Managing a hotel in a highly competitive market is no small task.
A hotelier must look at many aspects, from daily operations and managing staff to strategic business planning and project management.
The market is always changing — evolving in ways that can be difficult to keep up with. Between ensuring that guests are kept happy and staying on top of the latest industry trends, many hoteliers are missing revenue opportunities. While a property management company may help with maintenance, amenity upgrades, and overall guest satisfaction on-site, sometimes you need additional assistance to grow profitability.
Needless to say, there’s help available in terms of hotel technology to simplify this full-time workload. But harnessing the right revenue management system (RMS) and adopting an effective property management solution (PMS) can sometimes be overwhelming for hotel owners and senior management.
That’s where hotel management and consulting services come in.
Whether your hotel has a long legacy of service or you have recently acquired a hotel brand or converted your hotel to a different segment, at times, you’ll feel the need for an experienced hotel industry consultant who can bring in an outside perspective.
In this article, we look at why you need hotel management and consulting services and how Prosper’s experienced consultants provide advisory services to support hotels of every size and scale.
What is Hotel Management and Consulting?
Hotel management and consulting services allow hoteliers to harness hospitality industry experience and expertise to get strategic and tactical inputs into where they currently stand and what they can do better.
Hotel management consultants function as external advisors, helping hoteliers guide transformational projects, manage change, or solve complex issues affecting revenue, growth, retention, and profitability.
As external advisors who are not involved in daily operational routines, they bring a high level of focus and pressure to accelerate growth and facilitate change.
The main objective of hotel consulting services is to provide professional advice to hotel management executives or individual owners.
Hotel consultants support hotels in the following areas:
- Develop growth strategies and work toward revenue targets.
- Explore new markets and demand generators and devise a go-to-market strategy.
- Review revenue management practices and recommend strategies to improve occupancy and boost profitability.
- Review marketing plans and recommend the optimal marketing channel mix.
- Strategize to improve day-to-day operational efficiency and productivity.
- Recommend and implement technology platforms such as a revenue management system or business intelligence tool.
- Conduct management training for hotel sales managers, general managers, revenue managers, channel managers, or operations managers.
Prosper Hotels offers hotel consulting and advisory services to refine your growth strategy and maximize profits.
Our consultants and revenue experts have years of experience in all aspects of hotel management.
We work with you to review your current hotel management strategies and create a customized revenue management strategy that will help you meet your revenue goals.
Why Do You Need Hotel Management and Consulting?
Sometimes the best hoteliers may get stuck in a rut. You know you need to make improvements but can’t bring in the required focus to inspire your employees to make the change.
Sometimes, the solution to your challenges may elude you.
At other times, your teams may find themselves mired in interpersonal issues.
There may also be a skill gap, or a specific project may need a quick turnaround time that your team is not geared up to meet.
That’s when you know it’s time to bring in an external hotel management and consulting firm like Prosper Hotels.
Your external consultants have the ability to accelerate change, bring in a fresh perspective, and motivate employees to do things differently. With these consultants on your side, your human resources team is free to handle job-related initiatives and internal team issues, allowing your business to run effectively.
Invest in hotel management and consulting services and reap benefits such as:
External consultants come with years of experience in the hospitality industry. They’ve worked with many hotels like yours to solve complex problems and have successfully delivered results. Their problem-solving skills are well-honed with practice — so they bring tried-and-tested strategies to the table.
New market segment opportunities
A consultant looks at your business from the outside — with an unbiased perspective. As a result, it’s more likely that consultants can uncover hidden revenue potential that your team has not explored. It may be a new market segment altogether or a different approach to an existing segment based on insights derived from business intelligence reports — or purely from the consultant’s experience.
An experienced hotel management consultant can review and refine your revenue management strategy. A consultant analyzes internal and external data and adjusts pricing strategies based on your hotel’s inventory, occupancy, demand, and pickup. The goal is to maximize profitability and meet the hotel’s revenue targets.
Prosper Hotel’s revenue reporting services deliver insights on the micro details you need to maximize revenue opportunities and keep profit margins healthy. We deliver all the reports to your mailbox every day, giving you the actionable insights you need for revenue optimization.
Essential Hotel Management and Consulting Services
Restore your work/life balance and let hotel management and consulting services handle the long to-do list. As you search for the right management solutions, consider the following services that can assist in hotel operations.
Before consultants begin making improvements, they need to thoroughly study your property, its facilities, services, staff, and positioning in the competitive landscape.
For example, when you work with Prosper, our consultants conduct an in-depth onboarding assessment in which we closely analyze elements like the guest experience, daily hotel operations, and revenue streams. We also perform a commercial performance audit that helps you leverage your hotel’s value proposition and build the optimal and most profitable mix of business for each season and time period.
Once the assessment is complete, the consultants work out the improvements or further course of action — this may be a refinement of your existing strategies for revenue management, marketing, and the positioning of the hotel in the target market.
Prosper’s consultants create a benchmarking strategy that ensures you continue on a path to growth and success. We track your competitors’ KPIs, compare your current growth rate to your previous performance and that of your competitors, and look for new opportunities to maximize your revenue potential.
Marketing Campaign Creation
An external consultant reviews your marketing strategy to see if you are targeting the right personas, projecting your unique selling proposition, and using the optimal mix of marketing channels to reach out to your target audience.
Here are some of the questions they will try to answer:
- Is your marketing reaching the right prospects at the right time with the right messaging?
- Are your marketing campaigns capturing valuable leads?
- Are you making the most of your website to drive direct bookings?
- Do you have an effective social media strategy?
- Is your email marketing program robust enough?
- Are you using strategic search and display ads to drive traffic to your website?
Prosper’s hotel consulting team helps your marketing team to refine your marketing strategies and increase ROI.
Acquiring a hotel brand or converting your existing hotel into a new brand or into an entirely new segment is a popular way to achieve scale and growth.
For investors, acquiring an existing hotel is a faster and less risky way to enter the hospitality industry than constructing a new hotel from scratch.
For small hotels, merging with a more prominent brand means they can access the infrastructure, leverage the bigger brand’s distribution channels, marketing platforms, and booking systems, and of course, win a valuable guest base.
But hotel acquisition, rebranding, and conversion are projects that require the expertise and support of a good hotel management and consulting firm.
When you partner with Prosper, our trained and experienced consultants guide and support you throughout the acquisition or conversion process.
We work on aspects such as:
- Evaluating the feasibility of the acquisition, merger, or conversion
- Conducting a break-even analysis
- Outlining steps to closing the deal
- Identifying and maximizing revenue opportunities
A key reason to take the support of a hotel management company like Prosper is to ensure that your staff can be trained to execute the new strategies.
Prosper’s consultants conduct specialized training for your hotel’s staff, including the revenue manager, general manager, assistant general manager, and operations staff.
We train them to understand the nuances of hotel asset management, so they can focus on improving efficiency and productivity, protecting profit margins, and delivering a superior guest experience.
Revenue managers are trained to keep a sharp eye on the competition and the dynamics of seasonality and demand generators. We guide them to execute strategies for maximizing revenue and profits and capturing incremental market share.
Invest in Your Hotel Management with Prosper Hotels
Work with Prosper Hotels, and your growth and profitability goals will become a reality with guidance from our hotel management consultants and revenue experts.
Our consultants help you build robust strategies, position your hotel powerfully in your market segment, and maximize profitability.
Get in touch with Prosper today for a consultation call to learn more about our hotel management and consulting services.