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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Budgeting Marketing Book Pricing 98

Revenue Hub

NOVEMBER 28, 2024

Dynamic pricing has long been a cornerstone in industries that rely on demand-driven revenue strategies. Pros of Dynamic Pricing in Hotels Revenue Maximization : By adjusting rates in real-time, hotels can charge more when demand is high, boosting revenues during peak seasons or major events.

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Pricing Travel and Tourism Article Budgeting 96

Revfine

OCTOBER 7, 2024

As budget season approaches, selecting the right Revenue Management System (RMS) is one of the most critical decisions a hotelier can make. Whether you manage an independent hotel, an urban property, or oversee multiple hotels, a well-suited RMS can optimize pricing strategies, enhance profitability, and simplify your operational processes.

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Revenue Hub

OCTOBER 29, 2024

NB: This is an article from CWT Subscribe to our weekly newsletter and stay up to date With the hotel sourcing season well underway, many corporate travel and procurement teams are likely trying to figure out which hotel pricing model makes the most sense for their programs. Which Rate Is Best?

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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. Highlights from the survey include: The rise in F&B and AV prices of up to 50% is a game changer for event design and production.

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Revenue Hub

FEBRUARY 15, 2024

It’s the price you charge for each room, and hoteliers often fret about setting it too high. In this blog post, we’ll delve deep into why you shouldn’t be afraid to push your room prices higher. The Price-Quality Paradox One of the surprising aspects of pricing is the price-quality paradox.

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Modern Restaurant Management

JUNE 1, 2022

How value engineering can be a restaurant construction solution in the face of rising prices and unpredictable supply chains. As the prices of construction materials skyrocket due to rising inflation and supply chain woes, budgeting for commercial development has become significantly more challenging. Starting with Finishes.

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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 84

Revenue Hub

OCTOBER 10, 2024

You want to be sure you’re offering minimum pricing that’s beneficial for your company’s bottom line, and that makes sense for your customers. Catering budget : A required minimum amount to be spent on catering to reserve the event space. Event minimums are nothing new, but determining the amounts can be challenging.

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Pricing Events Catering Maintenance 101

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 97

Modern Restaurant Management

NOVEMBER 24, 2020

Restaurant owners are being forced to find a way to make it through winter with vastly reduced revenue, and many operators are scrambling to reallocate budgets and manage staffing to survive COVID-19. Plan for Gaps in Your Budget. That said, restaurants didn’t have COVID-19 written into their budget at the beginning of 2020.

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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 store is stocking a range of both local and international wines that will constantly evolve as well as more unique drops from South America, Sicily, Portugal, and Hungary.

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Modern Restaurant Management

APRIL 10, 2024

Adapt to Growing Price Fatigue Since the pandemic, controlling food costs has been a major challenge for restaurant operators. When prices for staple ingredients like chicken rose dramatically in 2023, restaurant operators were forced to increase their prices. Full-service menu prices climbed 4.5

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Hospitality Magazine

AUGUST 5, 2024

The tax has risen by more than 20 per cent since the onset of the pandemic and has been increased 75 times since Paul Keating introduced automatic indexation in his first Budget as Treasurer in 1983. Sometimes venues have no choice but to pass on these costs by increasing their prices.

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Pricing Budgeting Magazine 246

Modern Restaurant Management

OCTOBER 24, 2022

In response, consumer searches for budget-friendly dining and grocery options are higher than Q3 2021. It’s possible that price fluctuation for specific goods and materials have disproportionately impacted some restaurants.” “The recent Consumer Price Index report found that prices for food away from home was up 8.5

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Budgeting Pricing Magazine Marketing 182

Modern Restaurant Management

JUNE 30, 2021

Set a Budget. Be wary if the artist’s price seems a little low. An artist may price the initial design in the low range and then once finished they give you a bill 5 times over the initial price. Look for an artist who is open and willing to talk about budget.

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Modern Restaurant Management

FEBRUARY 27, 2023

Businesses can run promotions, such as early bird specials, to attract budget-conscious diners and use an email database to get the word out. Use creativity to market a restaurant on a limited budget. Reviewing these numbers frequently can help to hold vendors accountable to the prices they are quoting.

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Bookkeeping Budgeting Scheduling Accounting 189

Hospitality Net

SEPTEMBER 13, 2024

Expedia has heavily invested in its ARM (Automatic Rate Match) tool to ensure it offers the best prices and wins bookings on its platform. With billion-dollar budgets and countless hours spent researching guest behavior, Expedia sets a clear example. Price matching is not just a trend but a tactic for staying competitive.

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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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Pricing Budgeting Marketing Catering 193

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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Pricing Marketing Budgeting Communication 189

Hotelogix

NOVEMBER 28, 2024

You don’t need a massive budget to make this happen. Letting AI Handle the Boring Stuff Behind every great guest experience is a ton of behind-the-scenes work room assignments, housekeeping schedules, pricing updates, you name it. At the end of the day, it’s not about flashy tech or big budgets. The best part?

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Hospitality Magazine

SEPTEMBER 16, 2024

From cyber security, tipping, and payment solutions to financial wellbeing, practical business advice, and produce price tracking, technology innovators are helping each part of the industry run more effectively and efficiently. Its new price tracking feature allows purchasers to access real-time pricing across 4,000 items and suppliers.

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Pricing POS Systems Training Budgeting 187

Modern Restaurant Management

MARCH 28, 2023

Evaluating Needs When determining what tech is the best fit for your restaurant be realistic about your budget and the goals you are trying to achieve. Assessing Your Budget Budget, too, is important to consider. Do your homework and identify which solutions meet your needs and budget.

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Front of House Budgeting Back of House Scheduling 185

Modern Restaurant Management

OCTOBER 28, 2021

Technology allows you to keep ongoing inventory, allowing for more accurate forecasting, more insightful ordering, and real-time course correcting when you get close to going over budget. As ingredient costs naturally fluctuate over time, recipe costs automatically adjust, allowing for more accurate pricing, forecasting and menu development.

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Pricing Budgeting Magazine 208

InnQuest

MARCH 9, 2023

Additionally, many cloud providers offer flexible pricing models, so you can choose the option that best fits your budget and requirements. Conclusion To sum it up, cloud computing is a powerful and flexible technology solution that can benefit hotels of all sizes, whether small, budget, medium or large.

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Hotelogix

DECEMBER 7, 2023

This gives them a better idea of what fits their requirement and budget best. These platforms work like magic to spread the word about property, inventory, prices, offers, etc. If your property features budget rooms, collaborate with OTAs frequented by travelers seeking such rooms.

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Book Budgeting Catering Strategic Planning 268

InnQuest

FEBRUARY 1, 2023

With many businesses and individuals struggling financially, hotel managers must be mindful of their pricing and consider offering discounts and deals to attract budget-conscious guests. An RMS can automate rate optimization, forecast pricing, and engage with potential guests. Learn more about us here.

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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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Budgeting Training Scheduling Pricing 189

Modern Restaurant Management

JULY 13, 2021

However, tech budgets are not aligned with operator need. So, what are operators supposed to do when profits are down and budgets are squeezed? Typically bringing multiple functions under one umbrella will allow you to get lower pricing from one company than paying multiple disparate fees. Optimize What You Have.

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Hospitality Magazine

DECEMBER 1, 2024

Other considerations Budget Budget is often aligned with occasion and can vary greatly depending on your customers’ confidence with wine. There are quality Australian wines at all price points, and the customer will have a more enjoyable experience if you stick to their budget, and may be more inclined to order another bottle.

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Budgeting Pricing Accounting Magazine 130

Modern Restaurant Management

JANUARY 30, 2024

Net sales are primarily driven by average check increases and pricing opportunities are diminishing. With little margin for taking price, brands will need to adopt a broad perspective, focusing on creative traffic-driving strategies, and get down into the specifics by analyzing local competitor and consumer data. Inflation slowed to 3.4

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Pricing Budgeting Marketing 162

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 55

Modern Restaurant Management

MAY 22, 2023

“As budgets are tightening, restaurants must acknowledge that eating out is becoming a luxury,” Provoke Insights President Carly Fink told MRM. It’s no surprise that inflation is taking a toll on the restaurant industry and Americans are noticing the price increases. As a result, people are dining out less frequently.

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Customer Service Budgeting Pricing Magazine 180

Modern Restaurant Management

AUGUST 18, 2021

Your budget. Stick to a Budget and Purchase What You Need : While purchasing commercial equipment, there is a high chance of overshooting your budget. Before purchasing equipment for your establishment, make sure to compare the prices between the top brands. Available space in your establishment. Your proposed food menu.

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Budgeting Blog Article Pricing 180

Modern Restaurant Management

JANUARY 15, 2024

Is inflation still driving wing prices? The price of many staple items is continuing to increase throughout the beginning of this year. What else should operators keep in mind to maximize profit for the popular item? Are there any new trends restaurant operators should be aware of?

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Boutique Hotel News

JANUARY 16, 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. .

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Modern Restaurant Management

MARCH 23, 2023

Yet QSRs are slowing down price increases to meet tightening budgets. The average price flattened, up 14.0 Here, too, Revenue Management Solutions analysts anticipate further stability as we compare against the bullish price increases of 2022. Inflation remains an X factor for the year ahead.

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