Today's Revenue Management thought:-

Creating “value” !!

Value-based pricing is a strategy that can be implemented in three steps to help hotels set prices that align with customer preferences and competitive forces.

The first step, customer driven value analysis, analyzes what customers want and establishes values for their wants.

The second step, competitive value analysis, compares how well different hotels satisfy guest requirements.

The final step, competitive value pricing, allows for the planning of pricing methods that take into account both competitive forces and how well customers value the guest stay experience.

Decisions about pricing depend upon a number of considerations, such as how aggressive your hotel wants to be in gaining market share or maximising profit.

By following these steps, hotels can set prices that are in line with customer preferences and competitive forces, ultimately leading to a more successful business.

Have a profitable week !

✌🏼