Today's Revenue Management thought:-

Hotels will make emotion the new brand standard !

Hotels can make emotion the new brand standard by focusing on providing a personalized experience to their guests.

Hotels should prioritize creating an emotional connection to their guests through quality customer service and thoughtful details. Hotels can create emotional bonds with guests by providing a warm welcome and a personalized experience that is tailored to the individual's needs.

In addition, they should also focus on creating a memorable atmosphere by offering memorable amenities and experiences, such as unique decor, complimentary services, and interesting activities. Additionally, hotels should strive to create a sense of community with their guests by offering activities that bring guests together and create a sense of belonging.

Finally, hotels should invest in modern technologies that allow them to better understand and anticipate the needs of their guests. By making emotion the new brand standard, hotels can create a more meaningful and memorable experience for their guests, and a better bottom line.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Segmentation - Redefine your online strategy

The internet is constantly evolving, and it can be difficult to keep up with the ever-changing travel trends. As a hotel, it's important to stay on top of the latest trends and develop a strategy that takes into account the changing landscape. One way to redefine your online strategy is to employ segmentation.

This can be done in several different ways, such as by behavior, demographics, or even interests. By segmenting your target audience, you can craft more targeted campaigns that are tailored to each group's needs and interests.

Another way to redefine your online strategy is to focus on user experience (UX) . This includes the design, functionality, and usability of your website. By making sure your website & booking engine are easy to use and provides a positive experience, you can increase customer satisfaction and boost engagement.

Finally, keep up with the latest technologies. Technology is always changing, and it's important to stay ahead of the curve.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Hotel pricing is a tricky business to get right.

It's important to consider your customer base, the overall market conditions, and the location of your hotel when setting prices.

Knowing the right balance between maximizing your profits and providing value to your customers is key to successful hotel pricing.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

A short reminder on the best practices in hotel pricing.

1. Monitor the competition: Monitor your competition's pricing and adjust your rates accordingly. This will help you remain competitive and attract more customers.

2. Consider the season: Consider the season when setting your prices. During peak season, you can charge a premium rate. During slow season, you may want to offer discounts to attract more customers.

3. Differentiate your offerings: Differentiate your offerings and charge different prices for different types of amenities. This will allow you to capture more of the market.

4. Focus on value: Focus on providing value to your guests and making sure they are getting a great experience. This will help you establish a good brand reputation and attract more customers.

5. Use data to inform decisions: Gather data and use it to inform your pricing decisions. Analyze market trends, customer feedback, and occupancy rates to determine the best prices for your hotel.

6. Use dynamic pricing: Consider using dynamic pricing to adjust your prices in real-time. This will help you maximize your revenue and capture more of the market.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

"We face danger whenever information growth outpaces our understanding of how to process it,” - The Signal and The Noise by Nate Silver.

This is the dilemma we face with benchmarking - so much data is available, from a multitude of diverse sources, entailing that it can be challenging to know where to start.

In addition, given that some of the data collected is unreliable and incompatible with other data, it can actually be next to useless. 

Without understanding what drives the performance that we can see, we will risk blindly assuming that future performance can be predicted based on past outcomes. 

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Benchmarking is one of several components of the performance measurement picture, not the complete picture of the truth, as many tend to think.

To really understand and improve performance you need a combination of :-

- benchmarks

- forward-looking KPI's

- budget targets

- clear strategic goals

- initiatives that deliver change

Once in place you can interpret the data to better understand and predict performance, and use that information to plan projects, pricing initiatives and changes that will improve future performance.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Why are we still using 2019 as a benchmark ?

It’s after all 3 years ago…. That’s 1096 days ! ( 3* 365 days + 1 extra day as 2020 was a leap year with 366 days).

Few of us refer to the 1970 - 71 tourism boom before the great travel crash with the 1972 - 73 oil crisis.

The dynamics of 2019 or 1970 bear relatively little relevance for our future. We can reference them yes, but the dynamics of 2023 or 2024 for that matter have moved beyond 2019.

I guess we all like to reminisce about the good times - we do too often forget that Revenue Management is about cementing the good times that others can refer to in the future. 

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

A curious & creative line of thought will always help you to identify new revenue opportunities.

Use your pricing strategies proactively & start testing the limits.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

If you are not willing to risk the unusual, you will have to settle for the ordinary.

Use your pricing strategies commercially & start testing the limits.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Admit it - you may have made one or two pricing errors during your esteemed pricing career !

Automated pricing tools have helped us get around mistakes made through manual input. Being on top of your numbers will also entail that you quickly identify & rectify these errors.

We all make mistakes, it's just that some are more costly than others.  If you've made pricing mistakes, learn from the experience.

Have a profitable week.

✌🏼