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Hotelier Tips

How to create your Hotel’s Instagram material in just 2 days!

By  •  4 years ago

Instagram is arguably one of the most essential social media channels in terms of Hotel Promotion since travellers use it as a medium to get the most reliable look at …
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Hotelier Tips

Where and when are illuminated signage boards used in a hotel and smart tips for the best possible outcome

By  •  4 years ago

Hospitality Industry is rapidly evolving, and so do the hotel facilities in order to provide a holistic experience to the hotel guests. One of the hotel facilities that has evolved significantly during …
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Brand Presentations

Custom-made Braille Signage for your hotel, by Bratti Hotel Signage

By  •  3 years ago

The hospitality industry is evolving rapidly and invites travellers from all over the world and all social groups to visit hotels and various types of tourist accommodation. For this reason, …
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Hotel Expert Talks

Boosting the guest experience: How a hotel chain in Athens used in-room tablets to increase revenue in one of its hotels

By  •  1 year ago

In-room experience has come a long way in the past decade, and modern hotels are called to invest in more home-like experiences for their guests. As people nowadays are more …
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Hotelier Tips

Hotels & OTAs: Smart Ideas to improve your results

By  •  5 years ago

Living in a time of intense changes, acquisitions, bankruptcies, synergies, and partnerships that are sketching the bleak landscape of hotel sales, hoteliers have to keep up with new developments. The …
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Latest Articles | written by Hotelier Academy’s experts

A strategic approach to pricing: Unlocking revenue potential for hotels
12 months ago

A strategic approach to pricing: Unlocking revenue potential for hotels

A carefully crafted pricing strategy allows hotels to optimize revenue generation by appropriately aligning rates with demand patterns, seasonality, and market dynamics. By accurately assessing their value proposition, market segment preferences, and competitors’ pricing, hotels can strike the right balance between attracting guests and maximizing revenue per available room (RevPAR). 

However, hoteliers must not overlook a very crucial factor; the fact that today the advancements in the technology landscape are becoming more and more important in increasing profits. In fact, the role of AI in revenue management is becoming paramount, as it will play a pivotal role in optimizing pricing strategies. These systems utilize sophisticated algorithms to analyze vast amounts of data, helping hotels to create a seamless and convenient experience for guests.

Different pricing strategies for hotels and how they apply in various market conditions

Different pricing approaches are vital for the success of hotels and their ability to maximize revenue. The choice of pricing strategy depends on various factors, including market conditions and the hotel’s objectives. Here, we explore 3 common pricing strategies and their applicability in different market conditions.

  • Seasonal Pricing: This strategy involves adjusting prices based on seasonal demand fluctuations. Hotels in tourist destinations often charge higher rates during peak seasons and lower rates during off-peak periods. This approach allows hotels to optimize revenue by capitalizing on high demand while attracting customers during slower periods.
  • Dynamic Pricing: Dynamic pricing leverages real-time data and market demand to set flexible prices. Through sophisticated algorithms, hotels can adjust rates based on factors like occupancy levels, competitor pricing, and customer behavior. This strategy is particularly effective in highly competitive markets where demand fluctuates rapidly.
  • Value-based Pricing: Value-based pricing focuses on the perceived value of the hotel experience. It involves setting prices based on the hotel’s unique features, amenities, and services. By understanding customer preferences and willingness to pay, hotels can price their offerings to reflect their value proposition accurately.

However, every modern hotelier should take into account the current technology landscape and how it affects their profit. Namely, AI can greatly help hotels with their revenue management, as it provides valuable insights. By analyzing pricing patterns and markets, AI technology enables hotels to make data-driven pricing decisions in real time, leading to optimized revenue. Additionally, AI can automate the pricing process, freeing up staff to focus on other essential tasks.

What is more, technology also facilitates personalized pricing, allowing hotels to offer tailored rates to individual customers based on their preferences, loyalty, and past booking behavior. This level of customization enhances customer satisfaction and loyalty, which leads to higher profitability.

 

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IDeaS, a SAS company, is the world’s leading provider of revenue management software and services. With more than 30+ years of expertise, IDeaS delivers revenue science to more than 30,000 properties in 154 countries. Combining industry knowledge with innovative data-analytics technology, IDeaS creates sophisticated yet simple ways to empower revenue leaders with precise, automated decisions they can trust. Results delivered. Revenue transformed. Discover greater profitability at ideas.com.

 

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Navigating Hospitality Inflation: Insights and Strategies to Drive Ancillary Revenue
1 year ago

Navigating Hospitality Inflation: Insights and Strategies to Drive Ancillary Revenue

According to Hotel Market Analyst STR, in 2022 there was an 18.5% increase to $148.9 in Average Daily Rate (ADR) in Europe, despite the 10.5% decrease in the average occupancy …
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“Green” Hotels: A Brief Guide To Sustainability
2 years ago

“Green” Hotels: A Brief Guide To Sustainability

With surveys showing that 81% of travelers prefer eco-friendly accommodation, it is clear nowadays that the hotel experience should be not only unique but also sustainable. It is widely known that …
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Hotel Night Audit: Reports for efficient hotel operation
2 years ago

Hotel Night Audit: Reports for efficient hotel operation

Night reports are essential for every hotel, regardless of size and type, and they must be conducted at the end of every day in order for a hotel to run …
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Hotel Marketing Automation: The benefits & 5 tips that no one will tell you
2 years ago

Hotel Marketing Automation: The benefits & 5 tips that no one will tell you

In a highly competitive industry such as hospitality, an effective marketing strategy plays a crucial role in a hotel’s success and economic sustainability, including the ability to drive more bookings, …
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Digital guest directory: Analyzing its impact on the hotel guest experience
2 years ago

Digital guest directory: Analyzing its impact on the hotel guest experience

Hotels are constantly developing, and technology is nowadays crucial for the proper operation and sustainability of a property. Maintaining a guest directory is certainly one of the most time-consuming and …
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Hotelier Tips | Providing valuable knowledge and tips regarding Hotel operation, Sales increase and Up-selling techniques

Hotel Design | Unique examples of properties that manage to stand out for their inspired and exceptional hotel design

WELCOME TO THE HOTELIER ACADEMY!

A highly expertized team of Hotel Experts. A love for modern Hospitality. A passion for sharing knowledge. Blended together, they create the Hotelier Academy. A valuable knowledge source for modern Hoteliers, providing Hotelier Tips for management, marketing, online sales, operations & contemporary design.

Hotelier Academy’s Experts love to share their knowledge as much as they love sharing their experience from amazing hotels from around the world. Read inspiring Hotel Case Studies, that have managed to make the properties stand out and become global reference points.