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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Revenue Hub

NOVEMBER 26, 2024

Understanding your target market, your location, and the impact seasonal changes have on you is key to mitigating the impact. The most impacted are typically businesses such as ski resorts, beach resorts, and cities with special events – for instance, Christmas markets, music and cultural festivals, and sports events.

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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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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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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. They use market research to better understand their customers and what they are looking for. What are the pros and cons of dynamic pricing?

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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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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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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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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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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

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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Special Events Accounting Marketing Pricing 215

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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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. To determine this number, look at how much your average customer would spend and increase the price. Create a Prix Fixe Menu.

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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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Pricing Special Events Accounting Article 109

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

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 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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Special Events Catering Events Article 107

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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Maintenance Travel and Tourism Special Events Pricing 98

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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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

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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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

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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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

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

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

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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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! Sell tickets for a small price to either use as party profit or to put towards a good cause (the latter could incentivize people even more).

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Events Special Events Pricing Marketing 196

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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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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Catering Marketing Download Pricing 156

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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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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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

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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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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