Revenue Hub

SEPTEMBER 18, 2024

One of the most pervasive myths is the belief that offering low prices will automatically lead to high occupancy rates. In fact, setting prices too low can have several detrimental effects on a hotel’s revenue, profitability, and overall brand perception.

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Hotelogix

OCTOBER 18, 2023

A hotel reservation system is far more than a booking tool.   As technology continues to reshape the hospitality landscape, the importance of an effective reservation system cannot be overstated—it's the key to unlocking efficiency and excellence in modern hotel management.

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Revenue Hub

DECEMBER 15, 2023

For hotels, this time offers a golden opportunity to implement effective pricing strategies that not only cater to the surge in guests but also optimize revenue generation. Dynamic Pricing Model Implementing a dynamic pricing model allows hotels to adjust rates based on demand fluctuations.

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InnQuest

SEPTEMBER 5, 2023

It involves tracking and controlling inventory in real-time, making informed decisions on pricing, room allocation and availability, and ensuring that the right resources are available at the right time. Effective management ensures that rooms are allocated efficiently and priced competitively.

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Revenue Hub

FEBRUARY 15, 2023

Attribute-based pricing is becoming an increasingly popular pricing model in the hotel industry. Subscribe to our weekly newsletter and stay up to date In this post, we are going to discuss what attribute-based pricing is, and how using an efficient rate structure can help you boost your overall revenue and profits.

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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

FEBRUARY 15, 2024

When it comes to demand indicators for travel and hospitality companies, events stand out as one of the most accurate predictors of out-of-season spikes. Or if a new major event is announced? Or if an event experiences a significant increase in attendance? So, there will most likely be a spike in demand here.

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InnQuest

APRIL 3, 2023

For instance, online booking systems, channel managers, and revenue management software can help you manage reservations, room rates, and availability across different channels. Maximizing Revenue in a Competitive Market Implementing a dynamic pricing strategy can improve revenue management and help hotels maximize profits.

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STAAH

DECEMBER 12, 2023

Here are 8 smart pricing strategies for hotels to boost revenue and drive more bookings during the holiday season The holiday season marks a period of increased travel, festive cheer, and heightened demand in the hospitality industry. Monitor and Adapt Continuous monitoring and analysis of pricing strategies and their effectiveness are vital.

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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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Modern Restaurant Management

DECEMBER 3, 2024

This holiday season, 67 percent of diners are seeking more than standard reservations, with themed holiday meals (44 percent) and multi-course feasts (39 percent) being the most popular options, according to a survey from Tock. Nearly half (49 percent) of respondents will be seeking a reservation during the 4 to 6 p.m.

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Modern Restaurant Management

JANUARY 22, 2024

It’s critical to provide a seamless eating experience, which includes simple payment choices and online reservations. Engage consumers using social media, storytelling, and events to create a deep emotional tie that extends beyond the plate. Conduct market research to verify that your pricing corresponds to perceived value.

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Modern Restaurant Management

JANUARY 26, 2022

On Valentine’s Day, restaurants fill up quickly with reservations from couples eager to spend a romantic night together. Holidays provide restaurants with the opportunity to capitalize on the special moment by offering specials, events, and so much more exclusive to the holiday. Host a Party or Event. Throw a party!

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STAAH

NOVEMBER 26, 2023

The boutique New Zealand property – The Convent Hotel in Auckland changed its pricing strategy to be based on more real-time market conditions and customer demand. Listening to the guests was key to informing room pricing that yielded the best returns for the business, i.e. moving into the era of dynamic pricing.

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Hotelogix

NOVEMBER 7, 2024

This blog outlines simple, actionable strategies that hotels of all sizes can use to grow their business, from direct bookings to pricing strategies and everything in between. Read also: Guide on Customer Retention in Hotel Industry Encourage Group Bookings: Offer discounts or packages for weddings, business events, or group travel bookings.

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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

DECEMBER 5, 2024

Black Friday was born in the United States as a retail holiday and has since spread internationally to become a key commercial event for all sectors, including tourism. Additionally, there is a notable impact on last-minute bookings, as 20% of the reservations made during Black Friday were for stays within the following 15 days.

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Boutique Hotel News

DECEMBER 12, 2022

Worldwide: Hotel management system RoomRaccoon has integrated with Cendyn’s Pegasus Central Reservation System (CRS) to enable hotels distribute rates, availability and inventory on global distribution systems. Steven Reffin, head of partnerships at RoomRaccoon, added: “We are excited to welcome Cendyn’s Pegasus CRS to our marketplace.

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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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EATER

SEPTEMBER 10, 2021

However, banks and credit card companies have increasingly been partnering with the restaurant business, using exclusive reservations and events as in-demand credit card perks. Because of the Resy acquisition, AmEx users now have better access to hard-to-get reservations.

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Modern Restaurant Management

DECEMBER 13, 2022

Once a method reserved for use in the highest echelon of restaurants, the method has become increasingly more accessible. Using sous vide can also help restaurants to lock in prices for future events, banquets, or menu offerings. This offers a chance for businesses to take future inflationary price increases out of the equation.

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Hospitality Magazine

MAY 20, 2024

Self-Serve can provide these benefits at a range of locations including hospitality event spaces, in-stadia, or any area where dining convenience is valued. From ordering, rostering, and reservations apps to payments and venue operations, Doshii has apps to suit every aspect of your business’ needs.

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Revenue Hub

NOVEMBER 29, 2024

Here is our round up of 8 Success Stories from our Expert Partners outlining revenue growth, increased ADR, occupancy, booking growth, pricing changes and direct channel success. Challenge Eliminating heavy reliance on manual spreadsheets for revenue management and generating data insights for accurate, data-driven pricing.

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Revenue Hub

JUNE 18, 2024

In the following sections, we’ll explore how Total Revenue Management (TRM) leverages data to transform every aspect of hotel operations, from pricing and inventory management to marketing and guest experience. Upselling Opportunities: Spot potential to encourage guests to book higher-priced rooms or packages.

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Revenue Hub

JANUARY 30, 2024

In the modern hospitality industry , hotels receive reservations from many places, online and off. The source of a reservation is known as its booking source, and all hotel booking sources fall into one of two primary categories: direct and indirect sources.

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Horizon Hospitality

JUNE 17, 2024

However, higher-price full-service restaurants that diners only occasionally frequent should limit their texting to once or twice a quarter. Offer presale opportunities or even special pricing for seasonal or exclusive dining events. Create a clear call to action like “show this text to your waiter” or “call to reserve”.

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Revenue Hub

OCTOBER 24, 2024

NB: This is an article from Smartpricing , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date It gives you a strong base of reservations, allows for better inventory management, and helps tailor your services to meet the specific needs of guests. Can you rely on your 2024 pricing, or should you make adjustments?

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InnQuest

SEPTEMBER 12, 2023

It handles guest reservations, check-in/check-out processes, and room assignments and provides concierge services. This includes advertising, promotions, pricing strategies and partnerships with travel agencies and online booking platforms. Continuously monitor and adjust pricing strategies to maximize profitability.

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Hospitality Magazine

FEBRUARY 21, 2024

Your website should also contain click-through tiles to social media accounts, contact information, a feedback form, a reservations section with a bookings policy, and opening hours. But profiting from delivery should be front of mind, which means condensing your menu and pricing it accordingly.

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Revenue Hub

MARCH 22, 2024

The job was transactional as long as inventory and pricing were synchronized periodically. However, channel management has become vital for a hotel’s commercial success, with increasing reliance on OTAs driving a majority share of room night reservations and the emergence of metasearch players. This allows optimal decision-making.

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Revenue Hub

SEPTEMBER 5, 2023

This system enables hoteliers to keep track of available rooms, reservations, and occupancy rates in real-time. Leveraging historical data, market trends, and special events, hotels can predict periods of high and low demand. Mobile Accessibility In today’s digital age, having a mobile-friendly inventory management system is crucial.

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Revenue Hub

SEPTEMBER 11, 2024

Source: Exely Event-Based Strategies: During high-demand events, use OTAs to drive quick bookings while setting more flexible terms on your website to attract direct bookings. Dynamic Pricing Strategies Use dynamic pricing to adjust rates based on demand, occupancy, and seasonality.

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Book Pricing Article Events 107

Revenue Hub

AUGUST 29, 2024

Understanding Seasonality in the Hospitality Industry Seasonality plays a pivotal role in the hotel industry, directly influencing demand, pricing, and overall profitability. You can capture bookings from travellers looking for lower prices without the crowds of peak seasons.

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Hotelogix

NOVEMBER 28, 2024

They offer the convenience of hotel-like services while providing more amenities and space for the price.  Host Community Gatherings Regularly Organizing events at the property is another great way to increase the community not only for those who are staying long-term but also for those who are staying short-term.

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Revenue Hub

SEPTEMBER 13, 2023

Research similar events and forecast accordingly Now’s the time to gather data and develop a stronger understanding of Olympic (or other large event) guest behaviors. While obviously you’re not likely to find data that’s a perfect comparison point, there are insights from past events that may shape expectations for your property.

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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

NOVEMBER 28, 2024

Personalizing Communication Channels Each segment prefers different communication methods: Corporate clients: LinkedIn, email newsletters Millennials: Instagram, mobile apps Senior travelers: Traditional mail, phone support Modifying Pricing Strategies Implement dynamic pricing based on segment behavior patterns.

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