Author: Wendy Bros, Manager, Guest Accommodation Services, MacEwan University
With educational institutions’ budget constraints many of us who operate out of the Ancillary Departments are starting to feel the pressure to contribute more back to the Universities/Colleges we work for.
When you have limited time and space to operate with, how do we accomplish this?
1) Know your expenses and set your rates:
There is a fine line between blowing yourself out of the market and covering your costs. Doing your homework helps. Do a price comparison of the market in your area; calculate your expenses so that you know when you can offer a discount on volume and when you can’t. Keep in mind that the higher your occupancy the lower your costs are on each night you sell, which brings me to point #2….
2) Booking sites will be your new best friends:
They will increase your sales and occupancy on those unused nights. The higher your occupancy the lower your expenses are per night, driving up your profit margin. Win, win right? This brings me to point #3…..
3) Increase Sales Through Awareness:
How many times when you explain to someone new what you do for a living, they say…”I didn’t know educational institutions rented out rooms.” Most people don’t, however just by listing your rooms on these booking sites, creates awareness to thousands of people who didn’t even know we were an option before. Maybe they won’t book with us today but we will be in their minds the next time their daughter or son has an out of town tournament to attend….which brings me to point #4…..
4) The Non-monetary Contribution We Make to our Institutions:
I never miss an opportunity to remind anyone who will listen to me, the contribution we make by bringing in thousands of people to campus…all potential students, all potential parents of students and all potential students going to live in our residences someday. That is direct marketing at its best.
So when we are faced with that inevitable question, ”How much will your contribution increase next budget year?” these are the tools for success we have behind us to provide our answer with the utmost confidence.
Wendy Brost; Manager, Guest Accommodation Services; MacEwan University Residence