Revenue Hub

MARCH 27, 2024

NB: This is an article from Little Hotelier , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date Once your hotel has an idea of demand, you can make tweaks to your room and service prices that help maximise revenue and occupancy. Customise and optimise pricing strategies based on demand.

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Pricing Special Events Book Article 91

Modern Restaurant Management

DECEMBER 3, 2024

Survey results indicate diners are seeking distinctive dining experiences, planning ahead with early reservations, and seeking out earlier evening bookings The holiday season is bringing a wave of excitement among diners, with 68 percent of respondents planning to celebrate at restaurants or bars.

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Hotelogix

NOVEMBER 28, 2024

Focus on segments showing both high spending patterns and consistent booking frequencies. International guests often book longer stays and spend more on amenities, making them particularly valuable. Consider factors like booking windows, length of stay, and seasonal preferences.

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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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SiteMinder

OCTOBER 10, 2023

What is discount pricing? Discount pricing is a revenue management strategy where prices are lowered temporarily or for certain conditions to attract guests and boost occupancy rates. By offering discounted prices, hotels aim to increase demand, especially during off-peak periods, without compromising on profitability.

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SiteMinder

JUNE 12, 2024

Yield management is a pricing and revenue management strategy that is used to maximise business performance. It involves adjusting prices based on predicted demand and other external factors to maximise revenue or yield. The main goal is to sell the right product to the right customer at the right time for the right price.

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Hotelogix

OCTOBER 11, 2024

A no-show in the hotel industry occurs when a guest makes a reservation but fails to show up or cancel their booking in advance. Booking Mistakes: Sometimes, guests might accidentally double-book or forget about their reservation. Seasonal Influences: Holidays and special events can impact travel plans.

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Revenue Hub

JUNE 13, 2023

NB: This is an article from Revenue Team by Franco Grasso , one of our Expert Partners One component is “dynamic pricing.” ” You’re familiar with this model when considering your rack rate vs. your bottom prices. First, consider your hotel has a pricing path. What are the bottom and starting prices?

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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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Pricing Definition Book Marketing 59

Revenue Hub

SEPTEMBER 5, 2023

Leveraging historical data, market trends, and special events, hotels can predict periods of high and low demand. This allows them to adjust pricing strategies, allocate rooms accordingly, and maximize revenue during peak seasons while avoiding vacancies during off-peak periods.

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Modern Restaurant Management

DECEMBER 10, 2021

Instead of promoting items according to price or margin, promote what your customers love. Book in advance, or wait half an hour for a table. Once you have this information, you can reach out to customers a week before the special day and invite them to celebrate their special day at your restaurant. Net result?

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SiteMinder

JULY 13, 2024

Hotel revenue management is the strategic distribution and pricing tactics used to sell perishable room inventory to the right guests at the right time in order to boost revenue growth. Optimal strategies and techniques are dynamic, based on the understanding that hotel pricing is fluid and can change from one day to the next.

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Pricing Book Budgeting Marketing 98

Revenue Hub

JANUARY 9, 2024

A hotel demand forecast is a projection of demand (for rooms or other outlets like meeting space) that is used by revenue leaders to guide strategies for demand generation, pricing, inventory controls, segment mix and more. A demand forecast is an essential guiding force for hotel revenue success.

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Revenue Hub

JULY 24, 2023

The worst part is if hotels at the destination start a price war to attract more guests, the results will be lower revenue for all, and no additional guests will travel to the destination because the hotel rooms are cheap. Early Booking Incentives : Encourage guests to book their stays early by offering discounts.

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Revenue Hub

NOVEMBER 26, 2024

Changes to booking habits. Holiday goers may opt for shorter weekend stays, getaways during off-peak times, or book with fewer individuals in their party. This can occur both in a reduction of footfall during poor weather as well as an oversaturation of guests, potentially leading to insufficient resources. Incoming revenue.

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Special Events Article Book Events 89

Revenue Hub

AUGUST 20, 2024

Your location, primary types of travelers, and the season of the year all play into profitable pricing strategies. Without it, your guests won’t find you, and you’ll struggle with low bookings. Corporate rates Should you negotiate corporate rates at static rates or a dynamic pricing approach? Are the terms favorable to you?

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Pricing Book Article Events 89

Revenue Hub

JULY 10, 2023

By identifying where the business is coming from and what motivates guests to complete a purchase, you can better define effective pricing strategies and target your offer to meet their needs. Transient Transient travelers are FITs or business travelers who typically book last minute directly through the hotel, travel agent, or an OTA.

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Marketing Special Events Book Article 81

Revenue Hub

FEBRUARY 20, 2023

How do you increase your profits even as prices remain high and the future remains unknown and uncertain? According to research conducted by Google and Bain , the top factors influencing people to travel include the following: 17% of travelers felt motivated to book a trip because they often thought about trips they’d like to go on.

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Special Events Article Book Pricing 82

Revenue Hub

OCTOBER 23, 2023

Big Data’s Role in Mitigating the Hotel Industry’s Top Three Risks The first and biggest risk is opportunity cost, or leaving money on the table by not accurately pricing inventory – and that can be in either direction. Another risk is conflating channel complexity with pricing complexity.

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Revenue Hub

JULY 11, 2023

Subscribe to our weekly newsletter and stay up to date Demystifying Revenue Management At its heart, revenue management is a strategic toolkit in the hotel industry that allows businesses to forecast consumer behavior, optimize product availability, and fine-tune pricing to maximize revenue growth.

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Revenue Hub

OCTOBER 17, 2023

The focus is on variable demand tied to market crises, short term booking windows, which are focused on guest spend and dynamic optimization embracing rate flexibility. This time we booked the room online, checking the brand rates as well and were satisfied we found a reasonable rate with the expectation of a high-quality experience.

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Pricing Marketing Training Book 95

STAAH

NOVEMBER 26, 2024

A separate pathway to buy gift vouchers The path to buying gift vouchers is widely varied from a standard guest journey to your website to book a room. It is completely customisable to integrate with your brand and offers the ability to create multiple vouchers, set prices and manage sales and redemption from one place.

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Blog Special Events Catering Property Management 85

Revenue Hub

OCTOBER 30, 2023

The fear: There will be no transparency If you’re a revenue manager (RM) and your automated RMS has next week’s prices set significantly higher than your closest competitors, odds are strong you’ll have some explaining to do with your GM or the owner. It’s not just one tool or one person doing the pricing. The end result?

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Pricing Special Events Article Book 88

7 Shifts

JULY 29, 2021

Announcements in the Team Communication App may let the team know when there's a new coffee release, if there are any pricing menu changes and more. The Manager's Book. “We make all kinds of [all-team] announcements and it's so nice to be able to get to everybody in the company,” says Kildron.

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Scheduling Communication Training Special Events 148

Revenue Hub

APRIL 11, 2023

One example is when a front desk employee receives an inquiry for a hotel room that is fully booked; the employee will tell the guest that the hotel is fully booked and then do nothing else. It is even worse in hotels with extensive meeting spaces when employees tell the customer that the hotel is fully booked.

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Book Information Reservations Catering 75

Hotel Owner

NOVEMBER 24, 2022

I started as a porter in South Africa, which was followed by concierge roles doing a lot of special events and special projects, such as million-dollar golf. One of them is Miyako, an authentic Japanese restaurant that has street pricing and only seats 26. I, like most people, stumbled into this industry by accident.

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Training Concierge Special Events Housekeeping 102

Hotel Business

SEPTEMBER 15, 2023

For an effective pricing strategy, you should look to determine your offerings, including: Variety of rates Discounts Your loyalty program offerings Upsell opportunities Slow periods are an excellent time to understand price fences such as advanced purchase, deposit or cancellation policies, as these can be flexed over time.

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Revenue Hub

OCTOBER 28, 2022

Filling up as many rooms as possible with the most optimized pricing for each room has always been the main focus of the traditional hotelier. “Compared to business travelers, leisure travelers want more guidance for the booking process and more information about the destination. . NB: This is an article from Agilysys.

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Special Events Book Information Reservations 75

eZee Absolute

AUGUST 31, 2022

Be strategic about the pricing. Host a special event. Every year, during Diwali, the global hospitality industry witnesses a great surge in bookings. The same report also stated that there has been a 22% increase in domestic travel bookings during the same time of the year. Be strategic about the pricing.

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Special Events Pricing Events Book 52

SiteMinder

AUGUST 1, 2024

Hoteliers use rate shopping to benchmark against other properties, optimise pricing decisions, and find opportunities to maximise revenue and profitability. Today’s market demands the adoption of dynamic pricing and hotels now regularly change rates daily or even multiple times in a given day.

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SiteMinder

DECEMBER 7, 2023

Hotel rate management is the process of strategically pricing rooms to attract guests while also maximising revenue. This process requires continuous analysis of market trends, booking patterns, and competitor strategies. It’s not just about setting the right price, but also about adjusting it in response to market changes.

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eZee Absolute

MAY 7, 2024

It starts with setting prices but grows into a clever mix of data, technology, and understanding what your guests want. Revenue management is about more than just the right pricing. It’s about knowing what guests need, predicting bookings, and adjusting rates to make more revenue. Sounds magical right? Well, it is.

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Pricing Book Marketing Events 52

The Restaurant Times

APRIL 25, 2021

These techniques are some of the oldest tricks in the marketing book and work well to draw in customers. For one, offering special deals and discounts can be costly. In other words, if a customer tries your restaurant simply because of the discounted price, they are less likely to return when you go back to charging full prices.

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7 Shifts

NOVEMBER 15, 2024

How do you prepare your team for special events or holiday rushes? As a restaurant manager, how do you prepare your team for special events or holiday rushes? For example, they could increase staff for a special event so that there are enough employees to handle larger crowds without sacrificing service quality.

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SiteMinder

OCTOBER 8, 2024

The MaxiRoom extranet allows hotels to optimise their use of the Hotelbeds platform, which in turn helps to maximise bookings. In this blog, we’ll provide a full guide to MaxiRoom, how to set yourself up for success with the Hotelbeds extranet, and why connecting to wholesalers like Hotelbeds can help boost group and corporate bookings.

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Book Property Management Blog Reservations 52

SiteMinder

OCTOBER 10, 2023

The result gives hotel managers an idea of how many rooms they can still sell, allowing them to make informed decisions about pricing, promotions, and distribution. The importance of forecasting in the hotel industry You need to use forecasting at your hotel to inform your pricing and revenue strategies.

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SiteMinder

OCTOBER 5, 2023

It allows you to manage bookings, adjust nightly rates, availability, and streamline inventory management. This global exposure means that hotels, regardless of size or location, have the opportunity to attract travellers from various regions, enhancing their booking potential. A particularly useful feature is the rate management tool.

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