Buckhiester hotel revenue management
strategies to move the bottom line

Hotel revenue management strategic pricingREVolution® toolkit

Module 3: Strategic Pricing – “Thriving vs. Surviving in an Economic Downturn”

Typically, tactical pricing on a day-to-day basis often overshadows the need for intelligent strategic pricing. This workshop clarifies the relationship between rate parity and rate integrity and addresses the importance of knowing who determines price. Participants learn about when and why to discount and how to intelligently apply fencing tactics. The workshop is also designed to help participants interpret index results to determine price potential, drive RevPAR and improve bottom line results. It focuses on how to optimize pricing in every segment and drive revenues. In today’s markets, hotels must have a strong understanding of strategic pricing to be successful because there is a very big difference between lowering price and lowering ADR.

Topics include:

Strategic vs. tactical pricing
Determining fair price
The importance of reference prices
Fencing to maximize revenues
When to discount
Tapping the potential of mix management

REVolution yield management training - strategic pricing

Module 3 includes the following hotel revenue management components:

Full day interactive workshop

6 Decision Support Tools:

  1. Break Even Analysis
  2. Last Minute Selling Trends
  3. Rate Profitability Template
  4. Competitive Set Rate Response Report
  5. Selling Calendar
  6. Product Bulletin

6 Standard Operating Procedures

3 one-hour web-based coaching sessions

 

 

See also:

Module 1: Product Definition
Module 2: Competitive Benchmarking
Module 3: Strategic Pricing
Module 4: Demand Forecasting
Module 5: Business Mix Manipulation
Module 6: Distribution Management