Revenue Hub

AUGUST 29, 2024

Managing marketing budgets effectively is crucial for any hotelier aiming to achieve sustainable growth in an increasingly competitive landscape. Here’s how to manage your hotel’s marketing budget effectively with these considerations in mind.

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Revenue Hub

JANUARY 14, 2025

We included gas cards, a smores kit, information on local attractions and a travel themed magnetic photo frame and priced it as a value add. Events are another opportunity to drive unique promotions. You do not have to be in a city hosting a major event to celebrate a major event.

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Hotelogix

FEBRUARY 13, 2025

They have big budgets and entire teams dedicated to marketing, making it tough to stand out. Blog about local events or lesser-known attractions in your area to position your property as a knowledgeable and welcoming destination. Helps you compete: Gives you tools similar to what big hotels use, but at a price small hotels can afford.

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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? The unprecedented volatility has made the task of budgeting for 2023 daunting. Let’s look at a few areas you should think about when preparing the annual budget for your hotel.

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Revenue Hub

DECEMBER 5, 2024

Managers can use it to budget, allocate resources, streamline inventory management, and improve the guest experience. This disconnect means that any change in demand trends isn’t immediately visible to the pricing system, which continues to rely on historical data. But traditional forecasting models no longer cut it.

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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 108

STAAH

NOVEMBER 29, 2022

With the industry still recovering from the pandemic and inflation impacting both revenues and operational costs, what should budget 2023 consider? The unprecedented volatility has made the task of budgeting for 2023 daunting. Let’s look at a few areas you should think about when preparing the annual budget for your hotel.

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Modern Restaurant Management

MARCH 18, 2025

Fishwife proves that the right in-person activation can have an impact far beyond the event itself, blending online and offline engagement to drive meaningful brand momentum. This presents restaurants with an opportunity to offer smaller, snack-sized portions that satisfy emotional needs while remaining budget friendly.

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Hospitality Magazine

MARCH 27, 2024

And while each wine has been meticulously selected, bottles at Hunters Hill Wine Room cover a wide range of price points to suit every budget. The venue will also host winemaker events for guests to expand their knowledge as well as weekly wine tastings.

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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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Revenue Hub

NOVEMBER 25, 2024

Embrace the Staycation Trend With rising costs affecting travel budgets, staycations are a popular alternative for those seeking a getaway close to home. Consider hosting events around Showcase what makes your hotel unique and use experiences like gingerbread decorating contests, s’more stations by the fire, or caroling nights.

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7 Shifts

MAY 23, 2024

To help you survive and thrive, we've created a step-by-step and easy-to-follow restaurant budgeting guide. Table of Contents What is included in a restaurant budget? Why should you create a restaurant budget? Conclusion Frequently Asked Questions (FAQs) What is included in a restaurant budget?

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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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Hotel Business

FEBRUARY 1, 2024

According to the 2024 State of the Meetings Industry report from Knowland and ConferenceDirect , pricing continues to be an issue with 47% of meeting planners. The report reveals insights to help industry professionals understand what meeting planners and event managers expect and will prioritize in 2024.

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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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Revenue Hub

MARCH 31, 2025

Consider offering: Late check-out or early check-in Complimentary spa access or a welcome drink Dining credits or a free upgrade The key is to present these packages as relaxed, flexible escapes, not just budget-friendly stays. People interested in specific local events or attractions.

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Revenue Hub

NOVEMBER 18, 2024

Offer a Discount on Your Best Available Rates Let’s start with the most influential factor in group bookings: competitive pricing. Group bookings often come down to price sensitivity, as corporate clients and private groups are both budget-conscious. Provide Flexible Contract Terms Those planning a group trip need reassurance.

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Hotel Business

DECEMBER 18, 2024

The Federal Trade Commission has issued a final Junk Fees Rule to prohibit bait-and-switch pricing and other tactics used to hide total prices and bury junk fees in the live-event ticketing and short-term lodging industries. This time savings is equivalent to more than $11 billion over the next decade.

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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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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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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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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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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

MAY 15, 2024

Today’s hotel and event salespeople work in completely different environments than most of their leaders experienced. Meeting and event booking sites have created a flood of leads, which can be overwhelming for those working in a sales role equipped and staffed for the era when leads came in by phone or website inquiry forms.

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Revenue Hub

FEBRUARY 18, 2025

Without understanding which guest segments are most profitable, hotels target the wrong audiences, misallocate their marketing budgets, and miss critical opportunities to boost revenue and profit. Event-Driven Guests: Their needs are tied to specific events, such as conferences or weddings, which can dictate seasonal demand patterns.

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Revenue Hub

FEBRUARY 11, 2025

NB: This is an article from Demand Calendar Subscribe to our weekly newsletter and stay up to date Whether running a budget-friendly property or a high-end hotel, settling for a one-size-fits-all approach is a surefire way to lose loyal customers and miss out on valuable upsell opportunities.

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Hotelogix

APRIL 11, 2025

Contributing to Community Development: Hotel taxes often finance community projects, parks, and cultural events, enhancing the quality of life for residents and the visitor experience. The revenue generated from this tax is typically used for marketing initiatives , tourism development projects, and events that attract visitors.

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Modern Restaurant Management

JANUARY 9, 2024

Restaurants trying to attract price conscious diners should make sure that their menus carry several low-cost, higher margin staples that can be sold at reasonable prices. Consider reducing the size and price of certain staples and then offering a “super-sized” portion for a higher price.

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Revenue Hub

MAY 11, 2023

However, it wasn’t just trips that were canceled ad nauseam over the course of the pandemic – it was also groups and events. Now, in the wake of the pandemic, we are not only seeing “revenge travel”; we are witnessing revenge events. Finally, the appetite for in-person events is, once again, omnipresent – if not insatiable.

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Hotelogix

JULY 18, 2024

It is an essential practice for hoteliers and revenue managers to optimize pricing, maximize occupancy, and enhance overall profitability. Update forecasts regularly: This will help you understand the latest market trends, booking patterns, and external factors such as economic changes or seasonal events. What is Hotel Forecasting?

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Revenue Hub

OCTOBER 28, 2022

NB: This is an online event conceived and produced by Jurrnee. During the event, you’ll learn: Can smaller properties, with smaller budgets and fewer distribution channels, be as effective at managing reputation management manually, compared to the results obtained by a solution? Event Replay] appeared first on Revenue Hub.

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Hotel Owner

JANUARY 13, 2025

To maintain momentum, hotels must focus on strategic marketing, dynamic pricing, and a tailored guest experience. This means first reviewing revenue and occupancy data to identify opportunities, such as adjusting rates for underperforming room types or upselling upgrades, then adjusting pricing to attract different demographics.

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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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7 Shifts

NOVEMBER 15, 2024

How do you prepare your team for special events or holiday rushes? Can you give an example of how you’ve managed a large event or special occasion at a restaurant? How do you manage the restaurant’s budget and control costs? As a restaurant manager, how do you prepare your team for special events or holiday rushes?

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Hospitality Magazine

OCTOBER 7, 2024

Guests can come in and buy a bottle with help from the Famelia team; sit down for a drink and snack; opt for an educative wine flight; or join one of the venue’s educational events. The risk and the barriers to entry are taken away [with a wine flight]: price, varietal, and quantity,” explains Birch. “So

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SiteMinder

SEPTEMBER 10, 2023

What is a hotel budget? A hotel budget is a financial plan that outlines the projected income and expenditures for a specific period, usually one fiscal year. The budget also accounts for all types of expenses, including operational costs, capital expenditures, and marketing budgets. Why is a hotel budget important?

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7 Shifts

NOVEMBER 15, 2024

They also bring creative ideas to the table, such as improving the drink menu and coming up with new events and promotions to drive sales. Can you provide an example of a successful event or promotion you organized? What would make you say that an event or promotion was successful? Another factor to consider is pricing.

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