Today's Revenue Management thought:-

Pricing in hospitality, is like teenagers and sex !

Everybody talks about it, few actually perform the task, and even fewer master the skill.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Do your pricing homework before setting prices!

Consumer behaviour has changed. Much of this is down to the unpredictable nature of demand these days, as well as technological advances.
Identify demand patterns and learn how your target market works. 

You can subsequently make the necessary adjustments to your pricing and marketing strategies in order to sell more rooms to more guests at the right price.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Go with the flow ?

If you don't have a competitive advantage, don't compete !

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

I would like to thank all our clients, friends & followers for all their support in 2022. Seasons Greetings, and we look forward to 2023! 🎉🥂

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

To find more guests who will fall in love with your hotel, you first need to know who you attract and why.

• Business

• Leisure

For your hotel there are other segments which are more relevant, or a more complex segmentation would be more applicable.

Each hotel has to decide what segmentation best fits their market, property and revenue management strategy.

But how do we benchmark, when segmentation creativity knows no limits ?

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

How much will guests pay for your rooms and services, and how do you decide what to charge ?

Keeping track of price sensitivity is vital as it allows you to understand the impact an increase or decrease in price will have, and how to time any pricing changes you have planned to best take advantage of the current mood among your potential guests.

Pricing strategy and revenue management is all about understanding and acting on these elasticity changes before your competition does.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

As consumers continue to trade down in the face of challenging economic times, pricing will figure prominently in the strategic discussions of marketers.

It remains critical that hotels gain a nuanced understanding of the motivations that drive price-sensitive purchases in specific markets, categories, and circumstances.

Such knowledge can be the key to winning in a market—by being both price competitive and profitable.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

The “Rack Rate” is & has been under threat.

Instant access to price information has fundamentally changed how customers perceive value and judge prices.

It is inevitable that this disruption will diminish the role of the “Rack Rate”.

That said, the “Rack Rate” can still play an important role in an optimized price communications mix.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

How do I squeeze more revenue out of my product ?

It’s not as easy as illustrated, but don’t let yourself get stuck - a little creativity can add additional value.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Business is slowing down…..and will be challenging for the coming months.

I even posted the following yesterday ”The light at the end of the tunnel has been turned off 😎”

One thing hoteliers want to avoid is price wars.

Tighter control over discounts will be necessary to maintain price levels. Avoiding unnecessary discounts, revenue managers should strive to innovate their discount structures by offering upsell, cross-sell, or free services instead of using pure discounting as an incentive.

Have a profitable week.

✌🏼