Revenue Hub

NOVEMBER 30, 2022

With the industry still recovering from the pandemic and inflation impacting both revenues and operational costs, what should budget 2023 consider? NB: This is an article from Staah. The unprecedented volatility has made the task of budgeting for 2023 daunting. Opt for dynamic pricing. Heard of zero-based budgeting?

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Budgeting Pricing Accounting Article 79

Revenue Hub

MARCH 15, 2024

Hoteliers and revenue managers rely on effective hotel price monitoring to optimize revenue and maximize profitability. By understanding market trends, demand patterns, and competitor pricing strategies, hoteliers can adjust their pricing strategies in real time to attract more guests and maintain a competitive edge in the industry.

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Pricing Budgeting Article Information 84

Revenue Hub

AUGUST 10, 2023

Budget concerns driven by rising inflation can affect leisure traveler’s plans – but the right strategy can help to ease those concerns. NB: This is an article from Travelboom What can the hotelier do to help soothe those pain points? While you can’t change your location, understanding the local pricing landscape is crucial.

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Budgeting Pricing Article Catering 80

Revenue Hub

JULY 27, 2023

NB: This is an article from Demand Calendar One of the most pivotal decisions is setting the right price policy for hotel rooms. A hotel’s pricing strategy can be the difference between empty rooms and a bustling, thriving business.

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Pricing Guest Satisfaction Article Blog 87

Revenue Hub

OCTOBER 13, 2023

Planning a hotel budget is a critical task that ensures the smooth operation and financial health of your hotel. This guide will walk you through the essential steps, best practices, and expert advice to help you create a robust hotel budget. Without a budget, you risk financial instability and inefficiency.

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Revenue Hub

DECEMBER 19, 2024

Dynamic pricing tools use algorithms to recommend the ideal rates and the right time. NB: This is an article from Lighthouse Subscribe to our weekly newsletter and stay up to date Price optimization works by collecting and analyzing data from sources like competitor rates, seasonal trends and external events.

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Pricing Book Article Budgeting 73

Revenue Hub

OCTOBER 10, 2024

NB: This is an article from Tripleseat Subscribe to our weekly newsletter and stay up to date Whether you’re hosting corporate events, weddings, or intimate gatherings, event minimums help ensure your venue’s costs are covered. Catering budget : A required minimum amount to be spent on catering to reserve the event space.

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Pricing Events Catering Maintenance 94

Revenue Hub

SEPTEMBER 5, 2023

Planning the budget for your hotel is crucial for financial success. 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? Don’t worry, we’ve got you covered! Let’s dive in!

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Budgeting Accounting Pricing Article 85

Restaurant Engine

JULY 28, 2021

You want to price your daily dinner specials just right for repeat business. Yet, it can be hard to know where to go with pricing. In this article, we look at how to price daily dinner specials for the best results. The only way you can know how to price your specials is to create a costing card. The menu price.

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Pricing Server Marketing Budgeting 111

Revenue Hub

OCTOBER 9, 2024

As budget season draws near, selecting the right Revenue Management System (RMS) becomes one of the most crucial choices for hoteliers. It should provide real-time price optimization to adapt quickly to changing market conditions, all while being intuitive and user-friendly for staff across different departments.

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Budgeting Pricing Article Marketing 77

Revenue Hub

FEBRUARY 9, 2023

NB: This is an article from Expedia Group However, this demand outweighed supply as airlines struggled to secure enough staffing and planes to keep up. Travelers are upping their budgets as well, with 43% of consumers saying their budget for the next 12 months will be higher than last year.

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Pricing Budgeting Book Article 89

Revenue Hub

OCTOBER 20, 2023

Budget season is upon us, and around the world hotel owners and operators are buried deep in data trying to come up with 2024 performance numbers. NB: This is an article from Hotstats What unique challenges are hotels facing in the 2024 budgeting and planning process? Pricing: Have We Reached a Ceiling? he wondered.

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Budgeting Travel and Tourism Pricing Article 98

Revenue Hub

JULY 31, 2024

The ongoing manual calculations and pricing updates across all your distribution channels are huge headaches to most hoteliers, especially if pricing isn’t your only responsibility at your property. How can you use data to improve your pricing strategy? Do they have shared price sensitivities?

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Pricing Book Marketing Article 89

Revenue Hub

OCTOBER 2, 2023

NB: This is an article from Demand Calendar Whether they run luxurious resorts or small bed-and-breakfasts, hotel companies spend considerable time and effort creating annual budgets. Let’s start with the steps in budgeting for hotels. Is budgeting critical in hotels? This process is meticulous and time-consuming.

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Budgeting Information Article Events 81

Revenue Hub

APRIL 8, 2024

NB: This is an article from Demand Calendar Subscribe to our weekly newsletter and stay up to date We need hoteliers to embrace innovative strategies that resonate with modern travelers, setting a new standard for hospitality excellence beyond competitive pricing.

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Pricing Guest Satisfaction Article Budgeting 73

Revenue Hub

JULY 26, 2023

NB: This is an article from Global Asset Solutions Unlike other products that can be stored and sold later, the prices of hotel room nights often fluctuate based on supply and demand, with prices typically rising during peak seasons or when major events are happening and falling during slower periods.

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Pricing Book Marketing Article 90

Revenue Hub

JUNE 25, 2024

NB: This is an article from Cloudbeds , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date Additionally, if guests believe (based on reviews and ratings) that they will get more value from staying at your property, they’ll be willing to pay more for it. without harming its occupancy rates.

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Pricing Article Budgeting Book 73

Modern Restaurant Management

AUGUST 18, 2021

In this article, we discuss the following: What Equipment Does a Commercial Kitchen Need? Your budget. Stick to a Budget and Purchase What You Need : While purchasing commercial equipment, there is a high chance of overshooting your budget. Factors to Consider When Purchasing New Equipment. Your proposed food menu.

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Budgeting Blog Article Pricing 180

Revenue Hub

MARCH 21, 2023

Price elasticity is an essential KPI for any business, and the hotel industry is no exception. NB: This is an article from Lybra , one of our Expert Partners It measures the responsiveness of demand for a product or service to changes in its price. Seasonality This is another important factor that affects price elasticity.

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Pricing Article Budgeting Events 77

Revenue Hub

NOVEMBER 7, 2022

One of the most important elements of an effective revenue management strategy is offering the right prices. NB: This is an article from Beonprice , one of our Expert Partners. Pricing can be based on cost, competition, or demand. This is what’s known as demand-based pricing. What is demand-based pricing in hotels?

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Pricing Definition Article Marketing 74

Revenue Hub

MAY 2, 2023

NB: This is an article from Lybra , one of our Expert Partners A well-defined pricing strategy is vital for the success of any hotel business. Hotel pricing is a dynamic process influenced by various factors, including location, competition, customer preferences, and seasonality.

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Pricing Article Book Events 64

Revenue Hub

NOVEMBER 8, 2023

You knew it was coming – it happens every year – but budget season was hectic so you pushed it to the bottom of your to-do list until… “What are we doing for Black Friday this year?” can be used to save you time (and budget!) Finding the right hotel at the right price is crucial for all guests.

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Book Budgeting Blog Pricing 95

Revenue Hub

MAY 15, 2024

NB: This is an article from Demand Calendar Subscribe to our weekly newsletter and stay up to date It encompasses a range of activities, including revenue management, performance analysis, and forecasting and budgeting, each playing a crucial role in optimizing financial outcomes.

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Budgeting Pricing Definition Article 82

Revenue Hub

FEBRUARY 27, 2024

Many discussions focus on familiar strategies like dynamic pricing, personalized offers, and the use of revenue management systems, already widely used in big cities. Pricing is either static, “hurdle-based” or dynamic with fixed “intuitively based” thresholds. Conversely, under-pricing will lead to low rated compression.

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Pricing Budgeting Book Article 97

Revenue Hub

OCTOBER 22, 2024

NB: This is an article from berner+becker , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date The Statista graph of monthly precipitation paints a similar picture. This situation strained hotel demand, and many hotels struggled to meet their targets, with some resorting to price dumping.

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Budgeting Article Pricing Marketing 96

Revenue Hub

FEBRUARY 8, 2024

An exception exists for city hotels in major tourist destinations, as offering too much inventory at low prices to boost rankings can backfire if unexpected events lead to a sudden increase in demand. The significance of high-quality photos grows with the price point of the hotel.

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Book Budgeting Article Pricing 103

Modern Restaurant Management

JUNE 27, 2022

They may have discovered you from an Eater article, booked their reservation through OpenTable, or located you via Google Maps, and they will surely review their experience on Yelp — whether positive or negative — when their meal is complete. Restaurant customers do everything from their phones. They’re Easier to Update.

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Article Definition Customer Service Budgeting 203

Revenue Hub

APRIL 25, 2024

NB: This is an article from gcommerce Subscribe to our weekly newsletter and stay up to date As hospitality digital marketing has progressed, so have the strategies and tactics used by hotels and OTAs to win customers. OTA’s deploy massive budgets through omnichannel campaigns that result in billions of dollars of transactions.

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Book Budgeting Article Pricing 91

Revenue Hub

NOVEMBER 6, 2024

NB: This is an article from Profitroom Subscribe to our weekly newsletter and stay up to date Then you check your financials and… ouch. Find the sweet spot where OTA commissions and your marketing budget optimise overall revenue. You’ve just had a fantastic month. Where did all that revenue go?

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Book Article Definition Pricing 92

Revenue Hub

AUGUST 20, 2024

NB: This is an article from Travelboom Marketing Subscribe to our weekly newsletter and stay up to date What Is Hotel Metasearch? Metasearch engines like Google Hotel Ads , Trivago, and Kayak aggregate information from various sources, helping travelers compare prices and find the best deals.

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Book Pricing Budgeting Information 84

Revenue Hub

DECEMBER 5, 2024

NB: This is an article from Cloudbeds , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date Accurate forecasting also benefits hotels’ bottom lines in other ways. Managers can use it to budget, allocate resources, streamline inventory management, and improve the guest experience.

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Book Article Budgeting Pricing 93

Revenue Hub

JUNE 11, 2024

A Hotel Manager should be comfortable with using revenue management insights for strategic planning, including setting long-term goals, budgeting, and investment decisions. Additionally, understanding the competitive landscape, including competitors’ pricing strategies and market positioning, is vital for maintaining a competitive edge.

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Strategic Planning Guest Satisfaction Article Pricing 86

Revenue Hub

OCTOBER 8, 2024

NB: This is an article from Demand Calendar Subscribe to our weekly newsletter and stay up to date Through their stories, we’ll see how both approaches shape the way they run their hotels and the impact it has on their success. Day-to-Day Decision Making John’s Approach When it comes to setting prices, John trusts his instincts.

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Book Pricing Information Article 106

Revenue Hub

MARCH 14, 2024

By providing prices and availability, hotels now can appear in the hotel booking module for free, along with paid hotel ads. NB: This is an article from Bookboost Subscribe to our weekly newsletter and stay up to date Furthermore, Google assured that those who paid for Google Ads will not be prioritized over those who don’t.

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Book Budgeting Article Pricing 98

Revenue Hub

JANUARY 13, 2023

NB: This is an article from Arise. Like all businesses, you want your hotel to get the best return on its investment and ensure every penny of the hard-earned marketing budget is being spent well. Average prices by service. However, taking this into account, we’d recommend budgeting between £200 – £1,000 per month for PPC.

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Marketing Budgeting Pricing Book 87

InnQuest

OCTOBER 5, 2022

These platforms offer multiple benefits for the price paid, including marketing and exposure to global markets. This article dives into the importance of direct hotel bookings and shares expert tips to achieve the best results. However, before we proceed further, let’s be clear that booking sites and agencies aren’t a total loss.

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Book Pricing Reservations Information 217

Revenue Hub

AUGUST 24, 2023

Hoteliers and marketing executives in the hotel industry are faced with a multitude of challenges, including budgeting, marketing decisions, selecting appropriate distribution channels, and proper pricing. Revenue management should adjust prices according to demand and competition, ensuring an optimal price-performance ratio.

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Pricing Budgeting Article Reservations 85