Is your hotel missing out on up to 30% additional revenue?
Friday 15th March 2019
By focusing your business mainly on bedroom sales, it’s likely that you’ll be missing out on increasing other revenue streams and could be at risk of underperforming on daily room revenue.
On average, a boutique hotel will generate 20-30% of its revenue from meetings, incentives, conferences and exhibitions (MICE), but often doesn’t measure the bedroom revenue that comes as a result of this activity.
Germany, the United Kingdom, France, Spain and Italy represent 70% of the European business travel market according to the Global Business Travel Association (GBTA). They are also among the top European markets for MICE.
Just how big is the industry in the UK and is it worth taking a slice?
The most recent statistics from just a couple of years ago show that more than 1,301,600 meetings took place in the UK in its 10,127 venues. Meeting attendees totalled 116.1 million and accounted for a total spend of just under £40 billion.
Looking at those statistics, it’s clear how important a successful marketing and sales strategy is for your hotel. Here at Journey, we understand the growth in this sector and can help you make the most of your opportunities with MICE strategies that are tailored to your specific needs.
For now, here are seven top tips to increase your revenue with MICE:
Review your offer from the visitor’s perspective
The key for planning lies in thinking through the visitor experience. Review your offer from the visitor’s perspective.
- What is your image?
- How is the greeting?
- What is the customer experience?
- How do the facilities really work?
- Where is the organiser’s support?
Success demands active management involvement, particularly as it is a highly competitive market.
Establish your brand identity
You must know what your property is good at and focus on driving visibility to your potential buyers even if they are not looking for you. Every hotel is different, listen to your customer feedback, do your competitor comparisons, research the local area, and create good working relationships with suppliers.
What is your hotel’s story? Create a good brand identity so that guests will recognise you and associate your hotel with quality and good customer service.
Know your customer. Use their information to tailor your MICE offering. Ask potential customers for details about their company, the reason for their conference, and their specific wishes.
Keep it simple
Simplicity is key. The customer booking process must be clear, precise and simple.
Increase your ‘bleisure’ business (business and leisure)
Business travellers are more willing than ever to consider adding a couple of personal days to a business trip and often take their families along with them. Incentives and specials that encourage business travellers to bring their partners or families can add a lot of additional revenue from food and beverage sales, shoulder nights, and spa and leisure facilities.
Use social media
Choose the right social media platform for your audience and create an online presence for your hotel. Use your brand identity, USPs, and great customer service to make your hotel visible to potential guests.
Stand out from the crowd
Be unique and offer something that others don’t. Focus your marketing on the unique features of your location. It has to make you stand out from competitors. Be competitive in your pricing and add value by being creative and flexible in your product offering. Stay up to date with the newest technologies. Focus on sustainable resources and products.
We would love to help you reach your hotel’s revenue potential, so if you would like to speak to our revenue consultancy team, please contact us at firstname.lastname@example.org.