We are sure that you already know that one of the key drivers of the success of your Bali villas business is to ensure that its revenue increases for each period it is being measured.
However, it might be that you feel you have exhausted every avenue of increased revenue generation and are possibly at a loss as to how you can increase it any further.
Thankfully, there are several ways in which a Bali villas business owner can augment the revenue that their business generates and below we have outlined four essential steps that you can take to achieve this goal.
Spy On Your competition
We are not suggesting you hack their computer or instal secret cameras in their office. Instead, we recommend you do something which every business owner should be doing. By checking out your competition and keeping tabs on them, it can highlight numerous ways to enhance your business that you may not have thought of. Examples include:
- Promoting themselves in alternative marketing channels
- Offering additional services which you do not
- Targeting alternative audiences based on demographic or locations
- An upgraded and redesigned website
- Different pricing structures
These are just a few ideas, and whilst we do not suggest you directly copy their adverts, for example, at least being aware of what your competition is doing well, should spark ideas as to how you can use those concepts in your business.
Offer Additional Upgraded Services
One of the most famous revenue-enhancing tactics ever introduced is McDonald’s requiring staff to ask every customer “Do you want fries with that?”. All those additional $2 -$3 sales of fries has led to McDonald’s earning billions in additional revenue, and you can apply their exact strategy to increase your revenue.
By offering additional services to your clients which require an additional fee, you can add thousands of dollars to your annual revenue. Examples of these services include:
- Airport pick-ups
- Early/late check-ins
- Delivery of groceries
- Local tours and excursions
- Car hire
The best way to do this is to spend 30 minutes or so brainstorming ideas for additional services. You could also refer back to the first step above and see what additional services your competitors offer.
Provide An Enhanced experience
Often, the difference between 5-star and 4-star hotels is not necessary the building or even the interiors, it is the level of service, which is provided, and thus the 5-star hotel can justify charging more. That same principle applies to your Bali villas business, whereby you can distinguish yourself from ‘ordinary’ villa rentals by providing 5-star service.
There are many ways you can provide an enhanced service that sets you at a higher level and for you to justifiably charge higher fees. This can be done by providing a direct number for them to call if they have any issues, daily housekeeping, asking guests if they have any preferences relating to bedding, or you could provide complimentary transfers to and from the airport.
Reassess Your Pricing / Costs
Finally, you should reassess whether what you are charging in rental is sufficient. This is most easily done by referring back to step #1 again and determining what your competitors are charging. You could also test various increased rental prices to see which are at a level that does not reduce enquiry numbers and paying guests numbers. At the same establish whether there are any costs that you can eliminate or at least reduce.