Today's Revenue Management thought:-

Taking money from the table !!

Value-based pricing is the pricing method that determines how much your room is worth based on how much customers think it is valuable. This pricing method is most commonly used, where making a reservation can positively impact a customer's perception of themselves or open doors to previously unattainable life experiences.

It's important to note that there is a subtle difference between good-value pricing and value-added pricing.

Good-value pricing provides customers with the best possible value for their money, while value-added pricing offers extra features or services that enhance the value of your offer, allowing you to charge a higher price.

Regardless of which pricing route you choose, it ultimately boils down to how you "appeal" to the potential guest's mindset. By understanding what your customers value the most, you can determine what kind of value they expect to get from your offer and price it accordingly.

This approach can help you attract more customers and increase your revenue.

In that we are in the hospitality industry, it's important to keep in mind that customers are willing to pay more for a unique and memorable experience. By providing them with a personalized and exceptional experience, you can differentiate yourself from your competitors and increase your chances of getting that reservation.

Have a profitable week !

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