1) Stop Thinking that lowering your rates will sell more rooms

       It may sell a few more rooms, but it rarely sells enough rooms to offset lowered rates. It’s simple economics, simply selling more rooms increases expenses, while even slightly higher rates increase profit. As occupancy demand increases, ADR should increase as well. When sales demand is low, look to value-added marketing and position your hotel properly within your marketplace. If your hotel deserves to be in the number one position because of its location, facilities and amenities, make sure it is positioned that way

       2) Do your Homework – Stop Working in a Bubbles

       For a modest amount of money, you can start receiving market share reports from Smith Travel Research. They are not available everywhere, but, if they’re available in your area, they will provide a tremendous amount of insight into your local market status. It is far better than guessing or ‘counting cars’ in your competition’s parking lot, that brings me back to the seventies, it didn’t work then either

       3) Technology is Changing Everything

       Today, go online and subscribe to at least three free online newsletters. Keep your knowledge base current with the happenings in our industry. You can learn a great deal from the successes and failures of others, the only thing you truly own is what you know

       4) The Power of the Internet

       Take a serious look at your hotel’s web site, next year, more than 65% of your business will be directly or indirectly influenced by the internet. Before you look to have another web site designed, get an analysis of your current site. A good analysis will give you a clue to what is working or isn’t working very well on your site. However, your site needs to be designed to be easily found through search and, once found, it needs to have the necessary elements of location, facilities, attractions, and value to persuade its visitors to make a reservation

       5) Commitment to Revenue Management

       Today is the day to finally make a commitment to learn and use revenue management to increase occupancy and average rate. Sure, it takes a little effort to do the necessary research, but the rewards are great. Revenue management relies upon your ability to look into the near and distant future to view occupancy demand and making rate decisions. Measuring reservation booking pace and being aware of occupancy generators in your area creates smart decisions

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