SiteMinder

OCTOBER 10, 2023

What is discount pricing? Discount pricing is a revenue management strategy where prices are lowered temporarily or for certain conditions to attract guests and boost occupancy rates. By offering discounted prices, hotels aim to increase demand, especially during off-peak periods, without compromising on profitability.

Pricing 59

Pricing Guest Satisfaction Book Events 59

Revenue Hub

MARCH 27, 2024

NB: This is an article from Little Hotelier , one of our Expert Partners Subscribe to our weekly newsletter and stay up to date Once your hotel has an idea of demand, you can make tweaks to your room and service prices that help maximise revenue and occupancy. Customise and optimise pricing strategies based on demand.

Pricing 92

Pricing Special Events Book Article 92

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. What are the bottom and starting prices?

Pricing 52

Pricing Book Events Article 52

Revenue Hub

JULY 10, 2023

NB: This is an article from Mews It informs marketing strategy, helps tailor offers and reveals growth opportunities while optimizing revenue management strategy and profitability. What is hotel market segmentation? From there, you can tailor marketing strategies, services and offerings to meet the requirements of each segmented group.

Marketing 82

Marketing Special Events Book Article 82

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

7 Shifts

MAY 23, 2024

We’ve studied what makes the 20% of restaurateurs successful and categorized them into essential categories, including optimizing your menu, providing unforgettable experiences, hosting events, and improving takeout. During this time, your customers scan the menu, go through the descriptions, and review the prices before deciding.

Pricing 78

Pricing Scheduling Events Marketing 78

InnQuest

APRIL 3, 2023

Maximizing Revenue in a Competitive Market Implementing a dynamic pricing strategy can improve revenue management and help hotels maximize profits. With real-time, automatic rate optimization, hotels can adjust rates dynamically in response to demand fluctuations, ensuring they are competitively priced.

Property Management 222

Property Management Training Special Events Guest Satisfaction 222

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.

Special Events 89

Special Events Pricing Accounting Article 89

Modern Restaurant Management

AUGUST 31, 2023

Identify Your USP and Use it to Conceptualize PR Events Identify what makes your brand stand out from the rest. You may then leverage this unique selling proposition (USP) when conceptualizing PR events. So, basically, you’re harping on your USP—which your customers love—to make your event a success.

Events 154

Events Marketing Special Events Accounting 154

Modern Restaurant Management

DECEMBER 10, 2021

Instead of promoting items according to price or margin, promote what your customers love. Your customer’s word-of-mouth advocacy is an invaluable marketing strategy. Make Use of Local SEO and Content Marketing. Aside from using Google My Business, you may also use content marketing to promote your restaurant.

Marketing 226

Marketing Information POS Systems Demo 226

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. The demand for hotel accommodations is closely linked to the demand for travel to a specific destination.

Maintenance 79

Maintenance Travel and Tourism Special Events Guest Satisfaction 79

Modern Restaurant Management

NOVEMBER 1, 2022

Restaurant guests in cost-saving mode are eating out less and more conscious of menu prices, according to Restaurants: Consumer Trends Fall 2022/Winter 2023 a report produced by Provoke Insights in collaboration with Modern Restaurant Management (MRM) magazine. The study was in-field from Autumn 2022.

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Special Events Pricing Magazine Events 189

Hotel Owner

JULY 5, 2023

The Hunday Manor Hotel in the Lake District National Park has been sold to Osprey Hospitality Group from a guide price of £1.6m. As a growing business we’re excited to take on the next challenge of welcoming guests and hosting special events for our customers including weddings and other special occasions. “We

Special Events 105

Special Events Events Pricing Marketing 105

Synergy Suite

MAY 24, 2024

Internal factors include historical sales data, past and present expenses related to ensuring that customers can order everything they hope to from the menu, trends in the popularity and pricing of menu items , profit margins, and more. How does price impact its popularity?

POS Systems 52

POS Systems Information Pricing Special Events 52

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.

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Pricing Book Article Events 64

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 97

Pricing Reservations Training Article 97

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.

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Special Events Book Article Information 76

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

Xotels

JANUARY 18, 2021

One of the components needed to apply a hotel revenue management is market segmentation. It allows you to target and market to a variety of consumer groups with different behaviour with an offer that matches their needs and budget level. What is Hotel Market Segmentation? The price does not decide the market segmentation.

Marketing 40

Marketing Book Reservations Special Events 40

Modern Restaurant Management

OCTOBER 12, 2022

As a restaurant, you’ve got the opportunity to feed into that joyful excitement with special events for the season, so grab the chance before the winter holidays takeover! Advertise about drink and food specials with a sneak peek photo of a particularly tempting treat. It isn’t a party until there’s a crowd!

Events 196

Events Special Events Pricing Marketing 196

OpenTable

FEBRUARY 21, 2024

Prix fixe vs. à la carte When to offer a prix fixe menu How to create a successful prix fixe menu The benefits of a prix fixe menu Tips for marketing your prix fixe menu What is a prix fixe menu? Prix fixe, a French term for “fixed price,” is a menu offering a complete meal at a set rate.

Special Events 52

Special Events Pricing Events Reservations 52

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 81

Pricing Book Reservations Property Management 81

eZee Absolute

AUGUST 31, 2022

Be strategic about the pricing. Host a special event. Spread the word through marketing. Have you seen those discounted prices on banners where a higher price is always struck out? Be strategic about the pricing. Pricing is a supremely sensitive aspect of an accommodation business.

Special Events 52

Special Events Pricing Events Book 52

Modern Restaurant Management

NOVEMBER 19, 2020

New Marketing Tactics Can Help Reach Target Customers. It is no secret that marketing is a way for restaurants to keep up with loyal customers and engage with new ones. Aside from marketing, a significant portion of the restaurant experience today is nailing the customer’s online order journey.

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Special Events Accounting Marketing Pricing 215

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

Hotel Owner

JUNE 29, 2023

Costs, plus the hassles created by industrial action will dissuade many from venturing overseas, thus opening up a large and lucrative market on your doorstep, your challenge, as ever, is how to reach it. Tap into this market through either advertising in related media or through their recreation’s association.

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Special Events Marketing Reservations Communication 105

The Restaurant Times

APRIL 25, 2021

When we talk about restaurant marketing and promotion, most people think of discounts, coupons, and special offers, such as the classic buy-one-get-free deals. 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.

Special Events 52

Special Events Events Scheduling Pricing 52

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. 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 96

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 88

Pricing Special Events Article Book 88

MBB Hospitality

NOVEMBER 15, 2023

It involves tracking the cost of each ingredient, understanding seasonality, and recognizing price fluctuations. This granular approach helps in making informed decisions about menu design, portion sizes, and pricing, ensuring that each dish contributes positively to your bottom line.

Training 52

Training Pricing Portion Control POS Systems 52

Synergy Suite

OCTOBER 19, 2023

This metric provides insights into your restaurant’s pricing strategies, menu composition, and upselling techniques. This can help you assess the effectiveness of pricing strategies and upselling techniques. This information helps in fine-tuning menu composition and pricing strategies. Are there underperforming items?

Pricing 52

Pricing Training Information Presentation 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. Marketing systems collect information about guests, and the hotel PMS has all the information about the reservations, which reflects guest behavior.

Book 76

Book Information Reservations Catering 76

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. Competitive Advantage In a competitive market, a higher revenue per seat can set your restaurant apart.

POS Systems 52

POS Systems Pricing Training Reservations 52

SiteMinder

OCTOBER 5, 2023

However, while the platform provides a suite of tools designed to streamline operations, like reservation management, dynamic pricing, and integrated review systems, it’s essential for hoteliers to invest time in understanding and optimising these features. A particularly useful feature is the rate management tool.

Competitive Analysis 59

Competitive Analysis Book Information Property Management 59

Restaurant Engine

AUGUST 9, 2023

Have employee events. Upgrade your marketing strategy and tactics to next level your restaurant. Tip #4: Unleash Your Website Your website is your most powerful marketing feature. You also want to ensure that your menu is up to date on your website with fresh photos, great content, and current pricing.

Customer Service 52

Customer Service Training Special Events Marketing 52

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 corporate clients, travel agents, event planners, and other organizations requiring hotel rooms or services.

Customer Service 52

Customer Service Definition Communication Events 52

Synergy Suite

OCTOBER 5, 2023

This could include renting out space or property to other businesses or for events, any sort of income generated from membership or loyalty programs, income generated from partnerships or joint promotions, or income from catering services that are above and beyond the price of just the food.

Catering 52

Catering Information Events Labor Cost Controls 52