Hotel pricing / Examples of hotel’s pricing strategies part 4
Hotel pricing in this video we will discuss an examples of hotel’s pricing strategies.
1. Competitor-based.
o based on our competitors room rate or facility pricing, it starting by understanding your competitors’ rates (Analyzing).
2. Forecasting-based.
o You will be able to predict the best prices based on demand and expected occupancy.
3. Segment-based.
o it has a huge impact on a hotel’s bottom-line revenue.
4. Guest type-based.
o adjust the pricing strategy accordingly to who brings you more quality business (Guest nationality).
5. Occupancy-based.
o when demand exceeds supply (availability) , you increase your room rates.
6. Package-based:
a. Incentive-based
b. Loyalty-based
c. Spa, Diving, ...etc.
d. Length-of-stay strategy (pay 3 get 4 nights).
The goal is to modify prices based on the minimum and maximum length of stay to increase occupancy and hopefully encourage longer stays.
Cancelation and No-Show policy.
You should divide the periods (Low, Shoulder, High, Peak).
Upselling, and Cross-Selling.
You should take into consideration that the upselling prices is not interrupt the packages pricing strategy.
Rate-parity strategy.
You should divide your business into clear segments.
For example: -
Packages – 5 %
Marketing – 5 %
Foreign Wholesalers – 20 %
Day-of-week Or Demand pricing
Weekdays.
Weekends.
Public holidays.
Mid year vacation.
Booking window pricing
Early booking discounts.
Travel period discounts (Low, Shoulder, High, Peak)
12. Actions
Special offers for specific tour operator.
Special discount for specific period.
#revenuemanagement #competition #forecast #hotelrevenuemanagement #hotelreservation #market #hotels #marketing #marketanalysis #tourism
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