Modern Restaurant Management

AUGUST 2, 2024

As the landscape changes, 39 percent of leaders said they’re prioritizing investments in sales, marketing, and related technologies for the rest of 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.

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Hotel Owner

NOVEMBER 28, 2023

Robin Hill Country Park in Newport on Isle of Wight has been brought to market off a guide price of £2.25m. The park has traditionally been open from February to October, with additional open days for special events such as the Polar Experience and Christmas parties in the winter.

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Revenue Hub

JULY 10, 2023

NB: This is an article from Mews It informs marketing strategy, helps tailor offers and reveals growth opportunities while optimizing revenue management strategy and profitability. What is hotel market segmentation? From there, you can tailor marketing strategies, services and offerings to meet the requirements of each segmented group.

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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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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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Hotelogix

JULY 11, 2024

As an independent hotel owner, you understand the challenges of driving revenue in a competitive market. From setting the right prices to attracting the right guests, every decision you make impacts your hotel's bottom line. Maximized revenue: By optimizing pricing and inventory, you can boost overall revenue of your hotel. 

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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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7 Shifts

JUNE 16, 2024

This is where being well-equipped with a fool-proof restaurant marketing plan comes in. After analyzing the latest industry trends, viral content, and successful campaigns, we have developed an all-in-one marketing guide to help you craft your strategy to attract new customers and keep your previous diners coming back.

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Modern Restaurant Management

DECEMBER 10, 2021

Instead of promoting items according to price or margin, promote what your customers love. Your customer’s word-of-mouth advocacy is an invaluable marketing strategy. Make Use of Local SEO and Content Marketing. Aside from using Google My Business, you may also use content marketing to promote your restaurant.

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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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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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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

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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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. These items generate additional revenue and serve as marketing tools, fostering customer loyalty and brand awareness.

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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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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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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. Leverage Local Events : If any local events are happening, hotels can offer special packages tied to these events.

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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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7 Shifts

AUGUST 18, 2024

You'll have late nights and have to work on weekends and public holidays The market is saturated with loads of competition. This document will outline your bar's concept, menu, marketing strategy, and financial projections. Sourcing the Right Equipment Your budget, target market, and concept will dictate your equipment needs.

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SiteMinder

AUGUST 1, 2024

Hotel rate shopping is the practice of tracking and monitoring hotel rates amongst your local market and competitors. Hoteliers use rate shopping to benchmark against other properties, optimise pricing decisions, and find opportunities to maximise revenue and profitability. Learn more What are the benefits of hotel rate intelligence?

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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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Xotels

JANUARY 18, 2021

One of the components needed to apply a hotel revenue management is market segmentation. It allows you to target and market to a variety of consumer groups with different behaviour with an offer that matches their needs and budget level. What is Hotel Market Segmentation? The price does not decide the market segmentation.

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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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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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7 Shifts

MAY 23, 2024

We’ve studied what makes the 20% of restaurateurs successful and categorized them into essential categories, including optimizing your menu, providing unforgettable experiences, hosting events, and improving takeout. During this time, your customers scan the menu, go through the descriptions, and review the prices before deciding.

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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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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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Hotel Business

SEPTEMBER 15, 2023

For an effective pricing strategy, you should look to determine your offerings, including: Variety of rates Discounts Your loyalty program offerings Upsell opportunities Slow periods are an excellent time to understand price fences such as advanced purchase, deposit or cancellation policies, as these can be flexed over time.

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Modern Restaurant Management

AUGUST 31, 2023

So, basically, you’re harping on your USP—which your customers love—to make your event a success. They may even promote these special events for free via word of mouth. Here are some ways: Ask your marketing and sales team. Strike a conversation with them if you see them at a local event.

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eZee Absolute

AUGUST 31, 2022

Be strategic about the pricing. Host a special event. Spread the word through marketing. Have you seen those discounted prices on banners where a higher price is always struck out? Be strategic about the pricing. Pricing is a supremely sensitive aspect of an accommodation business.

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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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Modern Restaurant Management

NOVEMBER 19, 2020

New Marketing Tactics Can Help Reach Target Customers. It is no secret that marketing is a way for restaurants to keep up with loyal customers and engage with new ones. Aside from marketing, a significant portion of the restaurant experience today is nailing the customer’s online order journey.

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eZee Absolute

MAY 7, 2024

It starts with setting prices but grows into a clever mix of data, technology, and understanding what your guests want. Revenue management is about more than just the right pricing. It’s about knowing your guests and setting the right price to fill your hotel. Claire transformed traditional pricing into a dynamic art form.

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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. This process requires continuous analysis of market trends, booking patterns, and competitor strategies. It’s not just about setting the right price, but also about adjusting it in response to market changes.

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OpenTable

FEBRUARY 21, 2024

Prix fixe vs. à la carte When to offer a prix fixe menu How to create a successful prix fixe menu The benefits of a prix fixe menu Tips for marketing your prix fixe menu What is a prix fixe menu? Prix fixe, a French term for “fixed price,” is a menu offering a complete meal at a set rate.

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Revenue Hub

OCTOBER 17, 2023

The focus is on variable demand tied to market crises, short term booking windows, which are focused on guest spend and dynamic optimization embracing rate flexibility. Where was the value for the price paid? Customer demand: guests who are willing to pay different prices.

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Modern Restaurant Management

MAY 31, 2024

Casual Dining Preferences Market Force Information unveiled a survey on casual dining preferences across the United States highlighting shifting trends influenced by economic factors and evolving consumer tastes. percent of diners noting that recent price increases have altered their spending habits, and 58.5

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