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What is the meaning / definition of Vouchers in the hospitality industry? Voucher is a ‘coupon’ given to a guest for a specific prepaid service (accommodation in a hotel) handheld out by a travel agency. As a form of a ‘receipt’ the traveler can then claim the service he paid for. Hotel Vouchers are commonly used when a hotel booking [...]
What is the meaning / definition of Voice in the hospitality industry? The term Voice represents all kind of reservations of a hotel where the voice is used to make a booking. This is usually phone reservations, call centres and CROs. The importance of voice reservations as a distribution channel is still high nowadays. Statistics show that 40-50% of bookings [...]
What is the meaning / definition of Variable Pricing in the hospitality industry? The term Variable Pricing refers to cases in which a business offers a variety of price points throughout different locations, point-of-sale at different times. Variable pricing focusses on finding the optimal balance in between the volume of sales and the income of per unit sold – based [...]
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- So we have determined that we need more than one rate. So how many rates should we offer? How can we sell multiple rates for our hotel at the same time? To make it short, which is the pricing strategy of my revenue management plan?
- ÂIn our next few articles we will be talking about hotel pricing strategies within your revenue management plan. We will discuss dynamic pricing, GOPPAR, differential pricing and price positioning strategies. The first question we tackle is how many prices does your hotel need to offer...
Is your hotel getting it's fair market share? Use KPI like MPI, ARI, RGI to benchmark the results of your hotel's revenue management performance. What is your market penetration index?
- ÂAre you benchmarking your hotels GDS performance? Do you know you hotel's GDS market share? Technology is key in revenue management. There are some useful benchmarking tools on the market for hotels you can use to monitor this...
- Is your performance up to PAR with the market? Are you getting your fair market share? There is only one way to find out, get market share reports from the large consulting agencies and rate your performance objectively...Here some more takeaways about Revenue Management.
- ÂReflect your positioning on a matrix. Does your positioning make sense? How often are you more or less expensive than your competitors? Do you take into account your positioning and value offer when deciding of your daily rates? One more element to consider in your hotel revenue management plan.
