Increase revenue during events
Maintaining an optimal pricing model is vital for a hotel. In order to stay proactive when pricing your hotel rooms, it is necessary to forecast the upcoming demand or expected occupancy. To fine-tune the quotas consider the calendar of events in your area and city.
For example, the host country for major sport events is announced beforehand. The venue for FIFA World Cup 2022 is Qatar, it was known approximately a year in advance. It means that Qatar’s hoteliers already set the pricing for the coming event to win sport fans as guests and earn more profit.
What is the strategy:
- Follow the major events, especially international ones, like sport events, conferences, concerts, or exhibition forums
- Find out your competitors’ rates in the lead up to an event
- Set the rates according to your purpose: either lower the price to draw a crowd or raise it, if the demand will be high
- Think what you can give to guests in order to stand out: included breakfast, SPA or restaurant incentives
If there is an annual event in your vicinity, compare the demand and occupancy rate of previous years at the time of event. The greater the comparison data sample, the more precise results you can produce.
Keeping tabs on upcoming events in your area is time-consuming to do manually. It is best done with the tool that can gather market intelligence and suggest optimal pricing for you. TravelLine Price Optimizer does this and more on everyday basis. Contact us to find out more: manager@travelline.pro.
