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  • Reservations / Online Pricing / Booking Engines

  • Pricing: So Much More Than Just a Rate

  • By Kristi White, Director of Revenue Optimization, TravelCLICK, Inc.

  • In today's tempestuous economy, with demand and hotel occupancies declining, hoteliers are looking for strategies to drive demand for their hotel. Many use discounting as their sole strategy for maintaining occupancy. What they find, however, is that cutting prices alone does not drive new demand; it only diminishes the return on existing demand. What they should be focused on is capturing more of the demand that is already there-that is, gaining market share from the competition. Price is part, but not all, of a winning strategy.

    The Right Market Price

    Price is an influencer in consumer buying, but the competitive advantage lies in using the "right market price" (RMP) as part of a broader strategy. What will bring more guests to your hotel is the RMP, used in combination with three key tactics:

    • Right distribution - Being where consumers are shopping
    • Strong positioning - Ensures your property is considered by prospective guests
    • Compelling message - Reinforces your value proposition

    The RMP is the price point that consumers feel is a good value exchange for the cost of your product. If they do not perceive your price as a fair one, based on their purchasing experience and the intelligence they've ...

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Coming Up In The March Online Hotel Business Review

"Hotel Business Review offers weekly articles for hotel management and operation and discussion on emerging growth markets."
Feature Focus
Hotel Human Resources: The Biggest Challenges
The economic challenges of the past four years have led many hotel companies to re-examine the ways in which they do business and how they deploy talent. In many cases, the work did not go away and fewer people were left to carry on the tasks that had previously been shared among many. As we work our way out of the recession and look forward to a healthier economic environment, there is an understanding that despite recovering business levels, we may never see the return of former staffing levels. This "new norm" of operating with leaner teams has led Human Resources professionals and people managers to look at career development and growth opportunities in a new light. The March Hotel Business Review will take a look at some of the strategies being used by successful hotel brands, and techniques human resource directors are currently exploring.
INSIGHTS FOR INDUSTRY LEADERS BY INDUSTRY LEADERS
"The Four Habits of Highly Effective Human Resources"
By James Bermingham, Vice President, Montage Hotels
"Embassy Suites 'The Circle of Leadership"
By Darci Riesenhuber, Director of Brand Culture, Embassy Suites Hotels
"Applying Consumer Marketing Best Practices to Employee Loyalty"
By Fred Bendana, Executive Director Client Services, Maritz Loyalty & Motivation
"How Incentives are Changing to Keep Existing Staff Motivated?"
By Jim Houran, Partner, HVS Executive Search
PLUS: Mobile Technology - Attracting & Retaining Top Talent - Education - Employee Engagement - Employment Claims & Litigation - Employment Contracts - HR Management.