Remaining competitive in the innkeeping arena is no small challenge, especially in the face of multiple accommodation offerings, and Airbnb growing in popularity. One of the best ways to remain competitive, and achieve long-term business growth, is to maximize virtually every opportunity to enhance revenue.
Megan Smith, innkeeping expert and consultant, as well as the host of the popular “Inside Innkeeping” podcast series, recently offered the following revenue-generating tips:
- Weddings: Many people are looking for special locations – outside of the traditional banquet halls – for weddings these days. Consider hosting weddings at your property and develop revenue-sharing partnerships with local vendors (i.e., tent providers, caterers, etc.).
- Partnerships: Develop partnerships with local golf courses, museums, art galleries, wineries, and other attractions – where guests can get discounts. This also entices these businesses to refer guests to stay at your property.
- Reach Out to Businesses: Are there larger businesses in your area? Perhaps hospitals? Reach out to the hospital recruiters to have their potential new employees to stay at your property while visiting for an interview. From this, the hospital (or other business you reach out to) may ultimately end up hosting functions, like their holiday parties, at your property.
- Winery/Brewery Tour Packages: Orchestrate tours of local wineries and breweries in your area, where you find the local transportation to drive guests. This allows travelers to have fun and your new transportation partners will help send referrals to your property.
- Host Outdoor Concerts: During the summer months, seek out opportunities to host live music at your property, which will provide entertainment for both locals and guests. This will also enhance the overall guest experience and make people want to come back to your property.
- Host Family Movie Night: Consider hosting a monthly family movie night, where you put up a projector in a nice outdoor space on your property.