Running a profitable hotel has never been easier, but since the turn of the century hotel providers have had to deal with a growing number of challenges in order to achieve continued success. Among the managed and environmental issues they face below the list outlines the five most important issues they need to overcome. Do this and the prospects will do well in their business as well
1. Occupancy rate
The global financial crisis is particularly brutal for the hotel industry. At a very low level of economic confidence, many families and the business community collectively tightened their financial belts as well as a dramatic decline in the rate of occupations. Inevitably some accidents will occur as some operators fight to maintain volatile business, but the most successful accommodation providers recognize the power of the market forces and maintain a high level of occupancy such as lowering their prices or encouraging guests to book hotels.
Internet customers have revolutionized the way hotel reservations are made so that booking hotels anywhere in the world, any time of the day is now easier than ever. With the development of the global web, numerous hotel booking websites have been established, which in turn has increased competition. Now potential guests are no longer limited to a handful of recommendations that are featured in holiday brochures or made from travel agents. Instead of a few mouse clicks, they can access information about each hotel in any city (simply navigating to the page / section). For example, if you want to book a hotel in New York City, you can scout through over 1000 options. The challenge for any hotel on this list is how to stand out from the rest of the competition.
3. Services, facilities Fac
This increase in competition has forced the hotel industry as a whole to evaluate their offers. Gone are the days when the mini bar was a special attraction of your home. No, in this age of advanced technology customers expect more shock than ever before. Flat screen televisions, air conditioners, DVD players, complimentary Wi-Fi, iPod docking stations are all expected to be standard features, even the middle ones. Similarly the most successful hotels have picked up their game considering the quality of the food their restaurants provide or the state of their gym delivery equipment. Failure to do so in the current climate will corpse any business in the water.
4. Guest reviews
It used to be that guest reviews were viewed with great suspicion by people who read them. But never again. Nowadays hotel review sites like TripAdvisor have made it possible to gain a deeper idea of what a hotel might look like from the actual guest response that paid to stay there. Truly, honestly and individually, they are an important factor in any hotel booking decision making process. It’s not rocket science, but hotels that exceed the expectations of their guests with the best level of service and facilities get the best reviews.
5. Social media
Like it or not, social media is here to stay and whether you like it or not, it can also make or break a hotel’s reputation. If a hotel is good or particularly bad, a quick tweet or status update can literally let thousands of people know. So every hotel operator needs to not only look after their guests, but also manage and monitor their social media presence 24/7.