I was invited to lead an intensive 3 day training on everything I know about running a successful B&B business from mindset and attitude to internet marketing (my two favourite topics) and everything in between. We had a blast! I love this work!
What struck me about the group and what I think will interest you is how similar we all are, connected by the same struggles, challenges and thought processes.
- If you think you’re alone in thinking you have to offer discounts just to get people to say YES, then you’re not.
- If you think you’re alone in thinking that your guests won’t pay if you put up your prices, then you’re not.
- If you think you’re alone in thinking that you’re trapped by online travel agents and the commissions they charge, then you’re not.
And if you think you cannot change all that, then you can, and here’s how…
- If you’re leading with your discounts, such as offering them before anyone has said yes or no, then next time, take a step back, put some tape over your mouth if you have to, and let your price land first. Better still, before you even mention your room rate, build up the value first, such as what your potential guest will benefit from by choosing you – your delicious home-cooked breakfast, your organic produce, your large comfortable beds where previous guests have typically commented on how well they slept etc. etc. then when you’ve built the value up, and your potential guest is now imagining themselves in one of your rooms, casually mention the room rate and then keep quiet.
- If you’re afraid to raise your rates in case you lose business, then just think about this. There are people out there right now thinking about booking with you, but your prices may look too cheap and they could be worried about what they’ll find. Here’s a fun little exercise about money. It’s very revealing.
- Take a sheet of paper and write down what you consider to be a small amount of money, then write down what you consider to be a large amount of money. Then ask a friend or family member to do the same. I’m betting that you’ll both write down two completely different amounts.
- What’s not a lot of money to someone can be a lot of money to someone else. It’s all based on perspective, so the next time you hear yourself say – “that’s expensive” – consider what that opinion is based on. It’s subjective and everyone has an “expensive” price point and a “cheap” price point and they’re all different. You’ve no business imposing your subjectivity about pricing on your guests – they’ll do that themselves, and you might be surprised.
- Feeling trapped by the online travel agents and the commissions they charge is a universal concern. That’s why my biz partner Steve Driver and I set up STAYIN.TOWN because we believe you shouldn't have to pay for bookings – just like when someone books on your own website. Yes you have to pay for the booking software, and the channel management to automatically update your calendar, but we believe that you won’t find a better deal anywhere else on this. CLICK HERE to check us out and register now for free.
Do leave me a comment about pricing and the little game about what is and is not “a lot of money”. I’d love to hear what you think.
Yvonne Halling is the world's leading coach, mentor and consultant to small hospitality businesses. She works with motivated and determined owners 1:1 and in groups online, using her award-winning systems and processes where clients typically double their businesses. CLICK HERE to book a no-obligation Discovery Session with Yvonne now