Revenue Hub

JUNE 13, 2023

NB: This is an article from Revenue Team by Franco Grasso , one of our Expert Partners One component is “dynamic pricing.” ” You’re familiar with this model when considering your rack rate vs. your bottom prices. First, consider your hotel has a pricing path. Bottom rate pricing does two things.

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Pricing Book Events Article 52

Revenue Hub

DECEMBER 4, 2023

NB: This is an article from DynamEat Today’s solutions excel at generating price choices and adjustments automatically by using advances in artificial intelligence and machine learning. The incorporation of new data sources, such as POS, is critical in enabling more intelligent pricing choices.

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Special Events Pricing Accounting Article 91

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

SEPTEMBER 5, 2023

NB: This is an article from BEONx , one of our Expert Partners Effective management of room inventory can make or break a hotel’s reputation and bottom line. In this article, we’ll delve into the best practices that hotels can adopt to master the art of hotel room inventory management.

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Pricing Reservations Training Article 99

Revenue Hub

JULY 24, 2023

NB: This is an article from Demand Calendar Factors such as the destination’s appeal for tourism, business events, cultural festivals, and other attractions are the primary drivers of the demand for overnight stays. Leverage Local Events : If any local events are happening, hotels can offer special packages tied to these events.

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Maintenance Travel and Tourism Special Events Guest Satisfaction 81

Revenue Hub

JANUARY 9, 2024

NB: This is an article from IDeaS That’s a simple truth, but it’s really at the heart of why forecasting matters. A hotel demand forecast is a projection of demand (for rooms or other outlets like meeting space) that is used by revenue leaders to guide strategies for demand generation, pricing, inventory controls, segment mix and more.

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Special Events Book Article Information 78

Revenue Hub

JULY 11, 2023

NB: This is an article from Lybra , one of our Expert Partners Amid a sea of considerations, ranging from efficient staff management and impeccable property upkeep to top-tier customer service, revenue management emerges as a critical linchpin. In essence, when demand for your rooms is high, prices rise, and when demand is low, prices drop.

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Pricing Book Article Events 65

Revenue Hub

OCTOBER 30, 2023

The fear: There will be no transparency If you’re a revenue manager (RM) and your automated RMS has next week’s prices set significantly higher than your closest competitors, odds are strong you’ll have some explaining to do with your GM or the owner. It’s not just one tool or one person doing the pricing. The end result?

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Pricing Special Events Article Book 90

Revenue Hub

OCTOBER 17, 2023

NB: This is an article from Robert O’Halloran , Professor Director, School of Hospitality Leadership at East Carolina University A new hotel to some is just another place some travelers cannot afford to stay. Where was the value for the price paid? Customer demand: guests who are willing to pay different prices.

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Pricing Marketing Training Book 97

Revenue Hub

OCTOBER 23, 2023

Big Data’s Role in Mitigating the Hotel Industry’s Top Three Risks The first and biggest risk is opportunity cost, or leaving money on the table by not accurately pricing inventory – and that can be in either direction. Another risk is conflating channel complexity with pricing complexity.

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Pricing Book Reservations Property Management 83

MBB Hospitality

NOVEMBER 15, 2023

This article explores effective strategies for controlling food costs while maximizing restaurant revenue. It involves tracking the cost of each ingredient, understanding seasonality, and recognizing price fluctuations. Building strong relationships with suppliers can lead to more favorable pricing and terms.

Training 52

Training Pricing Portion Control POS Systems 52

Revenue Hub

APRIL 11, 2023

The optimal distribution mix for a hotel depends on the hotel’s target market, location, size, and unique selling points. NB: This is an article from Demand Calendar However, no one-size-fits-all answer exists, as each hotel must consider its specific situation and goals.

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Book Information Reservations Catering 77

Revenue Hub

AUGUST 22, 2023

Filling up as many rooms as possible with the most optimized pricing for each room has always been the main focus of the traditional hotelier. Retailers have been using a technique called market basket analysis for many years to increase sales and capture more revenue by better understanding customer purchasing patterns.

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Special Events Book Information Reservations 72

Revenue Hub

OCTOBER 28, 2022

Filling up as many rooms as possible with the most optimized pricing for each room has always been the main focus of the traditional hotelier. NB: This is an article from Agilysys. Read more articles from Agilysys. Even one negative experience against 100 exceptional experiences will affect guest impression and reputation.

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Special Events Book Information Reservations 77

Les Roches

DECEMBER 21, 2022

In this article, we’ll go over everything from the history of revenue management to the different ways you can assess revenue in a hotel. Demand – Looking at when demand is higher or lower and changing pricing and advertising appropriately. Forecast-based pricing. Some of the main ones are: Average daily rate.

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Pricing Book Concierge Events 52

Revenue Hub

OCTOBER 28, 2022

NB: This is an article from RealTime Reservation. More ideas may include the following: Consider packaging the airport shuttle with property parking, special events with photography services, and waivers with activities, all incentivizing guests to take advantage of both offerings at once. Be sure to engage your marketing team.

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Reservations Book Catering Special Events 75

Synergy Suite

OCTOBER 12, 2023

In this article, we explore what gross profit margin is, how to calculate it, and how it is distinguished from other profitability metrics like net and operating margins. Analyze the gross profit margin to understand how efficiently you’re managing costs and pricing your menu items.

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Portion Control Pricing Accounting Procurement 52

Les Roches

DECEMBER 30, 2023

In this article, we will delve­ into the key differe­nces betwee­n products and services in the hospitality industry. By the e­nd of this article, you will have a solid understanding of product/service differences and how these­ distinctions manifest themselve­s in various sectors, with a particular focus on the hospitality industry.

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Guest Services Concierge Definition Customer Service 95

Les Roches

JULY 11, 2023

In this article, we’ll go over the main differences between customers and consumers and how this affects people working in hospitality careers. We’ll also discuss what steps you can take to improve your knowledge of customer service and how to tailor marketing to the consumer or customer you want to engage.

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Special Events Customer Service Marketing Hospitality Management 40

Restaurant Engine

FEBRUARY 8, 2023

What’s more, you also know that social media marketing is vital in today’s digital world. This article examines why the best restaurants have these four social media accounts and how you can harness their power for your business. #1: You may also be trying to use multiple platforms.

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Accounting Information Blog Events 59

Synergy Suite

OCTOBER 5, 2023

In this article, we’ll explain the definitions of revenue and sales, how they’re different, and how to calculate each of them. Keeping a close eye on trends in your restaurant’s revenue can help you adapt to changing market conditions. It represents the total income generated from selling food, beverages, and other services.

Catering 52

Catering Information Events Labor Cost Controls 52

Synergy Suite

APRIL 11, 2023

So before deciding to forego building your restaurant website in order to save a little money, you may want to read through this article and consider what you might be missing. The increased visibility helps you tap into new markets and attract a diverse customer base. Everything leads back to your website and social media handles.

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POS Systems Reservations Information Definition 52

The Restaurant Times

SEPTEMBER 16, 2021

However, 11-years since its launch, the scope of Instagram has dramatically grown and well extended into marketing. As for restaurants, there is no better platform than Instagram for marketing, expanding their customer base, and boosting their restaurant sales. 5 Creative Ways Instagram Marketing Enhances Restaurant Sales.

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Marketing Accounting Budgeting Special Events 52