In the hospitality industry, every day counts. For leisure hotels, which are often fully occupied at the weekend the weekdays can be challenging. That’s a lot of empty rooms not making money. But what if there was a way to fill those rooms? In this article, we’ll look at how focusing on business clients can turn those quiet weekdays into a busy, money-making time.
We’ll imagine a leisure hotel with 100 rooms. Right now, it’s only about half full (55%) during the week, with each room costing €95 per night. This means the hotel makes €29,425 each week.
Now, imagine if we could get more business clients to stay during the week. We might have to give them a bit a discounted corporate rate(15%) but if we could get the occupancy up to 75%, the hotel would be making €37,950 each week. That’s €8,525 more each week! If we can do this for 35 weeks a year, that’s an extra €298,375. Just by getting more business guests to stay in the week!
The Impact of Optimized Midweek Occupancy
Having a busy midweek can do a lot more than just make extra money. It can help in other ways too.
Steady Earnings: Having business guests during the week means the hotel always has money coming in. This is especially good for food and drink services, as these guests will need to eat and drink too. It’s easier to plan when you know you’ve got a steady income.
Using What You Have: Most hotels have meeting rooms. But they can be pretty empty during the week. By encouraging business guests to use them, the hotel can make more money without having to spend more.
Making Friends: Regular business guests can become loyal customers. If they like the hotel, they’ll come back again and again. They might also tell other people about the hotel, which means even more guests.
Looking Good: If the hotel becomes a popular place for business meetings, it can make the hotel look good. This can help attract all kinds of guests, not just business guests.
Putting a Business Package Together
Once you understand how beneficial midweek business guests can be, the next step is to create a package that appeals to them. Here’s how to do it:
Know Your Competitors: To start off, take a good look at what your competitors are doing. Who are the key players who attract business clients? What kinds of services and packages do they offer? This includes things like the number and types of meeting rooms they have, how they price their services, and what extra offerings they provide, like food and tech support. Don’t forget to check out their reviews to find out what they’re doing well and where they could improve.
Know Your Business Guests: Next, try to get a clear picture of your current business clientele. Who are they and what do they need from you? Are they using your meeting rooms for single-day meetings, or are there some who need to stay multiple days? Feedback from these guests can give you important clues on how to improve your offerings.
Check Out Your Meeting Rooms: Have a good look at what you’ve got to offer right now. How many meeting rooms do you have, and how big are they? Can they be arranged in different ways, like in a U-shape, theater style, or other setups?
Pricing and Packages: Your prices need to be competitive but still make you money. Think about your base price for using a meeting room, and compare this to what your competitors charge. Consider offering packages that appeal to businesses looking for a simple solution.
Food, Drink and More: Take a look at your current F&B options and think about how these could be adapted for business clients. These guests prefer solutions that are quick, easy, and high-quality. Additionally, you could offer other services.
By following these steps, you’ll be well on your way to creating an appealing business package that will help you fill up those quiet midweek periods.
Embrace the business segment with MinersRepublic
Unearthing the treasure that lies within midweek occupancy is a strategic move that can significantly enhance the performance of your hotel. This path may seem challenging but is entirely achievable with dedication and a focus on understanding and serving your guests.
This is where MinersRepublic steps in. Equipped with industry knowledge and advanced analytics, MinersRepublic can support your hotel in developing and implementing this robust business strategy. We conduct competitor analysis, facilitate customer feedback analysis, provide insights into pricing and package optimization, assist in developing unique selling propositions, and much more.
Remember, an empty room is a missed opportunity. At MinersRepublic, we ensure you seize every opportunity to uncover the untapped potential of your midweek occupancy and stabilize your revenue stream. Let’s dig into this together.
