People are beginning to explore Serviced Accommodations more as they have family-like comforts and hotel facilities. But as Serviced Accommodations grow in demand, so does the competition. In case you are in charge of a Serviced Accommodation business and wish to increase your bottom line, using appropriate tactics can be very useful. In this post, we outline the strategies that work best to improve practical elements of Serviced Accommodations, as well as to drive guest satisfaction and revenue growth.
1. Manage Pricing Using Metrics Specific to the Business.
Having an effective pricing strategy is important for maximizing your earnings within the Serviced Accommodations sector. By employing a dynamic pricing model that takes into account the level of demand in the market, seasonality, and local events, potential guests’ interest in your Serviced Accommodations can be increased. So how do you implement an optimized pricing strategy?
Procuring Revenue Management Software: Purchase a tool that tracks trends in bookings and aggregates providers’ rates and site seasonality. Beyond Pricing, PriceLabs, and Wheelhouse are some of the tools you should have, which enable you to adjust your rates according to the current circumstances.
2. Improve Guest Experience for Higher Repeat Bookings and Referrals
Contented guests will be able to return and recommend your Serviced Accommodation to other people. By improving the guests’ experience, you can increase the number of repeat bookings and the likelihood of positive online feedback. Here are some best practices for serviced accommodation that can elevate guest experience:
Don’t Forget About Segmenting Your Clients: From pre-arrival greetings to follow-up messages thanking a guest for their stay, address members at critical points during the guest’s stay. Guests like to feel appreciated, remembering that the service is friendly and welcoming.
Make a Few More Investments in Luxury: Some basic luxuries, such as having high-speed wireless internet, comfortable mattresses and cushions, and smart home appliances can make a big difference in the experiences of guests. To attract guests, consider offering long-term rentals, internet subscriptions such as Netflix, and fitness equipment, as well as a fully equipped kitchen.
Incorporate a Voip Service: Serving Serviced Accommodations slightly differs from that of traditional hotels, but a concierge service is quite essential. Offer customers a voice-over-internet protocol service or local contacts to assist them with making reservations at restaurants, transport, and sightseeing tours.
3. Invest in High-Quality Marketing and Branding
They say that the market has been overcrowded with so many players, what would make you different? More visitors must be attracted and integrated into the business through a combination of a strong brand and integration effective marketing strategies. Here are some strategies for marketing your serviced accommodation effectively:
Develop a professional website: Your website should be appealing and easily navigable with the aim of also targeting mobile users. High-quality photographs about the services, guest comments, a blog site and a simple way to book a spot should also be added. The visitors should be able to find all the important details about cost, occupancy, and other essential facilities without any delay.
Use social media effectively: Instagram, Facebook, and LinkedIn have become great platforms for displaying the property. Pictures and reviews of visitors and places in the town can help attract potential customers. Instagram Stories and Facebook Live can serve the effective needs of virtual tours wherever available or sell promotional offers.
Leverage SEO and paid advertising: Leverage search engine optimization to exert pressure on Google so that your website is placed on top. Use the phrase “Best tips for serviced accommodation” in an organic manner through blog posts, descriptions, and other types of write-ups. You can also advertise your services using Google or social media advertisements targeting your ideal customers.
4. Optimize Operational Efficiency to Cut Costs
Reducing operational costs without compromising quality can significantly improve your profit margins. Here are some ways to optimize operations in your serviced accommodation business:
Automate Where Possible: Use property management software (PMS) to automate tasks like check-ins, check-outs, and guest communication. Tools like Guesty, Hostfully, or iGMS streamline operations, saving time and reducing manual effort.
Implement Preventative Maintenance: Regular maintenance can save you from expensive repairs. Schedule routine inspections for essential items like plumbing, HVAC systems, and electrical appliances. This approach minimizes downtime, improves guest satisfaction, and extends the life of your assets.
Outsource Non-Core Services: Outsource cleaning, laundry, and other non-core services to reliable local vendors. By partnering with professionals, you can ensure quality while freeing up time to focus on core business activities, like guest relations.
5. Leverage Technology for Enhanced Guest Convenience and Operational Control
Technology has become a powerful tool in the hospitality industry, providing opportunities to improve guest experience and operational control. Integrating smart technology solutions can streamline your business and increase guest satisfaction.
Self-Check-In and Smart Locks: Self-check-in options and smart locks allow guests to enter their apartments without the hassle of waiting for a key exchange. This is especially appealing to international guests who may arrive at odd hours.
Use Smart Energy Solutions: Implement energy-saving solutions such as smart thermostats and automated lighting. These tools not only enhance the guest experience by providing control over room ambiance but also reduce energy consumption, lowering your utility bills.
Gather Guest Feedback Through Digital Surveys: Send guests a feedback form post-stay to understand their experience and areas of improvement. Many PMS and CRM systems can automate this process, helping you improve services based on real guest insights.
Conclusion
Boosting the profitability of your Serviced Accommodation business takes a multifaceted approach, from pricing strategy and guest experience to marketing, operations, and technology integration. By implementing these best tips for serviced accommodation, you can optimize your business model, reduce costs, and provide an outstanding experience for your guests.
In the fast-evolving serviced accommodation industry, staying proactive and continuously improving can help you stay competitive and profitable. Remember, each satisfied guest has the potential to bring in future bookings, whether through their return or referrals. So, adopt these strategies, adjust them to suit your unique property, and watch your profits grow.
