Today's Revenue Management thought:-

When you're talking about pricing, think about value.

Who own’s the pricing decision ?

Who owns the value proposition ?

Pricing should have the concept of value underlying every decision.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

LVMH’s Bernard Arnault…..

“Luxury goods are the only area in which it is possible to make luxury profits.”

Nikolas HALL - “When the product’s price is right, you don’t have to be a great marketer to make a profit.”

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Inflation has a strange impact on pricing……

• Makes balloons bigger - The concept of pricing empty space.

• Chocolate bars smaller -Shrinkflation, the hidden Price Increase.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Pricing is so complex…..

You must understand:-

• your products

• your buyers

  • their rational thoughts

  • their irrational thoughts

• competitors

• market conditions

• investor / owner demands

and so much more…….

But at the end of the day it’s so worth it.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Small improvements in pricing strategies and implementation……

Will have a positive effect on your results.

€3 more for each room daily in a 100 room property with an annual occ. % of 60 = €65,000.00

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

The reason price is the only issue your customers care about is because……

You have not given them anything else to care about.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Utilising powerful pricing strategies & implementing pricing tools entails that…..

you are in a position to create significantly more value than your competitors.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

The biggest untold truth…….

“Don’t worry we’ll make it up in volume”

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

I have used this week to highlight some thoughts on distribution strategy.

The last step in coming up with a successful distribution strategy is to tie together all of the earlier mentioned strategies with the right technology.

• Channel manager

• Booking engine

• Revenue management software

• Property management system

• Guest relation and communication software

Once in place it is important that you have the ability to seamlessly connect your tools in order to form a cohesive and responsive distribution strategy.

In addition you will be building a strong data foundation which can assist in building solid sales & pricing strategies.

A passing word - “you don’t need a fleet of Bentley’s when you live on a hillside with a patchy dirt road”

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Review & optimise the listings representing your property.

It is important to ensure that every platform that represents your property, provides accurate and updated information enabling a potential guest to view your property, services and facilities and to make the final decision to spend their hard earned money.

This includes high-quality photos, compelling descriptions, and information about your location, amenities, and other features that appeal to your target markets.

Review & optimise your listings regularly to ensure information is always accurate and up to date.

Have a profitable week.

✌🏼