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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Pricing Book Reservations Events 98

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

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

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

Hotelogix

NOVEMBER 28, 2024

Personalizing Communication Channels Each segment prefers different communication methods: Corporate clients: LinkedIn, email newsletters Millennials: Instagram, mobile apps Senior travelers: Traditional mail, phone support Modifying Pricing Strategies Implement dynamic pricing based on segment behavior patterns.

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Marketing Guest Satisfaction Book Budgeting 100

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 82

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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Pricing Book Budgeting Marketing 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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Pricing Book Reservations Property Management 82

Hotel Owner

JUNE 29, 2023

Think about what attracts people to your area – is it a theme park, special event, scenery, or a pastime, such as walking, cycling or fishing? Creating a half board package may well be the answer, particularly if it includes a discounted rate on your menu prices. The next step is deciding how you can maximise your offering.

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Special Events Marketing Reservations Communication 105

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

APRIL 11, 2023

Still, it is one of the most critical decisions hoteliers can make to improve profitability and boost reservations. Marketing systems collect information about guests, and the hotel PMS has all the information about the reservations, which reflects guest behavior. Distribution is complex and will not be uniform for all structures.

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Book Information Reservations Catering 76

Revenue Hub

OCTOBER 17, 2023

Where was the value for the price paid? I appreciate it is a tough time and the recovery post COVID-19 takes time, but prices continue to increase while service and value may not keep pace. Customer demand: guests who are willing to pay different prices. These data can include traffic counts, special events, airport access etc.

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Pricing Marketing Training Book 96

Revenue Hub

OCTOBER 28, 2022

Filling up as many rooms as possible with the most optimized pricing for each room has always been the main focus of the traditional hotelier. NB: This is an article from Agilysys. Subscribe to our weekly newsletter and stay up to date. billion in room revenue lost in 2020 and 2021.

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Special Events Book Information Reservations 76

Revenue Hub

OCTOBER 28, 2022

NB: This is an article from RealTime Reservation. Develop innovative packages, such as girls day by the pool, special occasion, bachelor, or bachelorette packages. Most importantly, empower the guest to personalize and reserve in advance. Let potential guests learn about your amenities and reserve and customize their stay.

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Reservations Book Catering Special Events 73

OpenTable

FEBRUARY 21, 2024

Prix fixe, a French term for “fixed price,” is a menu offering a complete meal at a set rate. Some restaurants provide a middle ground, allowing limited customization within a set price. Restaurants participating in a city’s Restaurant Week can offer a fixed-price menu for breakfast, lunch, dinner, or all three.

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Special Events Pricing Events Reservations 52

eZee Absolute

AUGUST 31, 2022

Be strategic about the pricing. Host a special event. Offering discounts and packages quickly draw travelers into your hotel, intrigues them to make a reservation, and help you boost occupancy. Have you seen those discounted prices on banners where a higher price is always struck out? Host a special event.

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Special Events Pricing Events Book 52

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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Pricing Book Blog Marketing 52

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

Revenue Hub

AUGUST 22, 2023

Filling up as many rooms as possible with the most optimized pricing for each room has always been the main focus of the traditional hotelier. As The American Hotel & Lodging Association 2022 State of the Hotel Industry Report in Collaboration with Accenture reported, hotels are still recovering from a collective $111.8

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Special Events Book Information Reservations 71

SiteMinder

OCTOBER 5, 2023

Comprehensive tools : From managing reservations to enhancing the guest experience, Expedia Partner Central provides a range of tools tailored to the needs of hoteliers. This section lets you adjust room rates, offering flexibility in response to changing demand or special events.

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Competitive Analysis Book Information Property Management 59

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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Pricing Book Marketing Events 52

Synergy Suite

DECEMBER 7, 2023

Revenue per seat represents the average income generated for each occupied seat within a specified timeframe, offering a nuanced perspective on customer spending patterns and the effectiveness of pricing strategies. It helps you identify trends, measure the impact of pricing changes, and assess the success of marketing initiatives.

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POS Systems Pricing Training Reservations 52

SiteMinder

OCTOBER 8, 2024

As a result, our online bookings rose by about 10%” Matthias Gerber, Co-owner Town Hotel Read more Tips to maximise the MaxiRoom extranet and gain Hotelbeds bookings By maximising your use of MaxiRoom, you maximise your occupancy through more Hotelbeds reservations. Here are five ways to enhance your use of the tool: 1.

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Book Property Management Blog Reservations 52

Xotels

JANUARY 18, 2021

The price does not decide the market segmentation. Segment by default the individual bookings for short midweek stays as business, and identify as leisure reservations of double rooms over the week-end. You may want to introduce sub-segments such as your pricing points such as BAR and how yieldable the segment is.

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Marketing Book Reservations Special Events 40

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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Pricing Book Marketing Events 59

7 Shifts

NOVEMBER 9, 2022

Get holiday reservations? Special events such as birthdays and anniversaries also show how much you care about them. For example, if you are sending a newsletter with the goal of getting more restaurants bookings, you can do the following: Share a discount, event, or special menu in your newsletter message.

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Reservations Blog Marketing Events 78

Les Roches

DECEMBER 30, 2023

This involves several key aspects: Check-in and check-out : smooth and efficient check-in and check-out processes are crucial to making guests feel valued and at ease Concierge services: hotels frequently offer concierge services to help guests with reservations, travel arrangements and local recommendations Room amenities and housekeeping : these (..)

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Guest Services Concierge Definition Customer Service 95

SiteMinder

NOVEMBER 30, 2023

Stay on the cutting edge with SiteMinder Automated listing updates, tailored offers, in-depth competitor pricing insights and more, SiteMinder offers users the latest in hotel management technology. Revenue management systems Revenue Management Systems (RMS) employ data analytics to predict demand, optimise pricing, and maximise revenue.

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Guest Satisfaction Book Property Management Pricing 52

Synergy Suite

APRIL 11, 2023

Promoting special events, discounts, or new menu items through your website helps generate buzz and attract customers and retain loyal ones. Provide detailed descriptions, attractive food photography, and pricing information to give potential customers a taste of what they can expect.

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POS Systems Reservations Information Definition 52

7 Shifts

JUNE 16, 2024

You can give your customers 1 point for every $10 they spend at your restaurant (the price point depends on how much you're selling your food and beverages; just make sure to set an achievable price). You can also offer a custom menu for these special occasions, like party-sized pizzas, party platters, and drink towers.

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Marketing Catering Events Reservations 78

Hotel Business

JULY 18, 2024

Bojanowski added that traveling for concerts and sports events, traveling to lower-cost destinations that offer similar experiences to more expensive destinations and wellness-focused travel are on the rise, and PM has implanted changes to the way it markets the hotels and prices the hotels around special events.

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Marketing Book Pricing Events 52

Synergy Suite

OCTOBER 5, 2023

This could include renting out space or property to other businesses or for events, any sort of income generated from membership or loyalty programs, income generated from partnerships or joint promotions, or income from catering services that are above and beyond the price of just the food.

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Catering Information Events Labor Cost Controls 52

Lithos POS

DECEMBER 19, 2023

In the front-of-house, he is responsible for customer service, reservations, and the overall dining experience. The kitchen manager is involved in decisions related to ingredient costs, menu pricing, and kitchen budgeting. He has duties in both the front-of-house and back-of-house operations.

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Front of House Scheduling Communication Bookkeeping 52

Synergy Suite

NOVEMBER 2, 2023

Monitor overtime expenses and the use of additional labor resources during peak times or special events. By staying proactive with regular wage analysis, restaurants can make informed decisions about menu pricing adjustments and operational efficiencies to counterbalance the impact of rising labor costs.

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Scheduling Training Information Cost Reduction 52

SiteMinder

AUGUST 29, 2023

Host events and functions Similar to the last point, if you have the space to host special events you should do so. Don’t put all your eggs in one basket Statistics from HSMAI show 76% of independent hotel room nights are reserved through OTAs, costing hotels billions in commissions every year.

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Housekeeping Book Guest Satisfaction Maintenance 52

SiteMinder

JULY 4, 2024

However, if guests don’t feel connected to your brand, they could still be ruled by price, location or facilities next time they choose to book a stay. The more business you can generate from existing guests, the more healthy your business will be in the long run, since you’ll be able to spend less on marketing and forecast more accurately.

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Guest Satisfaction Book Communication Catering 52