InnQuest

APRIL 3, 2023

For instance, online booking systems, channel managers, and revenue management software can help you manage reservations, room rates, and availability across different channels. Utilizing cloud-based hotel management software can simplify room block management and provide real-time updates on room availability, bookings, and cancellations.

Property Management 222

Property Management Training Special Events Guest Satisfaction 222

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.

Pricing 59

Pricing Definition Book Marketing 59

Revenue Hub

JANUARY 9, 2024

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. A demand forecast is an essential guiding force for hotel revenue success.

Special Events 80

Special Events Book Article Information 80

Revenue Hub

SEPTEMBER 5, 2023

Leveraging historical data, market trends, and special events, hotels can predict periods of high and low demand. This allows them to adjust pricing strategies, allocate rooms accordingly, and maximize revenue during peak seasons while avoiding vacancies during off-peak periods.

Pricing 101

Pricing Reservations Training Article 101

Revenue Hub

JULY 24, 2023

The worst part is if hotels at the destination start a price war to attract more guests, the results will be lower revenue for all, and no additional guests will travel to the destination because the hotel rooms are cheap. Early Booking Incentives : Encourage guests to book their stays early by offering discounts.

Maintenance 83

Maintenance Travel and Tourism Special Events Guest Satisfaction 83

Revenue Hub

JULY 10, 2023

By identifying where the business is coming from and what motivates guests to complete a purchase, you can better define effective pricing strategies and target your offer to meet their needs. Transient Transient travelers are FITs or business travelers who typically book last minute directly through the hotel, travel agent, or an OTA.

Marketing 86

Marketing Special Events Book Article 86

Revenue Hub

JULY 11, 2023

Subscribe to our weekly newsletter and stay up to date Demystifying Revenue Management At its heart, revenue management is a strategic toolkit in the hotel industry that allows businesses to forecast consumer behavior, optimize product availability, and fine-tune pricing to maximize revenue growth.

Pricing 67

Pricing Book Article Events 67

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.

Pricing 85

Pricing Book Reservations Property Management 85

Revenue Hub

FEBRUARY 20, 2023

How do you increase your profits even as prices remain high and the future remains unknown and uncertain? According to research conducted by Google and Bain , the top factors influencing people to travel include the following: 17% of travelers felt motivated to book a trip because they often thought about trips they’d like to go on.

Special Events 86

Special Events Article Book Pricing 86

Hotel Business

SEPTEMBER 15, 2023

For an effective pricing strategy, you should look to determine your offerings, including: Variety of rates Discounts Your loyalty program offerings Upsell opportunities Slow periods are an excellent time to understand price fences such as advanced purchase, deposit or cancellation policies, as these can be flexed over time.

Special Events 64

Special Events Pricing Accounting Events 64

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?

Pricing 92

Pricing Special Events Article Book 92

eZee Absolute

AUGUST 31, 2022

Be strategic about the pricing. Host a special event. Every year, during Diwali, the global hospitality industry witnesses a great surge in bookings. The same report also stated that there has been a 22% increase in domestic travel bookings during the same time of the year. Be strategic about the pricing.

Special Events 52

Special Events Pricing Events Book 52

Revenue Hub

APRIL 11, 2023

One example is when a front desk employee receives an inquiry for a hotel room that is fully booked; the employee will tell the guest that the hotel is fully booked and then do nothing else. It is even worse in hotels with extensive meeting spaces when employees tell the customer that the hotel is fully booked.

Book 80

Book Reservations Information Catering 80

SiteMinder

NOVEMBER 30, 2023

It encompasses advanced booking engines, property management systems, customer relationship management (CRM) software, AI-driven chatbots, and more. Once upon a time your guests would book over the phone, by walking into a hotel, or through a travel agent.

Guest Satisfaction 52

Guest Satisfaction Book Property Management Pricing 52

SiteMinder

OCTOBER 5, 2023

It allows you to manage bookings, adjust nightly rates, availability, and streamline inventory management. This global exposure means that hotels, regardless of size or location, have the opportunity to attract travellers from various regions, enhancing their booking potential. A particularly useful feature is the rate management tool.

Competitive Analysis 59

Competitive Analysis Book Property Management Information 59

Les Roches

DECEMBER 21, 2022

Demand – Looking at when demand is higher or lower and changing pricing and advertising appropriately. Events – Events such as weddings, conventions, or conferences can be high earners for hotels, as they will often book conference rooms as well as blocks of rooms. Forecast-based pricing. Rate parity.

Pricing 52

Pricing Book Concierge Events 52

The Restaurant Times

APRIL 25, 2021

These techniques are some of the oldest tricks in the marketing book and work well to draw in customers. For one, offering special deals and discounts can be costly. In other words, if a customer tries your restaurant simply because of the discounted price, they are less likely to return when you go back to charging full prices.

Special Events 52

Special Events Events Scheduling Pricing 52

Synergy Suite

DECEMBER 7, 2023

Revenue per seat represents the average income generated for each occupied seat within a specified timeframe, offering a nuanced perspective on customer spending patterns and the effectiveness of pricing strategies. It helps you identify trends, measure the impact of pricing changes, and assess the success of marketing initiatives.

POS Systems 52

POS Systems Pricing Training Reservations 52

Xotels

JANUARY 18, 2021

The price does not decide the market segmentation. Booking Lead Time. Today’s ways of booking make it difficult to identify the purpose of the trip. Segment by default the individual bookings for short midweek stays as business, and identify as leisure reservations of double rooms over the week-end. Day of Weeks stays.

Marketing 40

Marketing Book Reservations Special Events 40

Hotel Owner

NOVEMBER 24, 2022

I started as a porter in South Africa, which was followed by concierge roles doing a lot of special events and special projects, such as million-dollar golf. One of them is Miyako, an authentic Japanese restaurant that has street pricing and only seats 26. I, like most people, stumbled into this industry by accident.

Training 102

Training Concierge Special Events Housekeeping 102

Modern Restaurant Management

DECEMBER 10, 2021

Instead of promoting items according to price or margin, promote what your customers love. Book in advance, or wait half an hour for a table. Once you have this information, you can reach out to customers a week before the special day and invite them to celebrate their special day at your restaurant. Net result?

Marketing 226

Marketing Information POS Systems Demo 226

SiteMinder

OCTOBER 20, 2022

As recently as 2016 STR measured the impact of Airbnb on hotels by impact on ADR during special events; for example, during the Boston Marathon hotel rates grew 5% year over year when unit supply on Airbnb had grown by 76%. By adding experiences to their booking options, Airbnb increased its influence on the guests’ entire stay.

Book 52

Book Blog Pricing Special Events 52

SiteMinder

AUGUST 29, 2023

Host events and functions Similar to the last point, if you have the space to host special events you should do so. In order to increase direct bookings , hotels need to think about their overall web presence, not just OTAs. How does a booking engine cut costs and increase revenue?

Housekeeping 52

Housekeeping Guest Satisfaction Book Maintenance 52

Les Roches

JULY 11, 2023

Understanding customers and consumers in hospitality If you work in the hospitality sector, for example in hotel management , then your customers are the people who spend money with you, whether that’s buying a meal in the hotel restaurant, booking rooms or arranging a special event in the venue.

Special Events 40

Special Events Customer Service Marketing Hospitality Management 40

Les Roches

APRIL 26, 2023

Businesses that primarily serve clients may prioritize building long-term relationships and providing tailored services, while those that primarily serve customers may focus more on pricing, convenience, and products. This can include guests who book a room, order food and drinks or use hotel services such as the spa or fitness center.

Customer Service 52

Customer Service Definition Communication Events 52

Lithos POS

SEPTEMBER 27, 2023

It helps you to calculate bills and taxes accurately based on the items ordered, their prices, and any applicable taxes or discounts. Business Insights With the help of POS reports and analytics, you can make data-driven decisions to optimize menu offerings, pricing, marketing, and financial decisions.

POS Systems 69

POS Systems Accounting Front of House Server 69

Les Roches

DECEMBER 30, 2023

Some key guest services prized by modern travelers include: Digital check-in and check-out: a streamlined check-in and check-out process using mobile apps and digital platforms that creates a fast, more convenient user experience Smart room technology : guests can control lighting, temperature and entertainment preferences through their smartphones (..)

Guest Services 95

Guest Services Concierge Definition Customer Service 95

SiteMinder

OCTOBER 10, 2022

Make strategic pricing decisions to improve profitability. Have similarly priced rooms. How did special events or seasonal fluctuations contribute to my hotel’s performance? It provides an insight into the number of rooms that are being sold at a hotel and how much revenue is being generated from those bookings.

Marketing 52

Marketing Pricing Demo Special Events 52

Synergy Suite

APRIL 11, 2023

Promoting special events, discounts, or new menu items through your website helps generate buzz and attract customers and retain loyal ones. Provide detailed descriptions, attractive food photography, and pricing information to give potential customers a taste of what they can expect.

POS Systems 52

POS Systems Reservations Information Definition 52

SiteMinder

DECEMBER 7, 2023

Hotel rate management is the process of strategically pricing rooms to attract guests while also maximising revenue. This process requires continuous analysis of market trends, booking patterns, and competitor strategies. It’s not just about setting the right price, but also about adjusting it in response to market changes.

Pricing 59

Pricing Book Marketing Events 59

SiteMinder

OCTOBER 10, 2023

The result gives hotel managers an idea of how many rooms they can still sell, allowing them to make informed decisions about pricing, promotions, and distribution. The importance of forecasting in the hotel industry You need to use forecasting at your hotel to inform your pricing and revenue strategies.

Book 52

Book Pricing Reservations Accounting 52

7 Shifts

NOVEMBER 9, 2022

Special events such as birthdays and anniversaries also show how much you care about them. For example, if you are sending a newsletter with the goal of getting more restaurants bookings, you can do the following: Share a discount, event, or special menu in your newsletter message. Business updates.

Reservations 78

Reservations Blog Marketing Events 78

Revenue Hub

OCTOBER 17, 2023

The focus is on variable demand tied to market crises, short term booking windows, which are focused on guest spend and dynamic optimization embracing rate flexibility. This time we booked the room online, checking the brand rates as well and were satisfied we found a reasonable rate with the expectation of a high-quality experience.

Pricing 100

Pricing Marketing Training Book 100

Revenue Hub

OCTOBER 28, 2022

Although occupancy rates and room revenues projection are now approaching 2019 levels, the outlook for ancillary revenue is expected to lag behind due to business travel, meetings, and a slower return of group bookings. Design a section of the website to display offerings and create booking links with photography for a more visual appeal.

Reservations 77

Reservations Book Catering Special Events 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. “Compared to business travelers, leisure travelers want more guidance for the booking process and more information about the destination. .

Special Events 74

Special Events Book Information Reservations 74

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. “Compared to business travelers, leisure travelers want more guidance for the booking process and more information about the destination. . NB: This is an article from Agilysys.

Special Events 80

Special Events Book Information Reservations 80

Modern Restaurant Management

JUNE 3, 2021

percent) consumers say they would be encouraged to visit by special offers on drinks, and more than a quarter would be attracted by drink offers (32.7 percent), special events (31.6 Yet 24 percent will not be booking any sort of travel during the year. 2 percent say the price. Two in five (39.9

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