6 Ways a Hotel Property Management Software (PMS)can increase revenues
It’s 2023 now and with a recession looming it’s time to boost revenues! Here are a few easy ideas
1. Payment Services
Most likely you already have payment gateways connected, it could be for your booking engine, the credit cards you get from the OTA etc.
I hope you are making money already! If not this is the simplest way to boost revenues without charging the customer directly.
There is a reason that Mews has Mews Payments and Siteminder has Siteminder Pay. They typically make up to 0.5% of any transactions. this can boost revenues just by itself of 20–50%!!
2. Channel Management
If you are connecting to 3rd party channel managers and then telling your customers to go and sign up with them directly, you are losing out on a lot of revenue and also risking churn.
A channel manager is something you should offer at an additional cost directly, you don’t have to build a whole channel manager app yourself you can make a deal with your local channel manager or use Channex.
You can increase loyalty, revenue and customer experience this way.
3. Raise Prices
PMS software is an extremely sticky product, inflation means your paying more for staff and servers and constantly adding more features.
Then why is it that customers have been paying the same for 5 years?
Time to put up the prices so you can continue to provide a great service!
4. Websites
Hotels have famously had terrible websites, why not offer them a website for a fair amount and then charge a monthly fee for hosting and maintenance.
It will improve loyalty and the bottom line
5. Google Hotel Ads Management
Using Google Ads is hard going, especially the bidding and conversion tracking for Google Hotel Ads.
Luckily you are in a perfect spot to do this for the property and make money while your at it.
You just need to charge a nominal amount each month for the service and maintenance around $30–50 a month. And make sure all the tracking and reporting works.
Then a monthly report each month to show the hotel how much more money they made.
Don’t be worried about liability of ad spend since you can set up each hotel with their own account and they pay the Google bill directly.
You don’t have to build a direct connection with Google if you use a channel manager that will connect you as one of the channels.
6. Pro and Standard Version
If you have only one price for your product then you might be able to offer a pro version for a nice revenue boost.
Typically bigger hotels need bigger and better features while the smaller ones find these annoying and makes their simple life harder!
So the best way is to hide all the power features for the standard package and show in the pro version. This means your standard users have a simpler experience with less clutter and your larger customers pay a little extra for the PMS to get the accounting integration or salesforce integration etc.
