Modern Restaurant Management

JULY 9, 2024

percent YOY) and throughout 2024 were primarily due to price increases, which have surged nearly 50 percent in some segments since the pre-pandemic era and were still up 3.0 Additional insights into QSR sales, traffic, and pricing trends are in the Revenue Management Solutions June Trend Report. Positive net sales in May (+1.9

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Boutique Hotel News

JANUARY 16, 2023

Industry leaders share their thoughts on the travel, hospitality and economic landscape in 2023. This more positive outlook is also seen in business travel, which now promises a long-awaited rebound with more than half of global company travel budgets back to pre-pandemic levels. . BHN reports.

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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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Modern Restaurant Management

FEBRUARY 1, 2023

When deciding where to recruit restaurant workers online, many job platforms promise to plaster your jobs across the Web for a fixed price. Traditional job advertising allows you to have a fixed budget while using old job data to inform decisions as to where to post your jobs. Positioning is key to job advertising.

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Hotelogix

NOVEMBER 28, 2024

The secret often lies in their ability to master market segmentation - a strategy that's becoming increasingly crucial in today's diverse hospitality landscape.  Business travelers often book last minute and value convenience over price, while leisure travelers book ahead and are more price-sensitive.

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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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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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Modern Restaurant Management

AUGUST 6, 2024

66 percent of consumers believe a desirable experience is more important than price and convenience. Many prioritize experience over price and convenience, indicating a fundamental shift in value perception. In what ways are the role of value connected to the dining experience now? Did any results surprise you?

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Modern Restaurant Management

DECEMBER 15, 2021

Since the labor shortage across the supply chain is likely to persist past the short-term and with other costs also increasing, one of the few ways restaurants can maintain their margins without raising their prices is to find ingredients that have better yields and require less labor to prepare.

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Revenue Hub

JUNE 10, 2024

You can price the subscription plans based on your location, the amenities you offer and a handful of other key factors. But don’t be fixated on a price, remember flexibility is the key. Guests research, compare prices and book a room for a specific duration.

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Revenue Hub

JANUARY 17, 2024

NB: This is an article from Userguest , one of our Expert Partners In this article, we’ll explore practical and effective ways for hoteliers to boost bookings and revenue in Q1 and Q2 of 2024 that align with the evolving landscape of travel and hotel trends.

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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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Hospitality Magazine

MARCH 22, 2023

Local hospitality operators are facing pressures due to inflation and staff shortages, but the industry is feeling confident in a pre-covid landscape. cents of every dollar dedicated of their food and beverage budgets at foodservice outlets compared to 37.2 cents pre-pandemic.

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Modern Restaurant Management

AUGUST 2, 2024

As the landscape changes, 39 percent of leaders said they’re prioritizing investments in sales, marketing, and related technologies for the rest of 2024. As a result, they are making hard decisions to adjust prices and make menu changes. LTO Impact A new Placer.ai

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Revenue Hub

JULY 11, 2024

In today’s hotel landscape, we still often find hoteliers not being fully aware of the benefits of categorising their business into relevant segments. This goes hand in hand with the variety of buying behaviour among those consumer groups and channels to cater for different needs and budget levels.

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Revenue Hub

NOVEMBER 9, 2023

Step 1: Understand the Group Booking Landscape The journey to profitable group booking management begins with understanding the landscape. Each has its own demands, booking patterns, and budget constraints. Step 2: Strategic Pricing and Inventory Management Now it’s time to dive into pricing and inventory management.

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Modern Restaurant Management

NOVEMBER 8, 2023

At the same time, producers, suppliers and shipping companies have increased their prices; rent and energy prices have also continued to go up vis-à-vis the impact of the Ukraine-Russia conflict. Consumer psychology in the F&B industry, for example, has changed. That is because different customers have different expectations.

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Hotelogix

OCTOBER 1, 2024

Let’s dive into the top trends shaping the OTA landscape in 2024.  Whether it’s suggesting hotels based on your past bookings or offering deals that match your budget, personalization is critical. Dynamic Pricing and Real-Time Inventory Updates Dynamic pricing is nothing new, but it’s becoming more advanced.

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Revenue Hub

SEPTEMBER 24, 2024

Online travel agents (OTAs) dominate the travel booking landscape. Well, the basic way it operates is pretty standard: guests search for a room, pay the same price they would have had they booked on your site (a.k.a. Brand.com), and you as the hotelier pay a cut to them as the online travel agency. This is a judgment call.

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Revenue Hub

JULY 2, 2024

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. They include pricing, availability, amenities, and their experience with similar events.

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MEWS

JANUARY 16, 2023

It is about lower-priced shared accommodations with a large dorm room containing bunk beds and shared bathroom facilities. They generally appeal to a younger audience on a shoestring budget who is willing to forgo privacy to spend less. Hostels are able to keep prices down by offering basic services and amenities.

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Revenue Hub

SEPTEMBER 24, 2024

In the fast-paced landscape of digital marketing, staying ahead of the curve is crucial, especially for businesses in the travel industry. These platforms allow potential guests to compare prices, amenities, and reviews across multiple hotels in real time, simplifying the decision-making process.

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Hotelogix

FEBRUARY 1, 2024

High-end hotel management software or hotel property management systems (Hotel PSM) have a hefty price tag. For small hotels operating on tight budgets, these expenses can be prohibitive. There's the issue of cost. They even have to spend more if they go with a legacy system. Get demo NOW.

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Modern Restaurant Management

JANUARY 24, 2022

However, between staffing shortages, high customer expectations, and pent-up demand due to the ever-in-flux restaurant landscape, it’s more integral than ever before. Yes, the importance of a good customer experience has always been key. Thankfully, restaurant technologies can play a dual role.

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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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Revenue Hub

JUNE 6, 2024

Accommodation providers – from hotels to serviced apartments – need more than just a tech plug-in to succeed in today’s digital-first landscape. But hotels often lack both the human and financial resources to make use of new systems, their hands tied by tight budgets and an ongoing struggle to recruit, retain and develop talent.

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Modern Restaurant Management

APRIL 18, 2024

It is a competitive landscape because restaurant owners navigate in order to select the best fryer for their demands and budget. This makes it tough for companies to capture the market share and have to resort to competitive pricing, complimentary services and providing excellent quality products.

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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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Revenue Hub

JANUARY 12, 2024

Copy their approach to the hospitality landscape: allow flexibility when booking, giving your guests ample time to cancel or change their bookings. Flexible pricing is another way to let guests choose the services that best suit them on a specific budget.

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Modern Restaurant Management

FEBRUARY 5, 2021

Let's look closer at how restaurant menus are expected to change in the coming years due to shifting consumer demands and a fastly evolving dining landscape. More Plant-Based Options. The company Upserve predicts that "vegan-friendly menu items are on the rise with zero signs of slowing down."

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Revenue Hub

FEBRUARY 20, 2024

In the ever-evolving landscape of online advertising, staying ahead of the curve is paramount for businesses looking to maximize their revenue while also adapting to changes in user privacy expectations. You have two options for activating bids: a fixed bid per night or a percentage of the price of your room.

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Revenue Hub

MARCH 22, 2024

Marketers must meet travelers where they shop—and in today’s digitally-dependent landscape, this means everywhere. Metasearch Advertising Metasearch management for hotels on metasearch engines, such as Google Hotel Ads , allows properties to advertise real-time pricing and availability to drive direct bookings.

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STAAH

APRIL 13, 2023

1) Stunning natural beauty : Bali is blessed with some of the most breathtaking landscapes in the world. 8) Affordable prices : Bali is an affordable destination for travelers, with accommodation, food, and activities available at a reasonable price. They have no word in their language for ‘artist’ or ‘art.’ And it’s true.

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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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InnQuest

AUGUST 15, 2023

At a glance: – Understanding the Hotel Channel Management Landscape – What Is A Hotel Channel Manager? To learn about hotel pricing strategies to boost revenue in 2023, read this. Pricing and Costs: Compare the channel manager’s pricing models and costs. The post What is a Hotel Channel Manager?

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Revenue Hub

DECEMBER 1, 2022

In a competitive operating environment, where every pricing decision counts, all hotels need to ensure that they are pricing themselves correctly in the market, minimising operational costs, and attracting the right guests at the right rates. NB: This is an article from IDeaS. Subscribe to our weekly newsletter and stay up to date.

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Modern Restaurant Management

DECEMBER 21, 2022

Rising Consumer Expectations : Recession fears will cause many consumers to be more discerning with their food and beverage budget, and bar and restaurant owners will continue to battle over wallet share. Consumers are realizing it’s a delicious wine with a good price point. – Lori Bolin, President of BrewLogix.

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