Revenue Hub

OCTOBER 13, 2023

Planning a hotel budget is a critical task that ensures the smooth operation and financial health of your hotel. This guide will walk you through the essential steps, best practices, and expert advice to help you create a robust hotel budget. Without a budget, you risk financial instability and inefficiency.

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Budgeting Revenue Projections Article Maintenance 95

Revenue Hub

SEPTEMBER 5, 2023

Planning the budget for your hotel is crucial for financial success. NB: This is an article from Knowland But are you sure that your commercial team is following the latest hotel revenue management trends, like total revenue management and dynamic pricing, to optimize profits? Don’t worry, we’ve got you covered! Let’s dive in!

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Budgeting Accounting Pricing Article 88

Revenue Hub

OCTOBER 2, 2023

NB: This is an article from Demand Calendar Whether they run luxurious resorts or small bed-and-breakfasts, hotel companies spend considerable time and effort creating annual budgets. Let’s start with the steps in budgeting for hotels. Is budgeting critical in hotels? This process is meticulous and time-consuming.

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Budgeting Information Article Events 84

Revenue Hub

OCTOBER 20, 2023

Budget season is upon us, and around the world hotel owners and operators are buried deep in data trying to come up with 2024 performance numbers. NB: This is an article from Hotstats What unique challenges are hotels facing in the 2024 budgeting and planning process? Pricing: Have We Reached a Ceiling? he wondered.

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Budgeting Travel and Tourism Pricing Article 101

Revfine

JANUARY 4, 2024

Open pricing is an increasingly important strategy for increasing hotel revenue. It allows hotels to target various customers across different budgets, maximizing revenue and raising occupation levels all year round. With open pricing, rates, and services can be pitched optimally to ensure maximum uptake without compromising quality.

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Pricing Budgeting Article 52

Revenue Hub

FEBRUARY 9, 2023

NB: This is an article from Expedia Group However, this demand outweighed supply as airlines struggled to secure enough staffing and planes to keep up. Travelers are upping their budgets as well, with 43% of consumers saying their budget for the next 12 months will be higher than last year.

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Pricing Budgeting Book Article 92

Revenue Hub

JULY 26, 2023

NB: This is an article from Global Asset Solutions Unlike other products that can be stored and sold later, the prices of hotel room nights often fluctuate based on supply and demand, with prices typically rising during peak seasons or when major events are happening and falling during slower periods.

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Pricing Book Marketing Article 93

Revenue Hub

MARCH 21, 2023

Price elasticity is an essential KPI for any business, and the hotel industry is no exception. NB: This is an article from Lybra , one of our Expert Partners It measures the responsiveness of demand for a product or service to changes in its price. Seasonality This is another important factor that affects price elasticity.

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Pricing Article Budgeting Events 80

Revenue Hub

MAY 2, 2023

NB: This is an article from Lybra , one of our Expert Partners A well-defined pricing strategy is vital for the success of any hotel business. Hotel pricing is a dynamic process influenced by various factors, including location, competition, customer preferences, and seasonality.

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Pricing Article Book Events 66

Revenue Hub

NOVEMBER 7, 2022

One of the most important elements of an effective revenue management strategy is offering the right prices. NB: This is an article from Beonprice , one of our Expert Partners. Pricing can be based on cost, competition, or demand. This is what’s known as demand-based pricing. What is demand-based pricing in hotels?

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Pricing Definition Article Marketing 77

Revenue Hub

FEBRUARY 27, 2024

Many discussions focus on familiar strategies like dynamic pricing, personalized offers, and the use of revenue management systems, already widely used in big cities. Pricing is either static, “hurdle-based” or dynamic with fixed “intuitively based” thresholds. Conversely, under-pricing will lead to low rated compression.

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Pricing Budgeting Book Article 100

Revenue Hub

APRIL 19, 2024

Benchmarking is also a valuable tool to track your performance against internal key success metrics, such as your budget and forecast. In the same vein, if your compset contains hotels that are too high-end, where you are benchmarking against a higher ADR, you may inadvertently set prices to match. This is where benchmarking comes in.

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Pricing Article Blog Budgeting 101

Restaurant Engine

JULY 28, 2021

You want to price your daily dinner specials just right for repeat business. Yet, it can be hard to know where to go with pricing. In this article, we look at how to price daily dinner specials for the best results. The only way you can know how to price your specials is to create a costing card. The menu price.

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Pricing Server Marketing Budgeting 111

Revenue Hub

MAY 2, 2024

NB: This is an article from TCRM Subscribe to our weekly newsletter and stay up to date This follows on the heels of 1,842 hotel openings in 2022 and approximately 2,480 hotel openings in 2023. A handful of multi-brand conglomerates are now dominating the market across segments from luxury to budget.

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Article Pricing Marketing Budgeting 74

Revenue Hub

APRIL 22, 2024

NB: This is an article from gcommerce Subscribe to our weekly newsletter and stay up to date They look at their media mix, replete with reasonable allocations to paid search, social media, display, SEO, and metasearch, and feel like they have covered their proverbial bases. Opportunity wasted, revenue squandered.

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Budgeting Book Presentation Marketing 106

Revenue Hub

MARCH 14, 2024

By providing prices and availability, hotels now can appear in the hotel booking module for free, along with paid hotel ads. NB: This is an article from Bookboost Subscribe to our weekly newsletter and stay up to date Furthermore, Google assured that those who paid for Google Ads will not be prioritized over those who don’t.

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Book Budgeting Article Pricing 101

Revenue Hub

AUGUST 24, 2023

Hoteliers and marketing executives in the hotel industry are faced with a multitude of challenges, including budgeting, marketing decisions, selecting appropriate distribution channels, and proper pricing. Revenue management should adjust prices according to demand and competition, ensuring an optimal price-performance ratio.

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Pricing Budgeting Article Reservations 88

SiteMinder

OCTOBER 15, 2023

What is hotel dynamic pricing? Dynamic pricing is a pricing strategy for hotels that involves changing room rates daily, or even within the day based on real-time market conditions. Taking supply and demand into account, dynamic pricing allows for prices to fluctuate regularly so the hotel can maximise revenue.

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Pricing Definition Book Marketing 59

Revenue Hub

FEBRUARY 8, 2024

An exception exists for city hotels in major tourist destinations, as offering too much inventory at low prices to boost rankings can backfire if unexpected events lead to a sudden increase in demand. The significance of high-quality photos grows with the price point of the hotel.

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Book Budgeting Article Pricing 105

Les Roches

OCTOBER 27, 2023

If you want a career in hotel management , you’ll need to be familiar with many aspects of overseeing a hospitality venue, including hotel pricing strategy. However, there are various factors to be considered when pricing and, if you want to maximize revenue, it’s essential to know all about effective hotel pricing strategies.

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Pricing Communication Book Marketing 52

Revenue Hub

APRIL 30, 2024

This article debunks these misconceptions, highlighting the complex nature of revenue management that goes beyond pricing to include market analysis and customer behavior. While pricing plays a crucial role in revenue management, it is just one aspect of a much broader strategy. However, this is far from the truth.

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Pricing Information Article Marketing 81

Revenue Hub

NOVEMBER 15, 2022

Most people have probably heard the inspirational business mantra: NB: This is an article from Right Revenue , one of our Expert Partners. If your hotel is not currently considering including new technology in the 2023 budget, below are 5 things you may wish to consider – plus an added bonus: 1 reason NOT to adopt new technology.

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Budgeting Guest Satisfaction Article Document 52

Revenue Hub

JANUARY 17, 2024

NB: This is an article from Userguest , one of our Expert Partners In this article, we’ll explore practical and effective ways for hoteliers to boost bookings and revenue in Q1 and Q2 of 2024 that align with the evolving landscape of travel and hotel trends. Encourage user-generated content and reviews to build trust and authenticity.

Book 97

Book Pricing Article Marketing 97

Revenue Hub

DECEMBER 5, 2023

NB: This is an article from Think with Google Subscribe to our weekly newsletter and stay up to date Set packages for a specific amount of people over a set number of days was the company’s original offering to prospective customers. This was coupled with incongruent language like “best price guaranteed” and “price match”.

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Budgeting Pricing Article Marketing 93

Revenue Hub

APRIL 29, 2024

NB: This is an article from Demand Calendar Subscribe to our weekly newsletter and stay up to date In this blog, we’ll explore CEOs’ top challenges and discuss ways to navigate these complexities successfully. This means addressing critical questions like: Are we on track to meet our budget, and what might derail our progress?

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Article Blog Budgeting Marketing 88

Revenue Hub

JANUARY 30, 2024

NB: This is an article from LodgIQ , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date Removes department bias A commercial strategy platform removes department bias from the process by creating more accurate insights that lead to smarter business decisions. That strategy, however, limits revenue potential.

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Marketing Pricing Article Budgeting 93

Revenue Hub

JANUARY 11, 2024

NB: This is an article from WebRezPro But for busy hoteliers with mounting priorities and limited resources, how do you get to them all? Yes, yes, there are other search engines out there but the reality is that Google dominates when it comes to travel planning and can help your hotel get out in front even if you’re on a budget.

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Marketing Blog Budgeting Article 102

Revenue Hub

JANUARY 13, 2023

NB: This is an article from Arise. Like all businesses, you want your hotel to get the best return on its investment and ensure every penny of the hard-earned marketing budget is being spent well. Average prices by service. However, taking this into account, we’d recommend budgeting between £200 – £1,000 per month for PPC.

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Marketing Budgeting Pricing Book 90

Revenue Hub

JANUARY 18, 2024

NB: This is an article from Canary Technologies But how well do you know your competitors? And more importantly: how can you use this knowledge to optimize your pricing, marketing and conversions? Pricing Apart from location, price is one of the easiest factors to compare for potential guests.

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Competitive Analysis Budgeting Pricing Article 85

Revenue Hub

SEPTEMBER 6, 2023

NB: This is an article from Cendyn , one of our Expert Partners Hoteliers are turning to various online strategies to capture the attention of potential guests, and Google Ads has emerged as a game-changing tool in their arsenal. This inspires potential customers to click on the ad, driving direct demand for hoteliers.

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Book Budgeting Reservations Article 83

Revenue Hub

SEPTEMBER 25, 2023

Running a hotel is a complex and balancing act: you want to ensure all your rooms are booked and your guests are happy, but how do you set the right prices to make this happen? NB: This is an article from eZee Absolute Well, that’s where “hotel rate types” come into play.

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Reservations Pricing Book Catering 99

Revenue Hub

APRIL 23, 2024

NB: This is an article from Bookboost Subscribe to our weekly newsletter and stay up to date Finally, resource constraints like budget and skilled personnel limit data management capabilities, especially for smaller hotels. Even with insights, translating them into actionable strategies for different departments can be tough.

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Guest Satisfaction Article Information Budgeting 87

Revenue Hub

NOVEMBER 1, 2023

NB: This is an article from RoomPriceGenie , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date MYTH #1: Revenue management systems (RMS) are only for bigger or branded properties. MYTH #2: RMS is too expensive for my smaller property with a minimal technology budget.

Pricing 89

Pricing Budgeting Reservations Article 89

Revenue Hub

DECEMBER 14, 2023

NB: This is an article from TrustYou Subscribe to our weekly newsletter and stay up to date Change, disruption, and innovation are often mentioned when describing the impact of technology, evolving consumer behaviors, and the ever-complex economic and political scene. Our data also confirms the role that price plays when leaving a review.

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Article Blog Pricing Budgeting 94

Revenue Hub

NOVEMBER 9, 2023

NB: This is an article from Topline Revenue , one of our Expert Partners Yet, group bookings present a unique challenge. Each has its own demands, booking patterns, and budget constraints. Step 2: Strategic Pricing and Inventory Management Now it’s time to dive into pricing and inventory management. Happy booking!

Book 93

Book Pricing Guest Satisfaction Article 93

Revenue Hub

JANUARY 19, 2023

NB: This is an article from Experience Hotel How important is e-reputation for hotels? 2nd criteria for selecting a hotel: price The second criterion for selecting a hotel is price. Recently, customers have also become accustomed to yield management (which makes prices fluctuate according to supply and demand on a daily basis).

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Pricing Article Budgeting Information 87

Revenue Hub

MARCH 14, 2024

NB: This is an article from SiteMinder , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date Given the online travel industry generated revenue worth $667.55 Cheapest hotel app There’s really no definitive ‘cheapest’ hotel app, since budget hotels and affordable accommodations can be found on all apps.

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Book Article Definition Budgeting 84