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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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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SiteMinder

OCTOBER 10, 2023

What is cost based pricing? Cost-based pricing is a pricing method where the selling price of a product or service is determined by adding a markup to the unit cost or, in the case of hotels, the cost of keeping a room available and maintained for use. Table of contents Why do hotels use a cost-based pricing strategy?

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eZee Absolute

SEPTEMBER 11, 2023

Dynamic Pricing Strategies was his magic trick!! Well, I have had some idea about dynamic pricing but I couldn’t let him go without knowing his secret. In this blog, I will discuss everything Arjun told me (and what I know now) about dynamic pricing for hotels and how you can make the most out of it to mint revenue for your business.

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Hotelogix

JANUARY 30, 2024

Additionally, it includes reports on no-shows, occupancy, market analysis, company contributions, business analysis, MIS, and a manager flash report with budget details for comprehensive analysis. These custom reports keep you continuously informed about the various aspects of your hotel's operations.

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Modern Restaurant Management

FEBRUARY 27, 2023

Businesses can run promotions, such as early bird specials, to attract budget-conscious diners and use an email database to get the word out. Use creativity to market a restaurant on a limited budget. Reviewing these numbers frequently can help to hold vendors accountable to the prices they are quoting.

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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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Modern Restaurant Management

JANUARY 9, 2024

Restaurants trying to attract price conscious diners should make sure that their menus carry several low-cost, higher margin staples that can be sold at reasonable prices. Consider reducing the size and price of certain staples and then offering a “super-sized” portion for a higher price.

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Modern Restaurant Management

OCTOBER 20, 2023

2023 brought new challenges to the table for the restaurant industry, from rising food prices due to inflation to continued disruptions in the supply chain. But, according to the same report, about 40 percent of consumers agree that with rising grocery store prices, it’s not necessarily cheaper to eat at home.

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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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Hotelogix

DECEMBER 7, 2023

This gives them a better idea of what fits their requirement and budget best. These platforms work like magic to spread the word about property, inventory, prices, offers, etc. If your property features budget rooms, collaborate with OTAs frequented by travelers seeking such rooms. Don’t miss this BIG opportunity.

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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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InnQuest

FEBRUARY 1, 2023

With many businesses and individuals struggling financially, hotel managers must be mindful of their pricing and consider offering discounts and deals to attract budget-conscious guests. An RMS can automate rate optimization, forecast pricing, and engage with potential guests. Learn more about us here.

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eZee Absolute

DECEMBER 7, 2023

It helps you better manage resources, predict customer wants and needs, and come up with the most effective pricing strategies to boost your hotel’s revenue. But imagine how tedious it would be to adjust prices across all the distribution channels. Do not shy away from revenue management. Do not shy away from revenue management.

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Revenue Hub

JANUARY 13, 2023

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. Check out this post How Much Does A Website Cost for some more information about the cost of a website. Social Media Management.

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Hotelogix

OCTOBER 18, 2023

  👉It offers real-time information about room availability, pricing, and amenities, allowing potential guests to make informed decisions and quickly secure their reservations. It allows them to browse available rooms, view pricing and amenities, and make real-time reservations through various channels.

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Hospitality Magazine

FEBRUARY 6, 2023

People will adjust their budgets and choices, and you’re flexible enough to meet them with fresh new offers. A digital menu gives you endless flexibility to experiment with new dishes, drinks and pricing. If something doesn’t work, it’s gone in minutes, or you can raise the price if it’s a success. Upgrade your menu.

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Revenue Hub

SEPTEMBER 6, 2023

By integrating your hotel’s reservation system with Google ads, you can create a seamless flow of information between the booking engine and the campaign, resulting in improved targeting, relevancy, and overall customer experience. This information creates a sense of urgency and ultimately converts lookers into booker.

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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. According to Google, the primary goal behind this move is to improve users’ travel experiences by showing them a wider range of hotel prices, which will help them choose the best place to stay.

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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. This enables informed decisions and targeted enhancements to marketing and sales strategies.

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Modern Restaurant Management

JANUARY 15, 2024

Is inflation still driving wing prices? The price of many staple items is continuing to increase throughout the beginning of this year. What else should operators keep in mind to maximize profit for the popular item? Are there any new trends restaurant operators should be aware of?

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Revenue Hub

JULY 24, 2023

When used strategically, your data can unlock hidden opportunities and make more informed decisions for budgeting, cost optimisation, marketing, and forecasting – all aspects of which determine the value and profitability of your venue space. This can assist in determining appropriate pricing strategies.

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MBB Hospitality

NOVEMBER 23, 2019

Now that you’ve decided to open up your restaurant, you’ll have to determine pricing for all the delicious items you’ll sell to patrons. The right menu pricing strategy is essential for attracting customers and establishing a reliable client base. Pricing Based On Competition. Not Informing Staff About Marketing Efforts.

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Modern Restaurant Management

FEBRUARY 1, 2023

When deciding where to recruit restaurant workers online, many job platforms promise to plaster your jobs across the Web for a fixed price. Traditional job advertising allows you to have a fixed budget while using old job data to inform decisions as to where to post your jobs. Positioning is key to job advertising.

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InnQuest

JULY 10, 2023

This informative blog delves into the world of hotel market segmentation strategy, exploring real-world tactics, methods and actionable tips to help connect hotels with their ideal guests. Budget Segment: Budget hotels provide affordable lodging options, catering to frugal travelers, backpackers and those seeking minimal amenities.

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Boutique Hotel News

JANUARY 16, 2023

Rising costs spur budget increases . Eighty-one per cent in total say their budget will rise, including 26 per cent who predict it will increase significantly. Only around one in six travel managers (15 per cent) believe their budget will decrease. Supplier takeaway. Travel managers have new needs when sourcing hotels .

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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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Modern Restaurant Management

OCTOBER 1, 2022

Restaurants, in turn, have to deal with skyrocketing prices on products and fuel. Let’s look at low-budget restaurant marketing ideas to succeed in inflationary times. Three Tips to Promote a Restaurant on a Low Budget. From email promotions to UGC and influencers, digital marketing provides tools for various budgets.

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Revenue Hub

NOVEMBER 1, 2023

Did you know that, on average, hotels using automated pricing solutions experience a 22% increase in revenue and a 4% increase in ADR? In addition, hotels using an automated pricing solution save 10 hours per week on average, eliminating the tedious, time-consuming process of manually calculating and updating room rates on Excel spreadsheets.

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Hotel Owner

JULY 17, 2023

By constantly monitoring and analysing data found in your venue management software, you can make informed decisions about marketing strategies, resource allocation, and overall venue optimisation. Revenue trend reporting empowers you to make informed decisions and take necessary actions to optimise your venue’s financial performance.

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Revenue Hub

FEBRUARY 6, 2023

dip in prices from November. But despite the good news of mostly dropping prices this month, travel costs are far higher than they were in the past. According to a study by NerdWallet, hotel prices are still very much on the rise. Everywhere you look, room prices are soaring. Is it time to raise our hotel room rates?

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Modern Restaurant Management

JANUARY 5, 2023

Businesses took their money from traditional marketing budgets and shoved it into digital. As the internet shifted from a place where people went to find information to a place where people went to be entertained, more advertising options opened up. This was one of the top problems the Birthday Program aimed to solve.

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Hotel Owner

FEBRUARY 21, 2024

Instead, the focus should shift more towards producing segmented information that we can use to maximise profitability. This will enable us to detect patterns in customers’ purchasing behaviour and allow for quicker adaption to current trends, enabling us to put a price tag on every segment in real time with two-way data streams.

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Boutique Hotel News

JANUARY 16, 2023

This more positive outlook is also seen in business travel, which now promises a long-awaited rebound with more than half of global company travel budgets back to pre-pandemic levels. . Craig Strickler , director of operations, Valor Hospitality Partners: “Our technology efforts this year will be focused on our team.

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Hotel Owner

JULY 24, 2023

Preparing hotel budgets for 2024 is shaping up to be one of the most delicate tasks – and even with the increasing benefits technology provides to daily hotel operations, the process isn’t getting any easier. Even the data operators possess leads them to repeatedly reiterate budget expectations, losing time along the way.

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7 Shifts

OCTOBER 31, 2023

It’s also inconvenient to enter employee information into multiple places. You’re paying too many fees You budgeted for the monthly fee. 7shifts Payroll has simple pricing* with no hidden fees: Base fee: $39.99 The price is great. I have used phone, chat, and video call, and they have all been informative and friendly.

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Revenue Hub

JANUARY 11, 2024

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. Google Hotel Ads: If you have the budget, Google Hotel Ads can get you listed within the top four paid results.

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