233 | How Does Your Hotel Rate? Smart pricing strategies key to winning in a downturn

Lodging Leaders show

Summary: It’s often said the U.S. hotel industry is a street-corner business. With that point of view, it may not take much for a hotel operator to panic and set off a price war on your block.<br> The industry fell victim to mindless discounting in the days immediately after 9/11 and during the depth of the Great Recession.<br> Today’s hotel owners and operators like to think they’re smarter than that.<br> Over the past decade, revenue management – the science of smart pricing – has become a standard practice.<br> At the same time, technology providers have created automated programs that help properties determine the right price for the right guest at the right time. And hotels have a long list of online channels where they can advertise rate and convert browsers to bookers.<br> As the industry begins to see a slowdown in business performance, Lodging Leaders explores how hoteliers should be pricing now and in the near future.<br> We interview several specialists and technology innovators who focus on nothing but revenue management for hotels.<br> They share what to do if a hotel in your market starts to discounts rates; how to use online booking channels to generate more business; how far out to plan your revenue strategy; and what tactics to deploy to optimize profit.<br> Resources and Links<br> <br> * <a href="https://www.linkedin.com/in/ptbosworth/" target="_blank" rel="noopener noreferrer">Patrick Bosworth</a> of <a href="https://www.duettocloud.com/" target="_blank" rel="noopener noreferrer">Duetto</a><br> * <a href="https://www.linkedin.com/in/bill-daviau-17a7a516/" target="_blank" rel="noopener noreferrer">Bill Daviau</a> of <a href="https://www.kriyarevgen.com/" target="_blank" rel="noopener noreferrer">Kriya RevGEN</a><br> * <a href="https://www.linkedin.com/in/klauskohlmayr/" target="_blank" rel="noopener noreferrer">Klaus Kohlmayr</a> of <a href="https://ideas.com/" target="_blank" rel="noopener noreferrer">IDeaS Revenue Solutions</a><br> * <a href="https://www.linkedin.com/in/lilymockerman/" target="_blank" rel="noopener noreferrer">Lily Mockerman</a> of <a href="https://www.tcrmservices.com/" target="_blank" rel="noopener noreferrer">Total Customized Revenue Management</a><br> * <a href="https://www.linkedin.com/in/iravouk/" target="_blank" rel="noopener noreferrer">Ira Vouk</a>, independent revenue management consultant; senior product strategist, <a href="https://www.cloudbeds.com/" target="_blank" rel="noopener noreferrer">Cloudbeds</a><br> <br>