Revenue Hub

MAY 9, 2024

Let’s talk about something revolutionary, yet as ancient as commerce itself: value-based pricing. It’s time to ditch the old-school, cost-plus mentality and hello to a pricing strategy that actually makes sense for your independent hotels. Why It Barely Works The fundamental flaw of cost-plus pricing is its inward focus.

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Pricing Special Events Article Catering 109

Revenue Hub

SEPTEMBER 25, 2023

Talk to any hotel operator about empty rooms, and you’ll likely hear about price sensitivity. What if the relentless focus on price is causing more harm than good? If you think you know all there is to know about price sensitivity, prepare to think again.

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Pricing Travel and Tourism Special Events Article 109

Revenue Hub

NOVEMBER 15, 2023

In the good old days, hotel room pricing used to be simple. As a result, however, hotels were often under priced when travellers were willing to pay more and overpriced when travellers were price sensitive. Subscribe to our weekly newsletter and stay up to date Today, most hotels take a dynamic approach to pricing.

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Pricing Book Special Events Article 109

STAAH

NOVEMBER 26, 2024

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. Cross-channel gift voucher promotion, including offline Pushing out vouchers for sale, particularly around special events and gifting season is a great way to get revenue in.

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Blog Special Events Catering Property Management 109

InnQuest

APRIL 3, 2023

Maximizing Revenue in a Competitive Market Implementing a dynamic pricing strategy can improve revenue management and help hotels maximize profits. With real-time, automatic rate optimization, hotels can adjust rates dynamically in response to demand fluctuations, ensuring they are competitively priced.

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Revenue Hub

JUNE 27, 2023

When hotels implement dynamic pricing, they are constantly adjusting their room rates based on mathematical algorithms aimed to increase occupancy based on area demand. The success or failure of price optimisation often depends on how the strategy is specifically implemented at an individual property. 2. Offer competitive rates.

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Revenue Hub

MARCH 26, 2025

Income levels: This would help inform your pricing strategy, but bear in mind there might be reluctance to share that level of information with you, so this is a nice to have Travel purpose: Leisure or business: Are they travelling for work, vacation or special events? Event or occasion: What prompted the trip?

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Modern Restaurant Management

NOVEMBER 1, 2022

Restaurant guests in cost-saving mode are eating out less and more conscious of menu prices, according to Restaurants: Consumer Trends Fall 2022/Winter 2023 a report produced by Provoke Insights in collaboration with Modern Restaurant Management (MRM) magazine. The study was in-field from Autumn 2022.

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Special Events Pricing Magazine Events 189

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? As a restaurant manager, how do you prepare your team for special events or holiday rushes? Clear communication is also key.

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Modern Restaurant Management

JANUARY 26, 2022

Holidays provide restaurants with the opportunity to capitalize on the special moment by offering specials, events, and so much more exclusive to the holiday. With delectable pre-selected courses, the meal can feel more upscale and thus create an event that feels more special and memorable. Host a Party or Event.

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Modern Restaurant Management

OCTOBER 12, 2022

As a restaurant, you’ve got the opportunity to feed into that joyful excitement with special events for the season, so grab the chance before the winter holidays takeover! Advertise about drink and food specials with a sneak peek photo of a particularly tempting treat. It isn’t a party until there’s a crowd!

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Events Special Events Pricing Marketing 196

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 109

Revenue Hub

MAY 3, 2024

In response to the post-pandemic demand surge and faced with constricted inventory due to labor shortages, rising supply costs, and other challenges, hoteliers pushed their prices back to pre-pandemic levels in record time. Sources predict that hotels’ pricing power will remain strong. Why do we do this? Our demand dried up.

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Marketing Pricing Special Events Book 109

Hotelogix

JULY 11, 2024

From setting the right prices to attracting the right guests, every decision you make impacts your hotel's bottom line. Hotel revenue management involves strategically adjusting your hotel's pricing and availability to maximize revenue.   What is Revenue Management in Hotels?

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Revenue Hub

JUNE 10, 2024

Individual restaurant revenues can vary significantly based on various factors, including location, size, cuisine type, price point, concept, and how long a restaurant has been in the market. It includes sales from the restaurant’s core menu offerings, as well as any daily specials or seasonal menu items.

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Special Events Catering Events Article 107

Modern Restaurant Management

AUGUST 31, 2023

Identify Your USP and Use it to Conceptualize PR Events Identify what makes your brand stand out from the rest. You may then leverage this unique selling proposition (USP) when conceptualizing PR events. So, basically, you’re harping on your USP—which your customers love—to make your event a success.

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Hotel Owner

APRIL 14, 2023

The Novar Arms, which is located in the rural village of Evanton, Dingwall, has brought to market the freehold going concern for an asking price of £649,500. The Scottish Highland venue is a favourite spot amongst the local community, while also benefiting from year-round tourists travelling through the North Coast 500.

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7 Shifts

JULY 25, 2024

Profitability remains a challenge for many restaurants, especially with prices for ingredients and labor going up. Offering additional services, like delivery and takeout, meal kits and subscription boxes, and even catering and hosting special events can unlock new growth opportunities.

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Special Events Catering Events Workshop 97

Revenue Hub

JULY 24, 2023

NB: This is an article from Demand Calendar Factors such as the destination’s appeal for tourism, business events, cultural festivals, and other attractions are the primary drivers of the demand for overnight stays. Leverage Local Events : If any local events are happening, hotels can offer special packages tied to these events.

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Maintenance Travel and Tourism Special Events Pricing 98

Revenue Hub

DECEMBER 4, 2023

NB: This is an article from DynamEat Today’s solutions excel at generating price choices and adjustments automatically by using advances in artificial intelligence and machine learning. The incorporation of new data sources, such as POS, is critical in enabling more intelligent pricing choices.

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Pricing Special Events Accounting Article 109

Modern Restaurant Management

NOVEMBER 19, 2020

Promo Codes and Coupons – Offering unique promo codes to new and returning customers or for special events like birthdays and anniversaries can be a great opportunity to get customers excited about their next order. On the other hand, restaurants can also look to cross sell by offering matching and bundling items.

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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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Pricing Guest Satisfaction Book Events 59

Hotel Owner

JULY 5, 2023

The Hunday Manor Hotel in the Lake District National Park has been sold to Osprey Hospitality Group from a guide price of £1.6m. As a growing business we’re excited to take on the next challenge of welcoming guests and hosting special events for our customers including weddings and other special occasions. “We

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Special Events Events Pricing Marketing 105

Revenue Hub

APRIL 16, 2025

NB: This is an article from TCRM Subscribe to our weekly newsletter and stay up to date Unlike destinations driven by traditional corporate or leisure demand patterns, university markets revolve around academic calendars, athletic schedules, and institutional events, requiring a highly specialized revenue and sales strategy.

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Hotelogix

JANUARY 10, 2025

Features Google Calendar offers several features that can be adapted for hotel bookings : Regular or one-time slots: Create recurring availability for rooms or set up specific time slots for special events or seasonal bookings.

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SiteMinder

MARCH 25, 2025

For example, during peak travel periods, an efficient reservations manager using a modern property management system (PMS) can swiftly allocate room blocks for group bookings or special events, maximising occupancy without overbooking.

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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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Pricing Book Events Article 52

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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Pricing Reservations Training Article 109

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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Revenue Hub

AUGUST 20, 2024

Your location, primary types of travelers, and the season of the year all play into profitable pricing strategies. Corporate rates Should you negotiate corporate rates at static rates or a dynamic pricing approach? Dynamic pricing is a significant part of revenue management yet, you don’t have to choose one or the other.

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Pricing Book Article Events 104

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

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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7 Shifts

AUGUST 18, 2024

Make sure to get quotes from multiple suppliers so you can compare prices and services. Pricing should match your target market and theme. A cocktail bar can have higher prices while a local neighborhood pub probably can't. This will give you a good idea of their product and service. Keep it simple.

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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. Group The group segment refers to guests traveling in a group that has blocked several rooms in advance at a special rate.

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Marketing Special Events Book Article 98

Revenue Hub

FEBRUARY 20, 2023

How do you increase your profits even as prices remain high and the future remains unknown and uncertain? 7% wanted to celebrate a special event. 7% wanted to book a trip after receiving a discounted or special offer. 16% of travelers wanted to travel to a destination for an extended period. 16% wanted to go on vacation.

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Special Events Article Book Pricing 98

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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