Modern Restaurant Management

SEPTEMBER 9, 2022

Rising Overhead Costs Are Hiking up Prices. Inflation drives price increases for raw materials and labor costs, which are some of a restaurant's most significant expenses. The steady increase in cost is forcing restaurants to raise their prices because they’re spending more on materials.

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InnQuest

APRIL 5, 2023

Yield management, also known as revenue management, is a strategy hotels use to optimize their revenue by adjusting prices and inventory according to consumer demand. Yield management is a pricing strategy that predicts customer demand and adjusts prices to maximize revenue. And that’s where yield management comes in.

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Revenue Hub

FEBRUARY 15, 2023

Attribute-based pricing is becoming an increasingly popular pricing model in the hotel industry. Subscribe to our weekly newsletter and stay up to date In this post, we are going to discuss what attribute-based pricing is, and how using an efficient rate structure can help you boost your overall revenue and profits.

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Revenue Hub

AUGUST 28, 2024

Event and group planning within the hospitality sector mirrors these seasonal trends. No Rest for the Weary January witnesses an upswing in new event requests almost immediately after the holiday decorations come down. Convergence This heightened January planning activity presents a golden opportunity for event professionals.

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Revenue Hub

NOVEMBER 21, 2022

But what happens when you ask them about meeting space utilization, revenue per available square foot, or other key metrics pertaining to meetings and events (M&E)? Understanding the tremendous revenue-boosting opportunity of meetings and events in 2023. More likely than not, the hotelier would need some time to find the answer.

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Revenue Hub

JULY 2, 2024

The RFP (Request for Proposal) process helps event planners find the right venue for their group events. Here’s how it works: The event planner starts the process by specifying their event requirements, such as the number of attendees, dates, meeting room specifications, audiovisual needs, accommodation, catering, and budget.

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Modern Restaurant Management

DECEMBER 1, 2021

Look at what big local events are coming down the pipeline. Work with your contractors to create a timetable taking these elements into account. They will have some similar skills to your accountant. But a financial manager’s role is more directed toward using the accounts data to influence the direction of a business.

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Revenue Hub

OCTOBER 17, 2024

NB: This is an article from Tripleseat Subscribe to our weekly newsletter and stay up to date The rack rate establishes a clear ceiling price, providing hotels with a strong starting position in negotiations with various client segments, from corporate accounts to event planners.

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Horizon Hospitality

JUNE 17, 2024

Here are the major Dos and Don’ts to consider when starting up a text message marketing campaign: DO Understand Your Customers’ Habits There is no secret recipe for how often to send texts to customers but always account for your customer’s habits. Offer presale opportunities or even special pricing for seasonal or exclusive dining events.

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Modern Restaurant Management

AUGUST 31, 2023

Identify Your USP and Use it to Conceptualize PR Events Identify what makes your brand stand out from the rest. You may then leverage this unique selling proposition (USP) when conceptualizing PR events. So, basically, you’re harping on your USP—which your customers love—to make your event a success.

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Modern Restaurant Management

AUGUST 2, 2024

Another 25 percent said they were investing in special events and one-off promotions, and 24 percent said they were prioritizing takeout and delivery operations. As a result, they are making hard decisions to adjust prices and make menu changes. Thirty-seven percent said they’re expanding catering operations.

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Revenue Hub

NOVEMBER 14, 2024

This helps create accountability, ensure consistency, and reduce errors. Pricing: What Rates Will You Charge? Pricing is one of the most important tasks of revenue management. If your property is priced too high, you will miss out on bookings. If it is priced too low, you will miss out on revenue.

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Modern Restaurant Management

DECEMBER 13, 2022

Using sous vide can also help restaurants to lock in prices for future events, banquets, or menu offerings. This offers a chance for businesses to take future inflationary price increases out of the equation. Efficient Method. Sous vide prepared foods can be purchased far in advance, setting a fixed cost for food supplies.

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Modern Restaurant Management

NOVEMBER 19, 2020

That said, there are a few other things that restaurants need to ensure are working soundly before the customer reaches checkout: User Accounts – Restaurants should offer customers the ability to open an account on the restaurant’s website.

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Hotelogix

JULY 11, 2024

From setting the right prices to attracting the right guests, every decision you make impacts your hotel's bottom line. Hotel revenue management involves strategically adjusting your hotel's pricing and availability to maximize revenue.   What is Revenue Management in Hotels?

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Modern Restaurant Management

AUGUST 19, 2024

Transportation alone accounts for nearly 20 percent of food-system emissions. Menu notes, garden tours, and farm-to-table events can educate diners about where food comes from. By growing the food themselves, restaurants have many options for community events.

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Revenue Hub

DECEMBER 4, 2023

NB: This is an article from DynamEat Today’s solutions excel at generating price choices and adjustments automatically by using advances in artificial intelligence and machine learning. The incorporation of new data sources, such as POS, is critical in enabling more intelligent pricing choices.

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Modern Restaurant Management

OCTOBER 23, 2023

Mobile devices accounted for over 55 percent of global website traffic this year; a figure that is expected to continue growing. Host a Soft Launch Event A soft launch event is a crucial part of your pre-launch strategy, as it allows you to fine-tune your operations and create a memorable experience for early customers.

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Revenue Hub

MAY 17, 2024

Review Data for Optimal Pricing & Distribution Review last year’s occupancy and revenue data to help you price rooms and packages correctly, and optimize your presence across distribution channels. A revenue management system (RMS) is a big help here.

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Modern Restaurant Management

JULY 28, 2022

Since each transaction is recorded to a specific account, you can see how often particular customers order from you. Similar to loyalty programs, you can use accounts on your online ordering site to collect customer and behavioural information. Online Ordering. Are customers trying to order from outside of your delivery area?

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Revenue Hub

APRIL 19, 2024

CRM technology is a vital tool for hotels, designed to enhance guest engagement, optimize customer service, organize leads, reservations, and bookings, aid with projects such as marketing and price and room availability strategies. You’ll be able to capture necessary information from leads to create robust contact and account profiles.

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Restaurant Engine

FEBRUARY 8, 2023

This article examines why the best restaurants have these four social media accounts and how you can harness their power for your business. #1: This is why it’s so essential that you have correct information about your hours, address, phone, contact info, description, price range, category, reviews, and photos.

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Modern Restaurant Management

DECEMBER 28, 2020

When others have pulled back, we kept innovating by adding new menu items (a new Porterhouse steak, Wagyu New York Strip), half priced bottles of South American wine, To-Go experience packages and more. John Moezzi, National Account Manager, Sharp NEC Display Solutions. That also applies to the event space itself.

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Revenue Hub

FEBRUARY 27, 2023

When it comes to bringing in revenue, hotels typically rely on four primary sources: rooms, meetings and events, food and beverage, and ancillary services. While these sources of revenue technically don’t fall under “ancillary services” in the accounting books, they’re still worth noting.

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Hotel Business

JULY 9, 2024

OpenSpace provides algorithm-based pricing for meetings and events, including weddings, incentives and conferences, enabling hotels to dynamically yield all function spaces, including external spaces such as gardens.

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Revenue Hub

MAY 14, 2024

WATCH NEXT (A few of our other videos) The True Cost of Vacant Executive Roles In Your Hotel: Loss Of Momentum And Revenue Impact [link] Time to Stop Wasting Time, Wasting Money and Missing Revenue [link] The Value of Automated Pricing for Independent Hotels [link] Retention, Retention, Retention: What Can Hotels Do To Improve It?

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Revenue Hub

SEPTEMBER 5, 2023

NB: This is an article from Knowland But are you sure that your commercial team is following the latest hotel revenue management trends, like total revenue management and dynamic pricing, to optimize profits? Tracking daily rates can inform on peak revenue periods, the impact of events on revenue, and the impact of pricing strategies.

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Revenue Hub

JANUARY 19, 2024

Limitations of RevPAR While RevPAR provides a useful snapshot of room revenue, it doesn’t account for other revenue streams such as dining, spa services, or recreational activities. This flexibility ensures that prices are aligned with the perceived value of these services.

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Revenue Hub

JULY 18, 2024

By continuously monitoring competitor rates, savvy revenue managers can dynamically adjust their prices to stay ahead. This nuanced approach ensures that price adjustments are based on comprehensive market analysis rather than reactive pricing.

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Hotel Business

APRIL 12, 2023

Live events are set to comprise a significant share of corporate travel, advancing from the fifth biggest driver of increased spend in 2022 to the top spot in 2023. and Europe expect industry events to spur travel growth this year. However, international trips and live events are set to account for much of expected growth in 2023.

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Revenue Hub

APRIL 30, 2024

This article debunks these misconceptions, highlighting the complex nature of revenue management that goes beyond pricing to include market analysis and customer behavior. While pricing plays a crucial role in revenue management, it is just one aspect of a much broader strategy. However, this is far from the truth.

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Modern Restaurant Management

MARCH 3, 2023

Key findings illustrating the industry's economic conditions include: Growth will continue : The foodservice industry is forecast to reach $997 billion in sales in 2023, driven in part by higher menu prices. The hospitality industry is booming, and event professionals are driving its growth. million by the end of 2023.

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SiteMinder

DECEMBER 10, 2024

Major public gatherings like the solar eclipse viewing in the US and sporting events like the UEFA Euro in Germany have also drawn significant attention to hotels, as local and international travellers flock to attend these events. Event-driven travel is undeniably booming, with its influence seen in hotel occupancy and room rates.

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7 Shifts

NOVEMBER 5, 2019

To add your restaurant to Google Maps, you’ll need to create a Google My Business (GMB) account. What is a Google My Business Account? Google My Business is a free tool you can use to manage your Google Search and Google Maps presence without taking potential customers to a website or a listing account.

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eZee Absolute

SEPTEMBER 11, 2023

Dynamic Pricing Strategies was his magic trick!! Well, I have had some idea about dynamic pricing but I couldn’t let him go without knowing his secret. In this blog, I will discuss everything Arjun told me (and what I know now) about dynamic pricing for hotels and how you can make the most out of it to mint revenue for your business.

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SiteMinder

OCTOBER 15, 2023

What is hotel dynamic pricing? Dynamic pricing is a pricing strategy for hotels that involves changing room rates daily, or even within the day based on real-time market conditions. Taking supply and demand into account, dynamic pricing allows for prices to fluctuate regularly so the hotel can maximise revenue.

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7 Shifts

NOVEMBER 24, 2024

Aside from improving restaurant customer experience , market research also helps you make informed decisions about location, pricing, and marketing strategies. increase in average wholesale food prices compared to last year, you might want to update your pricing strategy. With the 4.5%

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