8 Signals Your Hotel Pricing Needs Adjustment
Recent studies reveal that prices perceived as unfair trigger discomfort in consumers, leading to reduced purchases, complaints, and negative reviews. Conversely, fair prices activate pleasure centers, enhancing customer satisfaction.[1] This underscores the importance of finding the sweet spot for your hotel's room prices: the perfect balance between attracting (happy) guests and maximizing revenue. Build a Foundation for Effective Hotel Pricing What's the right price for a business traveler might be the complete opposite of the "fair" price for the "backpacker." You need to consider different factors to find optimal prices that maximize your revenue and occupancy AND keep your guests
Revenue Management System: The Ultimate Accelerator for Your Hospitality Business
Whether you're balancing a full plate of work priorities, searching for ways to maximize your revenue, or looking to gain better control over the fluctuating demands of the hospitality industry, a revenue management system (RMS) offers a comprehensive solution. Revenue Management is a Rapidly Growing & Changing Field More than anything, an RMS helps you manage times of uncertainty. And with labor shortages and inflation complicating the hospitality industry further, it is more crucial than
Top RMS Reports Every Hotel Revenue Manager Needs to Know
Revenue managers have no shortage of data at their fingertips. To visualize that data in an understandable and actionable way, here are some top RMS reports that every revenue manager should be familiar with. RMS Reports Every Hotel Revenue Manager Needs to Know Below you'll find top revenue management reports that every revenue manager should be familiar with to visualize data understandably. Pace Report The pace report reveals how well your pricing strategies are working:
Hospitality Course: An Overview of Courses & Hospitality Educators
A hospitality course can be a useful way to enhance your career prospects and open up new opportunities within the wider industry. Some courses will serve as ideal preparation for entry-level positions, while others will help to improve your chances of securing senior roles. Here, you will learn much more
An In-Depth Look at the Hospitality Sector
What aspects serve to define the hospitality industry? While many will provide common answers, such as accommodations and logistics, the single factor which underpins the entire concept involves customer satisfaction. Let us take a look at the different facets of the hospitality sector in great detail to appreciate its true
The Smart Hotel System: 7 Ways to Make Your Hotel Smarter
The "smart hotel system" concept is now taking center stage regarding reputation, brand loyalty, and the average customer experience. This is why many properties leverage the benefits of a smart hotel room. Let's take a look at this concept in greater detail. What Amenities Does a Smart Hotel System Offer