Festivals aren't just a fun time for guests; they're a massive revenue opportunity for savvy hoteliers. Applying smart revenue management techniques around these high-demand periods and creating ‘socially connected' landing pages for your hotel can capture significantly higher rates and boost your bottom line.
The Power of Festivals
Major cultural events and music festivals send hotel demand through the roof. Think of events like Comic-Con, Oktoberfest, and major concerts—these have the power to double or even triple standard room rates.
Revenue Management: It's Not Just About Raising Prices
Effective revenue management during festivals means more than just jacking up prices. Here's what you need to focus on:
- Demand Forecasting: Use market data tools to identify not only the festivals themselves but also the exact dates where demand (and prices) will peak.
- Dynamic Pricing: Rather than fixed rates, adjust prices in real time to match demand fluctuations. This gets you the highest possible price at every point.
- Length of Stay: Implement minimum stay requirements during peak periods to ensure you're not leaving money on the table with single-night stays.
- Segment Your Guests: Festivals attract different crowds depending on the event. Tailor offers and packages to the interests of specific festival-goers.
Get Social: Landing Pages and Promotion
Don't just rely on your regular booking channels to capture festival demand. Create targeted promotional landing pages for each major event in your area. These pages should highlight your festival-specific rates, any special packages, and the hotel's proximity to the event location.
Promote these landing pages heavily on social media. Use festival-related hashtags, target ads to people interested in the event, and consider partnering with local influencers to expand your reach within the festival-going community.
Simplify Your Promotional Landing Page Strategy
Lodging Interactive’s Social Media Amplified service creates compelling festival and event promotional landing pages for hotels and seamlessly connects promotional offers to the hotel’s social media accounts and booking engine. The Company’s Account Managers work with property Marketing Directors to ensure each “socially connected” promotional landing page is deployed 60 days before each festival to ensure maximum exposure and revenue opportunities.
Please click here for more information about Lodging Interactive’s Social Media Amplified service and to schedule a demonstration.
