Customers are returning, and conversions are happening. You know that your hotel supply is in good shape. Perhaps you are just starting to market hotels. You should know that not all hotel supplies can be made equal. There are many things you can do to make yours more valuable. Like a delicate plant, your hotel supply needs constant care and attention to ensure it thrives. These are the four best tips for getting the most out of your hotel supply.
Measure everything at all times
It’s true. There are many moving parts in hotel supply. If one of them isn’t working properly, it can have huge knock-on consequences. While you can set goals like revenue and conversion, it is not enough to know how your hotel supply is performing. You need to track everything. Is click-through looking low? Perhaps your search functionality is not working properly. Talk to the digital optimization team at your supplier. Low engagement on-page? Perhaps you require more or better-quality content. This type of measurement can lead to important insights. We know that hotels with more than 100 images are 238% more likely to convert. [1]
Check out different payment options
Your conversion rates can be affected by how and when your customers pay for their hotel bookings[2]. First, a optimized checkout experience is essential. Speedy, easy transactions are crucial. It’s important to also consider the pay-now/pay later debate. You’re restricting your customers’ options and your chances of conversion if you don’t offer both. Some customers prefer to pay upfront so they have less to worry about. Others prefer to wait [4] – choosing is key.
Keep an eye on both macro- and micro-trends
Imagine this: headlines claim that travelers are fleeing one of your key areas. It’s understandable that you are concerned. But, let’s dig deeper. You have just read a report that shows that international visitors are actually declining in this country. It’s time to consider the geographic spread of your hotel supply. Not necessarily. The same report also shows that the number of domestic travelers in the territory is actually rising, especially in the business sector. You already have business-oriented hotels in key locations, so you monitor the situation to see if there is an increase. The U.S. Travel Association’s most recent Travel Trends Index showed a decline in visitor numbers, but predicted 1.6% growth for the domestic market[5].
What is the lesson? There are often multiple solutions to a market segment that appears underperforming. You might not even need one if you look closely. When tailoring your hotel supply, it is important to be as specific as possible.
If you are looking to expand your business in a specific city, ensure that you have a supply of hotels near airports and accommodation for business travelers.
Our guide: What to look out for in a great hotel supplier
Keep an eye out for growth
Ask your supplier to provide historical figures about the number of hotels that they offer. If your supplier is working hard, you will see steady growth in the number and availability of hotels that they offer rates. It’s unlikely that they will be able help you fill gaps or pivot if their hotel base is declining. To help your growth, choose a supplier that has a steady increase in hotels.
Our guide, What to Look for in a Great Hotel Supplier, provides a comprehensive overview of hotel supply.