The hospitality industry continues to face significant challenges, from reduced consumer spending due to the cost-of-living crisis and the burden of high rents, to the unpredictable nature of the British summer weather. Therefore, it makes good business sense to regularly consider creative and innovative ways you can maximise your existing resources and increase business revenue.
To inspire you, here are five exciting opportunities that can help you make the most of the space and resources you already have:
1. Make more money from your parking spaces with JustPark
Many venues have underutilised parking spaces, for example, when your hotel occupancy is low or outside of your restaurant’s opening hours. By partnering with JustPark, you can transform these spaces into a valuable revenue source. JustPark advertises your empty parking spaces to its 13 million registered drivers, allowing them to pre-book convenient parking.This partnership enables you to attract local commuters, event goers and tourists in need of parking, generating additional revenue with minimal effort. Not only does this strategy monetise your existing assets, but it also brings in potential customers who might be interested in exploring your other offerings, such as your on-site restaurant, after they park.JustPark’s clients include Crowne Plaza, Holiday Inn, Ibis, Marriott, Hilton, Premier Inn, and Park Plaza.
Victoria Park Plaza Hotel in London has partnered with JustPark for several years. General Manager Stefanie Hardy said: “We have worked with JustPark for around 3 years – have always found them very proactive and approachable. The site is extremely well laid out and easy to find information with analysis. I would recommend them as a partner to enhance the revenue of parking spaces.”
In addition to maximising unused spaces, you can also offer your guests the option to pre-book parking by integrating JustPark into your system. This allows customers to reserve their parking spots in advance, ensuring they have a guaranteed space upon arrival, enhancing their experience and helping to streamline your parking operations.
2. Offer flexible workspaces
With the rise of remote working, there is a growing demand for flexible workspaces. You can capitalise on this trend by offering designated areas as co-working spaces. By providing comfortable seating, reliable Wi-Fi, and access to paid refreshments, you can attract remote workers and freelancers looking for a productive environment outside their homes.
This approach not only brings in revenue through workspace rentals but also increases food and beverage sales as your patrons are likely to order drinks and meals throughout the day. Moreover, offering membership packages or loyalty schemes can encourage more regular visits.
3. Develop loyalty and membership programmes
Loyalty and membership programmes are effective ways to encourage repeat business and build a dedicated customer base. Hotels and hospitality venues can offer rewards such as discounts, free drinks, or exclusive event invitations to members who frequently visit or make purchases.By implementing a tiered system, you can incentivise higher spending by offering greater rewards for increased patronage. Tracking customer preferences and purchase history through these programmes also allows you to tailor promotions and experiences to individual customers, enhancing their overall experience and increasing the likelihood of repeat visits.
4. Provide catering and external food deliveries
If you offer food in your venues, why not also make it available outside your venues by signing up to a marketplace such as Deliveroo or Uber Eats, or setting up your own direct delivery service working with a platform such as Slerp? Additionally, if you have the kitchen space and resources, offering catering services for events such as corporate meetings and private parties can be highly lucrative and effective for building customer loyalty. This allows you to reach a broader audience beyond your usual patrons. By tailoring menus to accommodate various dietary preferences and event themes, you can further enhance the appeal of these services and boost your brand visibility within the local community.
5. Host themed events and experiences
Creating memorable experiences is key to attracting customers and encouraging repeat visits. You can boost revenue by hosting themed events that cater to specific interests and demographics. For instance, pubs can organise craft beer tastings, live music nights, or quiz competitions. Hotels can offer wellness weekends, culinary workshops or exclusive dining events with guest chefs.
By promoting these events through social media and local advertising, establishments can attract both locals and tourists looking for unique experiences. Collaborations with local businesses and influencers can further enhance the reach and appeal of these events, turning them into significant revenue generators.Hopefully, these suggestions provide a solid starting point for making the most of your resources, increasing your revenue, and gaining a competitive edge.
For more information on JustPark, get in touch with Megan directly at megan.grant@justpark.com.
This article was originally published in The Hotel Magazine.
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