Depending on where you are, the leaves have started changing color and stores have started stocking seasonal treats. Before we know it, the holiday season will be upon us once again.
NB: This is an article from Atomize, one of our Expert Partners
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For the hospitality industry, it’s one of the busiest and most lucrative periods of the year. At the same time, it’s one of the most competitive times.
What are you doing to make this year a resounding success at your property?
Here’s a tip: Your results hinge on having a proactive pricing strategy that balances demand, occupancy, and profitability.
Wondering how to implement that? Read on for a simple roadmap to optimize your pricing before December demand peaks and maximize year-end revenue.
Stay till the end to see the results the Hotel Panorama got after implementing some of the following steps!
7 Steps to a successful holiday pricing strategy
1. Analyze last year’s performance
Look at last year’s KPIs first:
- Booking pace: How far in advance did people book?
- Average daily rate (ADR) and revenue per available room (RevPAR): Were they what you hoped? Why or why not?
- Channel mix: where did guests book their stays – your website, an OTA or maybe a travel agent?
- Group business: which groups booked with you? Is there a chance they’ll return?
Yes, that’s a lot of questions. But it’s important to get crystal clear on what happened last year and pull learnings from it.
This doesn’t mean you should treat this year the same as last year.
Instead, use these insights to kickstart this year’s holiday campaign and get off on the right foot.
2. Forecast demand early
Many people look forward to their winter break the entire year and plan holidays far in advance. You probably already detect the first signs of demand in the market now.
Identifying and capturing this early demand is a critical part of your end-of-year success.
Leverage future demand insights to track market developments, develop a suitable pricing strategy and know when to adjust your approach.
Atomize provides these insights in an easy-to-read calendar view.
See early on when travel intent grows and know which dates to focus on – this week and a month from now.
