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 97

Revenue Hub

JULY 24, 2023

The worst part is if hotels at the destination start a price war to attract more guests, the results will be lower revenue for all, and no additional guests will travel to the destination because the hotel rooms are cheap. Strategies to attract more guests could include. Value-add offerings: Do not discount.

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Hotelogix

OCTOBER 18, 2023

Regular orders and clear communication help build trust, leading to better pricing and priority service. Seasonal Variations: You often experience fluctuations in demand based on seasons or special events. 2.   This includes rooms, room types, amenities, food and beverage supplies, event spaces, and much more.

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Procurement Special Events Guest Satisfaction Pricing 100

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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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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SiteMinder

AUGUST 1, 2024

Hoteliers use rate shopping to benchmark against other properties, optimise pricing decisions, and find opportunities to maximise revenue and profitability. Today’s market demands the adoption of dynamic pricing and hotels now regularly change rates daily or even multiple times in a given day.

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SiteMinder

NOVEMBER 30, 2023

These technologies are designed to automate routine tasks, free up staff for personalised guest services, and provide valuable data insights for improved operations and guest satisfaction. Revenue management systems Revenue Management Systems (RMS) employ data analytics to predict demand, optimise pricing, and maximise revenue.

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SiteMinder

OCTOBER 5, 2023

However, while the platform provides a suite of tools designed to streamline operations, like reservation management, dynamic pricing, and integrated review systems, it’s essential for hoteliers to invest time in understanding and optimising these features. Guest reviews and feedback are also accessible from the dashboard.

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SiteMinder

DECEMBER 7, 2023

Hotel rate management is the process of strategically pricing rooms to attract guests while also maximising revenue. It’s not just about setting the right price, but also about adjusting it in response to market changes. Higher occupancy rates : Pricing rooms correctly plays a pivotal role in driving occupancy.

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SiteMinder

OCTOBER 10, 2023

The result gives hotel managers an idea of how many rooms they can still sell, allowing them to make informed decisions about pricing, promotions, and distribution. The importance of forecasting in the hotel industry You need to use forecasting at your hotel to inform your pricing and revenue strategies. Special events & holidays.

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Book Pricing Reservations Accounting 52

SiteMinder

AUGUST 29, 2023

Hotel operating costs Hotel operating costs encompass a wide array of expenses, from staff salaries, utility bills, and maintenance to marketing, guest amenities, and food & beverage supplies. These recurring costs are vital for the smooth functioning of the hotel and ensuring guest satisfaction.

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SiteMinder

OCTOBER 10, 2022

It’s important to note that STR reports or STAR reports aren’t related to star ratings that help you gauge guest satisfaction. Make strategic pricing decisions to improve profitability. Have similarly priced rooms. How did special events or seasonal fluctuations contribute to my hotel’s performance?

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