They already trust you and buy from you. So what you want to do is look for more ways to serve them! Here are 10 ways to increase the average purchase size and frequency of your sales, and in turn, increase your revenue. You will increase your profits and their fulfillment.
Replacing lost profit in this area, as in all other areas, requires creativity to remain competitive. Improving Profitability The average group catering contribution as Strategies for improved revenue generation in percentage of total food and beverage for a hotel room service, outlets, etc.
Essentially, the service charge wipes out the bulk of your service labor. Profit is also realized because menus, prices, time, and volume are pre-determined. Sales people are on the front lines here. Why should sales care? Profitable hotels are fun hotels to sell because you have more flexibility.
Hotels that embrace fun and creative events give sales people tools to differentiate themselves from their counterparts.
When sales books conventions, the majority of waking hours a guest spends in your hotel is either in the meeting space or the outlets, and you want those areas to be filled with vibrant employees.
Only profitability will allow that. For example, a planner of a sales conference may know that they want to do a fun off-site at the super cool new restaurant in town and will book it first, then build the conference around that.
It may not be group catering, but at least it is a way to keep some of the revenue from going off property. Increasing Collaboration Typically sales people focus on room revenue and getting the contract signed.
Then the ball is punted to convention services and catering…and they focus on the logistics of making it all happen. But you know that you always have to build a partnership with your client in order to understand where their budget is going, and how to make the most of it for the event and for the hotel.
You see the RFP, but how many of us really understand who the client is? Do we make an effort to get to know their meeting goals and objectives or even think collaboratively about how to best partner with them on the success of their program?
Simply asking if there is a theme for the meeting can go a long way.
Growth Strategies Finding New Ways to Generate Revenue If growth is one of your goals for your business, finding new ways to generate revenue is a good first step. Here are a few example of. The best strategies for generating revenue through events. By Kevin Loker. Published 08/07/14 am. The numbers are in on news organizations earning money by producing events – and the revenue is significant. Assess and improve your culture; Drive more reader revenue;. 19 Tips For Increasing Your Bar’s Revenue And Profitability Generally speaking, profitability is the number one reason for engaging in business. In the hospitality industry, it is easy for profitability to erode if operational standards are not kept.
If the client is only hosting breakfast and lunch at your property, ask why they are doing that. What is it about the off-property experience that they are looking for? Is it a particular unique venue or is it an experience?
You can also reach out to your national sales rep — many DMCs have strategic alliances with most of the major hotel brands and management companies. Ask your colleagues who has worked well on property in the past — your catering or convention services managers will likely have recommendations.
Once you have connected with a local DMC sbuild a relationship and talk about working together for future opportunities. Often you can find a solution for very little cost — or the DMC can pass through the cost to the client.
A local hotel sales manager was looking for a lobster costume for her banquet captain to wear during a site visit that was less than 2 days away, and it was the weekend BEFORE Halloween! The hotel was one of several hotels vying for a large piece of business with a major restaurant management company and they felt that, combined with the tasting they were offering, a little tongue-in-cheek presentation would go a long way toward being memorable for their client.
I was able to locate several costume companies with costumes available, and I sent the contact information directly to the hotel along with their pricing and rental options.
This kind of partnership is a win-win for everyone involved.
One never knows how they can assist you in closing a deal or getting some hard-to-get items at the last minute for a site visit. They want you to win more business so they too have groups to service. As a hotel professional, you have the power to change that. Keep them interested and engaged on property.
Catering for corporate group business is still fairly strong. Corporations still need to feed everyone breakfast, lunch and dinner, although often groups are going out in the evenings.An SEO strategy only becomes effective when all the actions/tasks it involves aim to significantly improve the overall quality of a website or a brand’s web presence (for the long-term)..
Post Contents: How to develop SEO strategies; SEO strategies that work. Consider a hypothetical company that increases annual revenue from $1 million to $ million by increasing its sales staff from five to 15 people with an average salary of $, each.
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Once we add in iTunes, licensing, AppleCare, iCloud revenue and more, it becomes readily apparent that revenue from Apple services is poised to explode in the years ahead. Revenue generation. Some management strategies generate revenues that can fund parking facilities, (compared with $20,$50, in additional expenses for implementing these strategies), as well as providing improved options to users and reduced vehicle traffic.
By the end of this training you will be able to: identify fifteen different types of revenue sources and execute the five-step revenue development process, which includes assessing goals and resources, identifying an income strategy, selecting a revenue source, developing and executing a revenue source plan, and evaluating results.