Today's Revenue Management thought:-

It’s that time of year again……..are holiday promotions really worth the effort ?

• Promoting during the holiday season is a waste of time !

• Promoting during the holiday season is essential !

Are we just going through the motions for the sake of satisfying the top brass or is really worth the effort ?

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Pricing you product correctly, “merely” requires some thought.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Every market has poorly-run hotels (branded as well as non-branded) who have substandard results.

Resist the temptation to sell at their price.

Instead study where the high performing hotels are pricing and benchmark your efforts to follow their lead.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

There’s more to pricing strategies than simply offering the lowest price to beat your competitors.

The right pricing strategy has to align with your business goals, whether these are to maximize profitability, ensure your business’ longevity, or grow your customer base.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

As revenue managers, we basically built pricing models that surgically identified what people wanted to pay us for and what they didn't want to pay us for.

One of the things we figured out early on was that we could create value for people by creating a price level that allowed them to experience something that they couldn't without us.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Don't fall into the irresponsible trap of setting low prices.

It will kill your business and reputation.

Low prices attract cheap customers with luxurious demands.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

The big picture or laser focus ?

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

How do you know when the price is right ?

If customers believe that a price is unfair, their negative reaction can be devastating for business.

If customers believe that a price is fair, their purchases can limit your future revenue potential.

A catch 22 situation to find the perfect price.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

There is no victory at bargain basement prices.

Keep this in mind for challenging times.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

The Christmas holidays are unlike any time of the year.

As you prepare your hotel for the Christmas season, make sure you re-evaluate your pricing strategy.

The holiday season can be stressful for hotels that aren’t prepared to keep up with the high demand for promotions and intense competitive rivalry.

Don’t get distracted by the festivities, but stay focused.

Have a profitable week.

✌🏼