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 83

Marketing Special Events Book Article 83

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

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 93

Pricing Special Events Book Article 93

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 225

Marketing Information POS Systems Demo 225

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 90

Special Events Pricing Accounting Article 90

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 Guest Satisfaction Special Events 222

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. Leverage Local Events : If any local events are happening, hotels can offer special packages tied to these events.

Maintenance 80

Maintenance Travel and Tourism Special Events Guest Satisfaction 80

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.

Special Events 185

Special Events Pricing Magazine Events 185

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

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 98

Pricing Reservations Training Article 98

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 65

Pricing Book Article Events 65

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

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 77

Special Events Book Article Information 77

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

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 82

Pricing Book Reservations Property Management 82

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

AUGUST 31, 2023

So, basically, you’re harping on your USP—which your customers love—to make your event a success. They may even promote these special events for free via word of mouth. Here are some ways: Ask your marketing and sales team. Strike a conversation with them if you see them at a local event.

Events 128

Events Marketing Special Events Accounting 128

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.

Special Events 212

Special Events Accounting Marketing Pricing 212

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 89

Pricing Special Events Article Book 89

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.

Special Events 105

Special Events Marketing Reservations Communication 105

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.

Pricing 52

Pricing Training Portion Control POS Systems 52

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

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

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! Sell tickets for a small price to either use as party profit or to put towards a good cause (the latter could incentivize people even more).

Events 191

Events Special Events Pricing Marketing 191

Synergy Suite

OCTOBER 12, 2023

Analyze the gross profit margin to understand how efficiently you’re managing costs and pricing your menu items. Gross profit is a critical indicator of the core profitability of a restaurant’s menu items, reflecting how efficiently it manages costs and pricing.

Portion Control 52

Portion Control Pricing Accounting Procurement 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 77

Book Reservations Information Catering 77

Restaurant Engine

AUGUST 9, 2023

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. Offer special events or tastings.

Customer Service 52

Customer Service Training Special Events Marketing 52

Les Roches

DECEMBER 21, 2022

The key basics involved with revenue management in the hotel industry are: Knowing the market – Having good market intelligence is vital because it helps managers know who their target audience is, helping them tailor their advertising and offerings more. Forecast-based pricing. Segmented pricing. Rate parity.

Pricing 52

Pricing Book Concierge Events 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 Property Management Information 59

SiteMinder

NOVEMBER 30, 2023

Stay on the cutting edge with SiteMinder Automated listing updates, tailored offers, in-depth competitor pricing insights and more, SiteMinder offers users the latest in hotel management technology. Revenue management systems Revenue Management Systems (RMS) employ data analytics to predict demand, optimise pricing, and maximise revenue.

Guest Satisfaction 52

Guest Satisfaction Book Property Management Pricing 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. So you can use the data for personalized marketing efforts. So you can know the current trends in the market and customer behavioral changes. You can attract your existing customers.

POS Systems 69

POS Systems Accounting Front of House Server 69

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

Les Roches

JULY 11, 2023

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. Special events such as weddings will usually have only a handful of customers but many consumers. What is the difference between a customer and a consumer?

Special Events 40

Special Events Customer Service Marketing Hospitality Management 40

Les Roches

DECEMBER 30, 2023

Marketing strategies for products and services in hospitality Oscar Wong/Moment via Getty Images In the hospitality industry, distinct strategies have emerged for managing products or services. Astute marketers have pioneered inventive tactics that leverage both to maximize success in this area. The tools to build success.

Guest Services 95

Guest Services Concierge Definition Customer Service 95

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

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%. Say hello to digital nomads or travellers who also work. How does Airbnb compare to the alternatives?

Book 52

Book Blog Pricing Special Events 52