Hey Revenue Managers – Want to Raise Prices?
Do you ever find yourself wondering why you happily pull out your wallet to buy that expensive bottle of water?
It’s not necessarily the refreshing H2O you’re paying for, but rather it’s the idea that you’re sipping on pure droplets melted from a glacial iceberg or faraway tropical rainforest, and that makes you feel good about spending the extra money.
In a world where everything is rapidly being commoditized, it’s refreshing (pardon my pun) to know that an authentic story, wrapped with rich meaning and visuals can actually help you justify a higher price. In other words, consumers are willing to pay more for an anticipated experience and hotel shoppers are no different. So, if you’d like to get $10 more per night than your competition across the street, tell a better story.
Start by creating a framework to capture the value of your property. Have you ever done something extraordinary for a guest? Do you provide differentiated service that nobody else offers? Is your location a hidden gem in the city? Align these attributes with rich multi-media (photos, videos and virtual tours), together with snackable descriptions that represent the reasons why you’re worth the extra money.
Once you’ve created the story that capitalizes on your hotel’s best features, prepare your story to be told everywhere consumers are searching for hotels. Is your hotel’s mobile website optimized? Are your business pages created for Facebook and Pinterest? Do you have a modern multi-media gallery on your hotel’s website?
And finally, once all the preparation is complete, be sure you’re pushing or amplifying your stories on all the channels that matter – review sites, corporate and meeting planning sites, OTAs, and of course, your vanity and/or your brand’s website.
The Best Western Premier Crown Chase Inn & Suites tells a winning story about their Denton, Texas location providing an excellent description of their property, along with its surroundings in this hip university town. Their “show and tell” approach captures local events like the Thin Line Film Festival and North Texas State Fair, attracting visitors from the Dallas Ft. Worth area as well as those International travelers visiting their kids at the University of North Texas. The Crown Chase Inn & Suites cleverly creates a story that appeals to travelers looking for modern accommodations with access to onsite amenities and thoughtful touches in the guest rooms. This property regularly sees an $11 per night premium on room rates vs. the competitive set in the immediate vicinity. Now, that’s good storytelling.
Take a cue from our friends in the very lucrative business of selling water – a resource that freely flows from our faucets – Quality and experience is remembered long after price is forgotten.
Want to learn how your hotel can intelligently communicate value to travel shoppers? Watch this one minute video to learn more: How Can Hotels Communicate Value To Travelers?