7 Shifts

NOVEMBER 24, 2024

One of the building blocks you must put in place before starting a restaurant is market research. Just like a well-crafted mission statement will help guide your business decisions, identifying and understanding your target customers and competitors through restaurant market research will give your business a competitive edge.

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Boutique Hotel News

JUNE 16, 2023

UK: The four-star Lion Hotel , located in Criccieth, Gwynedd in North Wales, is up for sale at a reduced price of £1,800,000 marketed by business property adviser Christie & Co. The post The Lion Hotel for sale at reduced price of £1.8 It can easily surpass this now with the right operator.”

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Modern Restaurant Management

APRIL 17, 2024

Eighty-one percent of diners said they would either stop going to a restaurant altogether or alter their dining hours to avoid prices surging during peak hours and 64 percent said they have a negative reaction to restaurants using surge and dynamic pricing, according to a HungerRush’s National Restaurant Price Surging Survey.

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Modern Restaurant Management

OCTOBER 9, 2023

The data also supports what RMS has been advising: pricing must be strategic. Insights from transactional POS data specific to locations and customer segments can help operators assess where item sensitivities are low or high, indicating which items might have further pricing opportunities and which don’t.

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Modern Restaurant Management

NOVEMBER 25, 2024

Faced with rising labor costs and increasingly price-sensitive customers, restaurant brands are exploring new ways to balance profitability with consumer expectations. One of the most debated strategies is dynamic pricing, which adjusts based on demand and other variables. They were asked to place an order from an online restaurant.

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Revenue Hub

NOVEMBER 28, 2024

Dynamic pricing has long been a cornerstone in industries that rely on demand-driven revenue strategies. NB: This is an article from TCRM Subscribe to our weekly newsletter and stay up to date In hotels, it involves adjusting room rates based on real-time factors like demand, competition, and market conditions.

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Pricing Travel and Tourism Article Budgeting 108

eHotelier

JANUARY 24, 2024

How can you capture demand when your hotel is no longer the hot new thing on the market? How can you compete with newer properties and their aggressive sales and marketing tactics?

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Revenue Hub

DECEMBER 5, 2024

Knowing where to list your hotel and the prices to charge can be tricky, especially for busy operators of small, independent properties. Here we explain the essentials of hotel distribution and pricing. What are the pros and cons of different distribution channels? And how can you make your property stand out?

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Revenue Hub

DECEMBER 3, 2024

Price optimization and sensitivity analysis are essential tools for refining your pricing strategy to maximize revenue. This results in increased (total) revenue and a stronger competitive position in the market. By analyzing the responses, businesses can pinpoint the optimal price that maximizes revenue or profit.

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Revenue Hub

NOVEMBER 25, 2024

A mobile only price is exactly what you’d think it is: a price – usually a discount – that’s only available to users accessing a mobile booking app on their device. Country rates Country rates or geo-fencing as it’s sometimes known are targeted discounts or pricing adjustments offered to customers based on their geographic location.

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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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Hospitality Magazine

SEPTEMBER 15, 2024

FoodByUs, Australia’s largest online hospitality wholesale ordering platform, has launched a new feature, Price Tracking, designed to help the more than 90,000 independently owned Australian restaurants, cafes and caterers access real-time pricing visibility across all items and suppliers. The result?

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Revenue Hub

DECEMBER 3, 2024

Imagine if your hotel room rates could shift as smoothly as gas prices, responding to demand, seasonality or even events in town. That’s the power of dynamic pricing in the hotel industry. The concept of dynamic pricing is simple: as demand rises and supply shrinks, prices increase.

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Revenue Hub

DECEMBER 12, 2024

It also means monitoring their offerings and pricing. Pricing: Properties that offer similar room types at similar prices. Target markets: Properties that cater to specific traveler types, such as leisure, corporate, families, couples, or groups. Some hotels tie their pricing to just one or two competitors.

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Modern Restaurant Management

OCTOBER 23, 2023

With the fierce competition in the food industry, a well-thought-out pre-launch marketing strategy is crucial to ensure your restaurant gets the attention it deserves. In fact, Influencer Marketing Hu b stated that businesses are making $5.78 in earned media value for every $1 spent on influencer marketing.

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Hospitality Magazine

FEBRUARY 21, 2024

You want your venue to go the distance — here are some tips to kickstart your marketing strategy this year. But profiting from delivery should be front of mind, which means condensing your menu and pricing it accordingly. Get your venue listed There are many platforms guests rely on when choosing where to have their next meal.

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Revenue Hub

OCTOBER 1, 2024

As a hotelier, one of the most critical aspects of revenue management is setting the right prices at the right times. This is where a seasonal pricing strategy comes into play. We explore what a seasonal pricing strategy is, why it’s essential, and how you can effectively implement it in your hotel.

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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.    How to market a serviced apartment?  Social media outreach marketing ideas for apartments which work well with major platforms like Instagram, Facebook, and even Twitter.

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Hotelogix

NOVEMBER 28, 2024

Ever wondered why some hotels consistently outperform their competitors, even in challenging market conditions? The secret often lies in their ability to master market segmentation - a strategy that's becoming increasingly crucial in today's diverse hospitality landscape. 

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Revenue Hub

NOVEMBER 20, 2024

A common myth in hotel revenue management is the belief that increasing prices during periods of high demand is a form of exploitation. Understanding Demand-Based Pricing in Hotels To start, let’s clarify what demand-based pricing means. Hotel demand fluctuates widely based on seasonality, local events, and economic conditions.

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Revenue Hub

OCTOBER 31, 2024

Product Launches and Brand Activations A buyout enables companies to transform the entire space into a branded experience, which is especially important for new product reveals or experiential marketing events. Hotels can add value by offering all-inclusive packages that appeal to both organizers and attendees.

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Revenue Hub

OCTOBER 22, 2024

As we look toward 2025, global pricing trends reveal a resilient industry, but one marked by stark regional differences. Latin America leads the charge Latin America has emerged as the star performer in hotel pricing recovery. The hospitality landscape in 2024 is a study in contrasts. With a remarkable 12.2%

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Revenue Hub

OCTOBER 30, 2024

Welcome to the “rate wars,” where hoteliers engage in a constant game of pricing cat and mouse. From fancy software tools that track every rate change in real-time to secret phone calls under the guise of a corporate booker, hoteliers have mastered the art of “price espionage.”

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Revenue Hub

OCTOBER 16, 2024

Now for the second consideration… Dynamic Pricing So, what exactly is Dynamic Pricing? Put simply, Dynamic Pricing is the practice of changing room pricing, multiple times per day based on a rooms individual demand. Many hotels work much better with a derived pricing strategy. What is Dynamic Pricing?

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Hotelogix

OCTOBER 3, 2024

This blog will provide simple yet effective strategies to help you market your hotel successfully on OTAs, boost your visibility, and increase your bookings. To maximize this opportunity, you need to learn how to market your hotel effectively to stand out from the crowd.  Dynamic Pricing Adjust your pricing based on demand.

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InnQuest

APRIL 5, 2023

Yield management, also known as revenue management, is a strategy hotels use to optimize their revenue by adjusting prices and inventory according to consumer demand. Yield management is a pricing strategy that predicts customer demand and adjusts prices to maximize revenue. And that’s where yield management comes in.

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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 ” To optimize your menu using value or bundled meals, remember the 3M’s: Measure, Market and Monitor. Effective marketing can bridge this gap.

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Smart Brief Hospitality

JULY 30, 2024

Many marketers still consider Reddit an enigma. Since the company’s IPO in March, its stock price has gone in the opposite direction everyone anticipated — up, up, up. So why are brands and marketers still not sold? Here are six ways agency and brands can extract value from Reddit marketing.

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InnQuest

MARCH 2, 2023

This means identifying who your target market is, their needs and preferences, and how you can best serve them. For example, your target market is mainly business travelers. Develop a Strong Marketing Strategy Once you clearly understand your target market, developing a solid marketing strategy is next.

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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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Revenue Hub

OCTOBER 16, 2024

NB: This is an article from Topline , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date Picture this: revenue management is huddled in a corner, crunching numbers and tweaking rates, while sales and marketing are off doing their own thing. Instead, involve sales and marketing from the get-go.

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Marketing Article Pricing Communication 108

Revfine

NOVEMBER 30, 2024

Gone are the days when a robust digital presence and competitive pricing alone could ensure success. Beyond AI: Key Hospitality Trends The post 5 Hospitality Marketing Trends for 2025 to Watch (Other Than AI) appeared first on Revfine.com.

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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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InnQuest

NOVEMBER 30, 2022

Research suggests that the payment processing solutions market is projected to grow at a CAGR of 11.43% during the forecast period of 2023 to 2030 while the future market value of this market is expected to reach USD 130.94 Transparent Pricing: Easy-to-read statements, upfront pricing with no hidden fees.

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Modern Restaurant Management

MAY 21, 2024

While three in four survey respondents believe restaurant prices are higher, other factors, such as flavor, outweigh price when ordering specialty beverages, particularly in the full-service segment. During a time of increased price sensitivity, beverages create an opportunity to increase the total check.

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Modern Restaurant Management

APRIL 10, 2024

The restaurant equity market also showed signs of recovery, with healthy market debuts from Cava and Dutch Bros. Adapt to Growing Price Fatigue Since the pandemic, controlling food costs has been a major challenge for restaurant operators. Full-service menu prices climbed 4.5 Coffee in 2023. Data from the U.S.

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InnQuest

OCTOBER 17, 2023

By closely monitoring past booking patterns, seasonal trends and market demand, hotels can predict occupancy rates with greater accuracy. Implement a Dynamic Pricing Strategy: Thereafter, implementing a dynamic pricing strategy in the hotel industry is vital for maximizing revenue and avoiding overbooking.

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