A 6-Step Formula to Increase Your Hotel Revenue Using AI

Expect ROI of up to 400% with tools you can integrate in days, not months 🤯 - Ready to steal this?

I've put together a formula looking at 6 different areas to increase revenue by implementing various AI solutions.

Follow my formula below and rapidly boost your occupancy rates, guest satisfaction, and bottom line. Let's get started!

Step 1: Enhance Your Website with a Conversational AI Chatbot

By far the lowest-hanging fruit in AI integration for hospitality in 2024

Your website is often the first touchpoint for potential guests. Implementing a conversational AI chatbot can make booking seamless while providing 24/7 customer support.

There are a few really good ones and they get better every day. I personally recommend Chatlyn or my very own Bubbles to boost conversions. These chatbots use natural language processing to understand inquiries, recommend rooms, facilitate bookings, and resolve issues.

Depending who you ask, the ROI of chatbots go 400% according to Oracle to 1000s% for higher-end operations where closing a single booking pays for the software's subscription for the rest of the year by qualifying leads, automating simple requests, and engaging visitors.

Seriously, if you don't have an AI chatbot you're not leveraging your website's traffic 🤦♂️ - get an AI chatbot today (not the old ones, those are frustrating and useless!) thank me later.

Step 2: Improve Guest Personalisation with AI-Powered CRM

Delighting guests requires understanding and "remembering" from their birthdays to their unique preferences. An AI-powered customer relationship management (CRM) system can help you deliver personalised experiences without physically installing a 2-terabyte hard drive in the brains of everybody who works in your hotel 🫠

Solutions like Salesforce and Zoho CRM use predictive analytics to recommend relevant offers and upgrades based on past stays, demographics, and behaviour.

According to Salesforce research, AI-driven CRM can boost customer lifetime value by 35% 👈That's the revenue-increasing number bit.

If your hotel doesn't yet have a proper CRM, it does require more investment in terms of time and money but it is 100% worthwhile every single time.

Step 3: Manage Your Online Reputation with AI

Your online reputation is make or break in today's transparent, review-driven world. AI reputation management platforms like Mara.AI allow you to monitor mentions, understand sentiment, and respond appropriately 🤵♂️

Mara analyses reviews across hundreds of sites to provide insights. It uses NLP to classify mentions as positive, negative or neutral and suggest actions like replies. This allows you to instantly address issues and nurture your reputation.

According to Reputology, 97% of unhappy customers don’t complain directly but over a third will post negative reviews. With AI monitoring, you can intervene before crises go viral.

Using tools like Mara is a cost-effective way to safeguard your hotel's reputation.

Step 4: Optimize Staffing with AI Workforce Management

Balancing occupancy with adequate staffing is tricky. AI-enabled workforce management solutions like Quinyx or Deputy create demand-based schedules to optimise labour costs 💪

These tools forecast occupancy, and factor in historical demand, staff skills, budgets, and more. According to Verdantix, optimised schedules can reduce labour costs by up to 8%. Schedule smarter, not harder with AI workforce management.

If that is too much for you, a super affordable but more basic solution may also be Absence.io - Try it - it takes 10 minutes to learn, it is like $5 per user per month and it has 80% of what you need to stop managing your staff through Excel sheets, in my experience 🙃

Step 5: Enhance the Guest Experience with Smart Rooms

Integrating AI and automation into your rooms can take the guest experience to the next level. Smart solutions like Alexa for Hospitality to allow touchless control of lights, temperature, TVs, and more.

Gesture and voice control create seamless experiences while IoT automation improves efficiency. Contactless check-in/out via apps is also on the rise. Research by Oracle shows smart room adoption can increase guest spend by 15%.

Make rooms smarter for happier (better-paying) guests.

Step 6: Implement a Smart Concierge with Conversational AI

A 24/7 AI-powered concierge can address guest requests, recommend local attractions, find restaurants, and more.

With NLP, these tools understand natural commands, access property systems, and have human-like conversations. Providing quick, consistent service enhances stays. Per Travel and Tour World, AI concierges have proven successful - 77% of guests are satisfied with their performance. - That's still a 33% "not satisfied" rate, so make sure not to take away the human version of this tool for those who prefer it 👀

It's 2024 - Of course you need AI to boost your bottom line

Implementing AI across the customer journey in hospitality delivers real ROI through automation, personalisation, and optimisation. Following this proven 6-step formula will allow you to increase guest satisfaction while driving substantial revenue growth.

If you need help finding the right tools to increase revenue and improve the efficiency of your operation, I'm here to help 🙂

Don't wait to embrace these innovative technologies - start stealing my formula today to maximise profits!