5 Ways to Find the Right Pricing Strategy for Your Hotel

Revenue managers dedicate a big part of their day to managing hotel rates and driving profits. They are constantly analyzing data and various influencing factors to find that coveted sweet spot – and a revenue manager’s greatest reward is finding the ideal public pricing that attracts guests and boosts their organization’s bottom line. However, what makes […]

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Ideal Pricing vs. Only Pricing: Revenue Strategy Beyond Price

Hospitality experts agree that hotels can’t maximize profitability by managing rates alone. When your revenue strategy only focuses on managing price, you can’t deliver optimal results. Managing only price works well when your inventory is not perishable; however, when it comes to hotel rates, your strategy requires a higher degree of sophistication. Let’s compare a […]

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Group Pricing Goes for Gold

Remember the days when you would gather around a table and sales managers would bring their group inquiries to hash out which business to accept and at what rate? Sales managers would be anxious to take as much business as possible, F&B managers would be concerned if minimums or rental weren’t high enough, and general […]

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Ideal Pricing Delivers Extraordinary Revenues

Similar to many industry veterans, I’ve spent the vast majority of my adult life working in hotels. From operations to sales & catering to revenue management, I’ve overseen branded and independent properties, ranging from 500-room luxury resorts to 80-room limited service inns. Through my experiences I can say with certainty there has never been a […]

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Four Considerations for Developing Your Pricing Strategy

Hotels devote large portions of their revenue management strategies around developing and implementing the right pricing structure for their property and market. But establishing the right pricing structure isn’t a one-off activity – and with the hotel’s bottom line depending heavily on revenue generated from the implementation of an proper pricing strategy, it is critical […]

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RMS Must-Have Features: Elasticity & Competitor Rate Considerations

Worried the hotel down the road is attracting more guests than you are? Contemplating dropping your rates to combat a dreaded seasonal lull? Don’t be too quick on the draw. You need some additional insights before making any rash decisions. Fortunately for you, elasticity and competitor considerations take center stage in this third and final […]

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The 12 Gifts of RMS: Group Business

For the seventh gift of revenue management, my RMS gave to me ways to manage group business Optimal pricing Online reputation insights Remote accessibility Experienced client support teams On-demand performance support And a dashboard with revenue to oversee With end-of-the-year holiday parties in a full festive swing this season, hoteliers find themselves in a prime position […]

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The 12 Gifts of RMS: Optimal Pricing

For the sixth gift of revenue management, my RMS gave to me optimal pricing strategies Online reputation insights Remote accessibility Experienced client support teams On-demand performance support And a dashboard with revenue to oversee Revenue managers across the globe spend large portions of their days managing rates. They are constantly lowering, raising, analyzing and even […]

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The 12 Gifts of RMS: Reputation Insights

For the fifth gift of revenue management, my RMS gave to me online reputation insights Remote accessibility Experienced client support teams On-demand performance support And a dashboard with revenue to oversee The rise of online social platforms have given hotel guests an immediate (and bigger) voice with the hotels and services that they are buying […]

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Have You Looked at Your Rates Lately?

Hoteliers are increasingly using analytical approaches in determining optimal rate spectrums that are based on the price sensitivity of demand and the capacity of distribution. For example, a resort hotel with strong weekend business needs to know how to drive demand into the weekdays – by both season and by market segment. To efficiently achieve […]

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