Today's Revenue Management thought:-

Food for thought.

Do you consider your hotel rooms to be a commodity ?

Hotel rooms can be considered a commodity because they are readily available and can be purchased at a “standard rate”.

Hotel rooms typically have similar features, amenities, and services, making them a homogeneous product.

This makes them similar to other commodities, such as oil or wheat, that can be bought and sold on the open market.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

We constantly hear about Dynamic pricing, and many think this is the only step in maximising revenue opportunity - but is it really the only step ?

Dynamic pricing models are designed to maximise revenue.

However, they are not necessarily the most effective way to maximise revenue opportunities.

All hotels should also consider other pricing strategies such as segmentation pricing, loyalty pricing, and value-based pricing. These strategies can help hotels create value-based offers and create more attractive pricing options that will entice more guests to book.

Additionally, hotels should also consider factors such as seasonality and customer preferences when setting prices.

By taking these measures, hotels can maximise revenue opportunities and maximise customer satisfaction.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Believe it or not, I have been asked twice in the last few weeks, “why do I need to test my pricing strategy ?”

Testing your pricing strategy is important to make sure that you are setting prices that are competitive and profitable.

Testing allows you to experiment and make adjustments to your strategy in order to maximize revenue and make sure that you are meeting the needs of your customers.

Additionally, testing your pricing strategy can help you identify potential weaknesses in your strategy and make changes that will improve the overall effectiveness of your pricing.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Complexity is the absolute enemy of running a successful accommodation business.

The simpler you can make your solutions, the easier it will be to manage and secure your customer information, price correctly & provide sublime service.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Doubt, of whatever kind, can be ended by action alone.

When we act without worrying about what the outcome will be and instead focus on the action itself, we are able to cut through the doubt and find a tangible solution. By taking action, we can gain clarity and direction, which helps to alleviate doubt and replace it with confidence in the decisions we make.

Make a bold move & try.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

GDS – Is it relevant for your hotel in 2023 ?

Yes, Global Distribution Systems (GDS - Sabre, Amadeus, Galileo or Worldspan) are still relevant in 2023.

In fact, the increasing use of technology and mobile applications to book travel is likely to make GDSs more relevant. GDSs also provide a secure, reliable platform for travel companies to manage their reservations, which is likely to remain important in 2023.

Remember to conduct your GDS Audit, and ensure available inventory and rates.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Why hotels need all revenue, not just lodging revenue

Hotels need all revenue, not just lodging revenue, in order to remain profitable.

Hotels not only generate income from guests staying in their rooms, but they also make money from food and beverage, event and meeting space rentals, spa services, and other amenities.

All of these revenue streams contribute to the overall profitability of your hotel, and without them you are not maximising your revenue potential.

You also need to consider your operating costs and expenses, and having multiple revenue streams helps to offset those costs and keep the business profitable.

Have a profitable week.

✌🏼

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.

✌🏼