What is the key to success for hotels in 2022?
The first priority for many hotels is to increase sales productivity and that means overcoming staffing shortages. Most hotel sales teams are stretched thin as they struggle to rebuild and juggle multiple duties.
Here are five tips for improving the productivity of time-constrained sales teams by using data insights to streamline decision-making and prioritize sales efforts.
#1 Prioritize your prospecting efforts
Hotel sales teams can improve productivity by spending time on the deals with the highest total revenue potential. Even though two individual opportunities may appear comparable in the short term, if you look at the wholistic account view of all the potential bookings from that account, you may find that one is substantially more valuable that the other – so you prioritize that deal at the top of your to do list!
#2 Know the accounts that fit your hotel profile
Focus on prospecting accounts with the highest likelihood of booking with your property based on the account’s booking history and Knowland’s scoring algorithm. See “best match” accounts for your brand, market category, location type, class, and market.
#3 When in doubt, space goes to the deal with the highest total account value
In the scenario where there are two account that would like to meet at your property over the same time frame and both accounts are new, and you’re unsure which account to offer the best deal for rooms and/or event space. Assess both accounts for the total account revenue potential using Knowland data. You might uncover that one of the accounts hosts several bookings coming up for which you could be considered. That may sway your decision on who to offer the best rate.
#4 Expedite decision making with data-based insights
Does your sales team hold daily business reviews? Do they seem unorganized? Maybe team members have a difficult time making decisions. Historical booking data provides the essential details they’ll need to understand the total account value and year-over-year trends for the accounts you discuss. Have these details at hand to help your daily business reviews go smoothly and get the decisions you need to advance your sales pipeline.
#5 Be ready to negotiate based on knowing the account value
Imagine if a new account to your property is asking for discounted services for their upcoming sales meeting. The meeting planner explains they plan a more lucrative annual meeting and will consider your property if their first booking goes well. Using historical data insights, you can quickly determine the total revenue value of the account across multiple bookings to determine if it makes sense to offer a discount for the sake of future business.
About the Estimated Revenue Calculator by Knowland
These are only a few examples of how hoteliers can increase productivity and streamline sales decisions for optimal revenue and profitability. They can do so by leveraging Knowland’s latest addition to its platform, the Estimated Revenue Calculator (ERC), designed to help hotels prioritize sales efforts based on the total account revenue potential of sales leads.
Today, with the new Estimated Revenue Calculator (ERC), anyone can identify revenue per account and prioritize which accounts to focus on to bring in the highest return. Estimate total revenue value for each booking, use data analytics to deliver the value of each lead at the click of a button, and optimize group sales productivity.
Want to learn more? See how it works.