Pricing has always been an important aspect of any business as it plays a quintessential role in the effective running of all industries worldwide. Hotel price management, i.e., how the goods and services of any business are priced and tagged in the extremely competitive market scenario goes a long way in determining the firm’s profitability…
Hoteliers, are you tracking mobile app rates of your Comp-Set? Choose a Rate Shopping Tool that can help you do this and build the right pricing strategy. It has become extremely important to monitor Mobile App rates of your competition on a constant basis and thus optimize yours accordingly.
3 – Star Hotels:Only 1 city had less than 10% of hotels in parity out of 7 cities surveyed
4 – Star Hotels: Only 1 city had less than 10% of hotels in Parity out of 9 cities surveyed
5 – Star Hotels: No city had less than 10% of hotels in Parity out of a total of 9 cities surveyed
The new terrains to improve revenue management and pricing are limited only by human resourcefulness, experience, and wisdom. AI standalone is not a ticket to more revenue. Hence, we need to plan a correct mix of human and artificial brains. Both have to work as a team to make it work
Hotel distribution is an intricate and painstaking process exposed to a myriad of market forces. We can decode some of the governing forces and develop strategies around them to utilize them to our benefit using real-time search monitoring and data analytics to address these challenges.
The hotel industry is extremely competitive and several different hotels will often be competing for the same potential customers. As a result, it is crucial that hotels use a variety of marketing strategies to make themselves visible and to promote their hotel as the best available choice. Read seven fundamental hotel marketing strategies here.