Pricing strategies allow hotels to charge different room rates for the same or similar rooms according to customer’s characteristics and needs. For example, a senior citizen traveller looking for a Seniors discount has different needs, different characteristics and a different willingness to pay than a corporate traveller has. As a result they may book the exact same room but pay a much different price. Along with the different price may be certain booking requirements or unique restrictions.
Once the market segments are defined for a hotel, it is up to the revenue director, along with the director of sales, to ensure a healthy mix of the segmentation. This is a key component to optimising a hotel’s pricing strategy and approach. Since hoteliers offer multiple rates for essentially the same room type it is critical to understand the importance of pricing and all it encompasses. This course explores strategic pricing and the various pricing-related elements.
This course is created by Hoteliers, for Hoteliers. The leaders in hotels around the global have worked together to create a curriculum for people looking to grow their careers in revenue management. This course was developed by the HSMAI Revenue Advisory Board with the kind support of LodgIQ, ‘Revenue Management Reimagine’
Read more about the hotel leaders who helped create this course.