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

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 102

Special Events Pricing Accounting Article 102

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 184

Special Events Pricing Magazine Events 184

Hotel Owner

APRIL 14, 2023

The Novar Arms, which is located in the rural village of Evanton, Dingwall, has brought to market the freehold going concern for an asking price of £649,500. The Scottish Highland venue is a favourite spot amongst the local community, while also benefiting from year-round tourists travelling through the North Coast 500.

Marketing 103

Marketing Special Events Pricing Events 103

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 92

Maintenance Travel and Tourism Special Events Guest Satisfaction 92

Hotel Owner

NOVEMBER 28, 2023

Robin Hill Country Park in Newport on Isle of Wight has been brought to market off a guide price of £2.25m. The park has traditionally been open from February to October, with additional open days for special events such as the Polar Experience and Christmas parties in the winter.

Marketing 97

Marketing Special Events Events Pricing 97

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 107

Pricing Reservations Training Article 107

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

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 90

OpenTable

FEBRUARY 21, 2024

Prix fixe, a French term for “fixed price,” is a menu offering a complete meal at a set rate. Some restaurants provide a middle ground, allowing limited customization within a set price. Restaurants participating in a city’s Restaurant Week can offer a fixed-price menu for breakfast, lunch, dinner, or all three.

Special Events 52

Special Events Pricing Events Reservations 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.

Pricing 73

Pricing Book Article Events 73

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 102

Pricing Special Events Article Book 102

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 95

Pricing Book Reservations Property Management 95

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. Group The group segment refers to guests traveling in a group that has blocked several rooms in advance at a special rate.

Marketing 94

Marketing Special Events Book Article 94

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

FEBRUARY 20, 2023

How do you increase your profits even as prices remain high and the future remains unknown and uncertain? 7% wanted to celebrate a special event. 7% wanted to book a trip after receiving a discounted or special offer. 16% of travelers wanted to travel to a destination for an extended period. 16% wanted to go on vacation.

Special Events 94

Special Events Article Book Pricing 94

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

eZee Absolute

AUGUST 31, 2022

Be strategic about the pricing. Host a special event. 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. Host a special event. Keep reading.).

Special Events 52

Special Events Pricing Events Book 52

Hotelogix

OCTOBER 18, 2023

Regular orders and clear communication help build trust, leading to better pricing and priority service. Seasonal Variations: You often experience fluctuations in demand based on seasons or special events. Good Supplier Relationships: Effective inventory management involves maintaining good relationships with suppliers.

Procurement 100

Procurement Guest Satisfaction Special Events Pricing 100

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 189

Events Special Events Pricing Marketing 189

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

Hotel Owner

JUNE 29, 2023

Think about what attracts people to your area – is it a theme park, special event, scenery, or a pastime, such as walking, cycling or fishing? Creating a half board package may well be the answer, particularly if it includes a discounted rate on your menu prices. The next step is deciding how you can maximise your offering.

Special Events 105

Special Events Marketing Reservations Communication 105

The Restaurant Times

APRIL 25, 2021

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. Go Big on Special Events . Hosting special events at the restaurant works like a charm to get the word out about your restaurant and attract new customers.

Special Events 52

Special Events Events Scheduling Pricing 52

Modern Restaurant Management

NOVEMBER 19, 2020

Promo Codes and Coupons – Offering unique promo codes to new and returning customers or for special events like birthdays and anniversaries can be a great opportunity to get customers excited about their next order. On the other hand, restaurants can also look to cross sell by offering matching and bundling items.

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Special Events Accounting Marketing Pricing 212

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

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. The prices for influencer collaborations vary, depending on the platform and the content. Your customers won’t just participate.

Events 123

Events Marketing Special Events Accounting 123

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

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

Les Roches

NOVEMBER 18, 2022

It may be boring polishing wine glasses, but if guests are paying a premium price for dinner they are going to be upset to find a glass with stains. To underscore this commitment to gastronomic perfection, the hotel recently organized a special event called ‘10 Years, 10 Stars’ to celebrate its first decade in business.

Special Events 98

Special Events Guest Services Presentation Pricing 98

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

Les Roches

DECEMBER 21, 2022

Demand – Looking at when demand is higher or lower and changing pricing and advertising appropriately. Hotel pricing can vary and fluctuate a lot based on seasons, weekends versus weekdays, special events, and other factors that can impact demand. Forecast-based pricing. Segmented pricing. Rate parity.

Pricing 52

Pricing Book Concierge Events 52

Revenue Hub

APRIL 11, 2023

Event attendees: Guests attending events or conferences at the hotel may book directly through the hotel website to access special event rates or room blocks if the hotel booking engine offers that functionality. Some types of guests who commonly use OTAs to book hotels include.

Book 89

Book Reservations Information Catering 89

Modern Restaurant Management

DECEMBER 10, 2021

Instead of promoting items according to price or margin, promote what your customers love. 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. Then prepare to wow them with a special offer.

Marketing 223

Marketing Information POS Systems Demo 223

Xotels

JANUARY 18, 2021

The price does not decide the market segmentation. You may want to introduce sub-segments such as your pricing points such as BAR and how yieldable the segment is. Special Event; packages and offers during holidays, festivals, concerts. What is Hotel Market Segmentation? Examples of Hotel Market Segments.

Marketing 40

Marketing Book Reservations Special Events 40

Restaurant Engine

AUGUST 9, 2023

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. Send your customers special deals on occasion. Make sure your customers can easily navigate your site and find your hours, phone, and location easily.

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

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. Your consumers are the end users.

Special Events 40

Special Events Customer Service Marketing Hospitality Management 40