Today's Revenue Management thought:-

Without Revenue Management strategies / systems - Pricing is guesswork.

How do hoteliers without a Revenue Management team / systems determine the price of their products.

In almost every case, the process of decision is one of guesswork.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Pricing is always a reflection of how people divide up value.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

The is a wonderful saying:-

In every market there are two kinds of fools:-

One charges too much,

the other charges too little.


Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Life’s a journey, as is your revenue strategy.

Make it dynamic and flexible, yet maintain clear goals for what you want to achieve.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Something happens, you pay attention to your thoughts and feelings about it, and then ask yourself "Hmmm, is there something I could do about this?"

If so, start your experiment right away.

What simple experiment can you do that will give you useful raw data ?

Limit the time to 2-3 weeks….. and then see what you learned.

Don't wait!

Hunches are telling you to get moving now!

If not, let it go.

Have a profitable week.

✌🏼

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.
  
  ✌🏼

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.

✌🏼

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.

Have a profitable week.

✌🏼

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.

✌🏼