I’m sure the ultimate desire of many hotel and restaurant owners is to watch their businesses grow. However, most hotel and restaurant owners that we meet experience the same problem in time management – they are not able to devote enough time to stop and think of strategies and techniques that will make tremendous impact to their businesses.
Do you know that there are three main strategies to double your hotel and restaurant business? And I believe it is time that you benefit from this awesome knowledge.
The three strategies to double your business are the following: get more customers for your business; get customers spending more; and get customers coming to you more often. The strategies are very effective when implemented one by one, but they produce awesome results when utilized together. This is where awesomeness happens because these time-tested strategies have a multiplying effect on each other, similar to a compound interest. Let us discuss them in more detail.
1. Get More Customers
The first and obvious way is to get more customers for your hotel and restaurant. The number of your existing customers is proportionate to your profits. So simply double the number of your customers to double your profits. Sounds simple but it is also the hardest and most expensive way.
It takes a lot to get new customers because you have to build a relationship with them. They may need multiple contacts with you and your brand before they can recognize your presence, earn their trust, and do business with you.
2. Get Customers Spending More
The second way is to get customers spending more. Up-sells are the most common way to achieve this, as best exemplified in common culture by McDonalds’ “Do you want fries with that?” Apply this to your own hotel and restaurant and ponder on the possible up-sell you could apply at the time of purchase for your customers.
An ideal up-sell compliments and adds value to the original purchase, but it should not be something that the customer expects to have been included in the original purchase. For example, if your customer registered online for a ‘3 night room accommodation to one of your higher rooms,’ then a good logical up-sell is a ‘1hr full body massage,’ rather than the standard buffet breakfast that most hotel customers would already be used to.
In today’s Internet Age we are fortunate because of the ease and convenience in increasing order value. There are available commerce store platforms like Shopify where you can buy Apps that allow you to easily create up-sells without having to write a single line of code.
Hotel and restaurant owners can also think of ways to influence customers to spend more by offering bundles of related products. In this method, there are two or three products added to the purchase together as a bundle, and the customer can avail of a discount on the purchase.
3. Get Customers Coming Often
Finally, the third main way to double your hotel and restaurant is to get customers coming and the buying from you more often. You can best do this with strategically designed “nurture sequences” and marketing funnels. Follow up with your customers persistently so that they remember to buy frequently. One of the best examples with my hotel clients is what we referred to as ‘Room Recommendations for You,’ based on things that the customer has previously purchased or has inquired about.
Relationships with customers do not end after a sale. You need to follow up with them so they will be encouraged to make additional purchases. The usual way to do this is through email marketing. Another way is through retargeting where you input tracking codes to your site that allows you to follow site visitors as they navigate around the web. Facebook remarketing is now getting highly developed and something we regularly implement with our Business Evolution clients; it has come up with parts that guide buyers as they purchase one product to another based on pages on your site and scope of marketing funnel.
If you apply this to your hotel and restaurant business, imagine what would happen to your earnings if you increase your registration page conversion by 10%; add a low price product sale (what we in marketing refer to as tripwire) behind the registration; add an up-sell behind the tripwire; improve your phone sales script conversion by 10%; make an email follow up sequence; launch a Facebook re-marketing campaign; and then increase your targeted traffic by 10%? The awesome result: a massive increase in your leads, sales and profitability that enables you to double your hotel and restaruant business.
Take some time to focus strategically about your business as a whole and not just each little task that you need to do. Pull all the levers in your business, sit back, and watch it multiply.
We have found the exact medicine prescribed for growth of most hotels and restaurants. If you haven’t had the chance to meet me in person and learn these strategies and more, grab your Business Evolution eBrochure! We can certainly help you escape work early, take more holidays, and still make record profits with these cutting edge business automation tools and marketing breakthroughs!