In simple terms, share of wallet (SOW) is the percentage of a customer’s total spending that is captured by a business. Today, hospitality technology leader StayNTouch® has launched a new guide aimed at helping hotels entice guests to increase the frequency and amount of their transactions each time they visit. Titled, 5 Easy Hacks to Supercharge Your On-Property Guest Spend, the strategies include profitable upsell and merchandising techniques, encouraging guests to stay more often and amplifying sales.
Most hoteliers realize that not all guests are the same. Some will only pay the nightly rate while others will spend hundreds on-site through dining, services, amenities, and activities like spa treatments and golf. At the end of the day, once a hotel has acquired a new guest regardless of channel, the ultimate goal is to maximize the revenues that the guest generates for each stay. Approaches and tactics covered in the guide include:
- How to leverage the impulse effect
- Using special offers and limited-time-only promotions to drive spending
- Competing with the locals – attractions, restaurants, retail, and others
- Catering to business travelers
- The number one of tried and tested sales boost tactic – excellent service
“If optimizing guest spend is not one of the top priorities, hotels will miss out on massive opportunity to grow revenue quickly and easily—and profitably,” said Jos Schaap, CEO of StayNTouch. “Your current guests already know your brand and trust your services so don’t leave money on the table by letting them go elsewhere. Focusing your time and energy on them as opposed to always trying to find new guests can be a powerful way to supercharge your bottom line.”
StayNTouch is a "Software as a Service" hotel property management systems (PMS) company focused on developing solutions that help hotels raise service levels, drive revenues, reduce costs, and ultimately change the way hotels can captivate their guests. Developed with mobility in mind, the pioneering platform enables hotels to create long-lasting relationships with their guests by delivering personalized service levels that today’s guests require.
StayNTouch operates on tablets and smartphones, empowering hotel employees to go above and beyond in exceeding guest expectations at every touch point.
Powering over 75,000 rooms globally, our game-changing solution frees hotels from the constraints of legacy or premise systems, dramatically streamlines operations, increases margins, and revolutionizes how front-line staff connect with guests.
StayNTouch is a trusted partner to many of the most forward-thinking hotels, resorts, casinos and chains in the industry, including Yotel, Zoku Amsterdam, Valencia Hotels, The Freehand Hotels, Modus hotels and the Fontainebleau Miami Beach.
For more information, visit www.stayntouch.com.
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