ON-DEMAND WEBINAR
Strategic Pricing: How to Maximize Occupancy and Profit
Original air date: Oct 12, 2023
The hospitality industry is bigger than ever, and staying competitive means you need an effective pricing strategy. Watch this webinar to learn how you can passively get more travelers in beds and more profits on the books with simple tools like minimum nights and yield management. It's not rocket science, but that doesn't mean you can't shoot for the stars.
Key takeaways
Shift from Variable to Dynamic Pricing
While "Variable Pricing" changes based on known factors (like weekends vs. weekdays), Dynamic Pricing is proactive. It involves adjusting rates in real-time based on supply and demand.
Master Yield Management
This is the "secret sauce" for profitability. It’s the practice of selling the right room to the right person at the right time for the right price. Use Minimum Length of Stay (MLOS) restrictions. If a Saturday is guaranteed to sell out, set a 2-night minimum to force a booking for Friday or Sunday, effectively filling "orphan nights" that would otherwise go unbooked.
Psychology of Pricing
The video emphasizes that travelers often equate price with value. Dropping your price too low can actually hurt your brand by signaling "low quality." Instead of deep discounts, focus on Value-Add (e.g., late checkout or a welcome basket) to maintain your price floor while still attracting guests.
Watch the webinar
Chapters
0:00
5:15
7:13
14:08
18:10
24:00
26:12
32:24
37:53
41:29
Introduction
Benefits of Using AI
Large Language Models
LLM Limitations and Drawbacks
Google and AI Content
Image Generation
AI Image Limitations and Drawbacks
Revenue Management
Overall Limitations and Drawbacks
Q&A