Today's Revenue Management thought:-

When was the last time you tested your Pricing Strategy ?

• How do you know if your pricing strategy is working ? 

• How do you know if the prices you have set are the best prices for your rooms or services ? 

• When was the last time you made changes to your pricing strategy to test if that made a difference to your overall profitability or revenues ?

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

A-B-C: Always Be Changing Your Pricing

If you are not constantly reviewing and updating your prices you could be missing out.

Automated pricing technology allows you to change prices frequently, minute-by-minute if required. 

To remain successful you will need to focus on the profitability of every room you sell almost on a daily basis, which is done by reviewing and testing prices.

In addition you will always need to be aware of what the markets "perceived price” is, how your company and product are perceived – and what your competitors are charging.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Pricing is something that every revenue manager loses sleep over at one point or another. 

Setting a price is an important decision with serious ramifications. Set the price too high and you risk losing customers. Set the price too low and you could devalue your products and damage the bottom line.

Many just keep doing whatever they have always done, for better or worse. They do this because they fear they will — as they’ve been told a thousand times — price themselves out of the market.

Forget the market….. it does not care about your bottom line.

One of the most visible side effects of poor pricing is the impacted bottom line. Whether you go too high or too low, it’s likely that you’ll feel some sort of influence. 

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

There’s no one right answer when it comes to pricing strategies in the hospitality industry.

However, consumers are always trying to guess what our startegies are - you often see articles titled “Here’s exactly when to book a hotel to get the best deal”

The ideal answer from our side should always be “Now !”

Do your pricing strategies take consumer behaviour into account ?

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Strategies for 2023 are set, and the ball has started to roll.

Many hotels go from month to month, quarter to quarter, year to year, attempting to sell the way they’ve always sold, even though the competitive landscape is constantly changing — and changing rapidly.

You must always bear in mind the following three things to reach your destination: 

• Where you are

• Where you want to go

• The best route to get there. 

This is particularly true if your destination, your goal, is to reach your desired revenue goals.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

January is the most important month !!!!

I’ve seen hotels miss their numbers in January and never recover, continually trying to dig out of the hole they created in January. 

You might be thinking there’s nothing you can do this month to help you hit your revenue goals in January. 

That would be incorrect.

Whatever you do in January is going to contribute in February, March and April, too !

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

And we’re off…….

Welcome to a new year filled with opportunities for enlightenment, new challenges and new possibilities.

We all know what needs to be done, so let’s get the ball rolling.…. the 1st of 365 revenue opportunities has already passed.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

The year is drawing to an end, and this will be my last post for 2022.

2023 is a few days away, and new challenges lay ahead of us.

Just remember……

You’ll never get bored when you try something new. There’s really no limit to what you can do.

Start the year by challenging yourself to take a step into the unknown……

Have a profitable New Year.

✌🏼

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.

✌🏼