisfied and visit the hotel again.
If guests are not happy with the hotel services, hotels will not be able to optimize their inventory and earn a profit. A complete strategy needs to be prepared by inventory managers in hotels to achieve their goal.
Online Booking through OTAs
Pushing directly hotel bookings is very important but our guests need to know about your existence through other platforms also; so that it helps them make a decision they are happy with. Most travelers usually make online bookings through various booking channels such as online travel agents (OTAs). Here you need to be smart and list out your hotel on these platforms to increase awareness about your property existence. Many platforms are trusted by travelers, as they can easily make price comparisons and check out their reviews.
Here you should mention all your hotel details from the website to the contact information. You can mix up the hotel inventory list and share different rooms on the online listings. It gives your potential guests a choice to either book through the platform or directly once they have decided to make a booking with a particular hotel.
Overbook Your Hotel Rooms
A hotel faces at least five to fifteen percent of no-show rate; either there are last-minute cancelations, or the guests just don’t show up. This adds to the hotel loss thus overbooking by fifteen percent is a solution that most hotels then turn to for revenue safety purposes. Every hotel has certain number of rooms given out to various guests at any given day/ night. During busy days especially hotels overbook as there are more chances of people canceling but it is easier to find bookings at that point. You would find this as a common practice in the hospitality industry.
When overbooking, you need to control the urge to overbook after a certain percentage. You only overbook enough to cover the cancelation rate which will help with the hotel inventory management. Have a complete policy and understanding that if the original guests do show up, how you will deal with the overbooked guests. You can’t just leave them without a place to stay.
Maximize a Guest Booking
Once the bookings have been made you can still keep optimizing the hotel inventory list and maximize a booking’s value. Remember, existing guests spend much more freely than new guests. So, investing in them and upselling is always much more profitable when it comes to inventory optimization. How can hoteliers achieve it totally depends on them by offering last-minute upgrades, upselling, or even cross-selling and that too at the right time. Timing when the offer is made is key as guests usually are willing to pay a little extra once they have arrived. If you have not been practicing this in your hotel, you need to start at the earliest. It will help you maximize the inventory optimization and your guests would also be much happier and more satisfied.
Digital Hotel Inventory Management
Inventory optimization of the hotel inventory list when is done digitally, it maximizes hotel your hotel awareness which helps in increasing bookings. You need to use all online tools which includes social media, and SEO. Social media allows you to be directly in contact with potential travelers and helps you convert them into bookings. At the same time, working on your hotel blogs and other SEO aspects, helps you increase rankings. Then you also have software upgrades now that help you connect with your guests such as emailing them upgrade offers and other such related processes.
Digital upgrades in your hotel always helps you with your inventory optimization. Most hotels are now opting for digital upgrades and not doing so for your hotel will negatively impact its position in the market. A hotel’s inventory optimization usually depends on how many people are talking positively about it. A strong digital presence helps you achieve that.
If you don’t have a proper hotel inventory list and plan to maximize optimization then you need to start working on it now. Hoteliers need to be consistent in everything they do otherwise they will not be able to achieve the results they have worked so hard for. Travelers and their choices are always changing, a hotel needs to adapt to those changes and market themselves accordingly.
A proper hotel inventory management helps you achieve maximum inventory optimization. How can hoteliers achieve it according to you? What is your hotel inventory list that you need help with? Let us know in the comments below.