Today's Revenue Management thought:-

Success is the sum of small efforts repeated day-in and day-out.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Dynamic pricing pitfalls to avoid:-

• Using a “Set it and forget it” attitude - make sure you have hands-on at all times.

• Distrust amongst customers, who adapt a “wait you out” for a better price in the days to come.

• Fluctuating your prices too often can cause your customers to stop trusting your brand altogether.

• Do consider the industries and your competition’s standards, but don’t follow them blindly

• Undercutting your competition could cause them to do the same, leading to race to the bottom.
  
  Have a profitable week.
  
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Today's Revenue Management thought:-

Adopting dynamic pricing as your go-to pricing strategy, ensures you’ll always remain competitive in terms of price, regardless of what changes may occur.

Have a profitable week.

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Today's Revenue Management thought:-

I think hotels must really understand delivering value, not just generating revenue.

A hotel creates its growth from being innovative and focused on specifics rather than being mediocre or worse in every area.

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Today's Revenue Management thought:-

Establishing & implementing an effective pricing strategy should be a priority for any hotel looking to expand its arsenal of competitive weapons.

Critical to success, however, is a strategy that is understood & upheld by all departments.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Understanding 'why' something is done is far more important than knowing 'how' it is done.

Sun Tzu illustrates this simply : “If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle”

Have a profitable week.

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Today's Revenue Management thought:-

As leaders, we need to accept that we won't always make the right decisions.

We will screw up royally sometimes - understanding that failure is not the opposite of success, it's part of success.

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Today's Revenue Management thought:-

Hotels try to avoid unnecessary risks by sticking with what they know. They wonder why they're not moving forward and seeing better results.

Marketing or Pricing experiments that test a hunch are low risk (and low cost) tests of your crazy idea. A simple experiment, teaches you lessons & gives insight that can pay off big time with very low risk.

What experiment will you start today?

Have a profitable week.

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Today's Revenue Management thought:-

“It's kind of fun to do the impossible”

Have a profitable week.

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Today's Revenue Management thought:-

Value of your hotel room is not determined by those who set the price.

Value of your hotel room is determined by those who choose to pay it.

It’s a numbers “game” til you find the right number.

Have a profitable week.

✌🏼