Today's Revenue Management thought:-

This week I’ll look into the do’es & don’ts of dynamic pricing to avoid creating a pricing strategy where consumers view your pricing as a scam.

Balance your algorithms with human judgment; avoid over-reliance on automation. Forgetting the human element in dynamic pricing is a guarantee for failure.

Refrain from using dynamic pricing in situations perceived as insensitive or profiteering. While price increases due to increased demand are coherent, customers may perceive them as pure profiteering, especially in delicate situations.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

This week I’ll look into the do’es & don’ts of dynamic pricing to avoid creating a pricing strategy where consumers view your pricing as a scam.

Avoid dynamic pricing if it conflicts with your overall strategy. Just because your competitors implement dynamic pricing doesn’t mean you have to follow suit.

Skip dynamic pricing in non-seasonal, non-urgent scenarios with full comparability. Dynamic pricing can shift consumer demand from when they wanted to purchase an item to when they expect a lower price.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

This week I’ll look into the do’es & don’ts of dynamic pricing to avoid creating a pricing strategy where consumers view your pricing as a scam.

Utilise dynamic pricing when costs are elastic and a fluid pricing strategy is feasible and cost-efficient.

Implement dynamic pricing for seasonal demand spikes. A dynamic pricing model can allow for effective monetisation of seasonal demand and urgency when price sensitivity drops.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

This week I’ll look into the do’es & don’ts of dynamic pricing to avoid creating a pricing strategy where consumers view your pricing as a scam.

Dynamic pricing suits perishable inventory and varied customer willingness to pay, optimising revenue in capacity-constrained situations.

Employ dynamic pricing to balance supply-demand fluctuations effectively.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

It’s Friday - time to contemplate.

Navigating the fine line between revenue optimisation and guest satisfaction is tricky but essential.

Overbooking is like juggling flaming torches - thrilling if you pull it off, but watch out for the burns!

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Adapting Hotel Demand Forecasting in a Changing Landscape.

Dispelling Overbooking Myths.

Misconceptions about overbooking abound, particularly during events like fairs where demand spikes. 

Debunking these myths is crucial for understanding the practice's realities and implementing effective strategies. 

By rethinking overbooking practices, hotels can enhance revenue without compromising guest satisfaction.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

Adapting Hotel Demand Forecasting in a Changing Landscape.

Strategies for Optimal Overbooking.

Determining the right overbooking ratios for your property involves analysing historical data, considering no-show factors, and forecasting demand accurately. 

Establishing clear Standard Operating Procedures (SOPs) for handling overbooked situations is essential. 

These SOPs should prioritise guest satisfaction while minimising financial losses.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

Adapting Hotel Demand Forecasting in a Changing Landscape.

The Dilemma of Overbooking.

One common practice in revenue management is overbooking, a calculated gamble that assumes some guests will cancel their reservations. 

While it can boost revenue, overbooking comes with risks. Guest dissatisfaction due to being denied their booked accommodations can tarnish your hotel's reputation.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

Adapting Hotel Demand Forecasting in a Changing Landscape.

Striking the Balance Between Revenue and Guest Satisfaction.

Navigating the fine line between revenue optimisation and guest satisfaction is a complex yet essential task for your businesses. 

It's not enough to focus solely on maximising profits; guest experience plays a pivotal role in long-term success. 

Balancing these priorities demands strategic thinking and innovative solutions.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

It’s Friday - time to contemplate.

The Mighty Mojo of Spot-On Predictions

Have a profitable week & enjoy the Easter break.

✌🏼