Pricing is not just about numbers; it is about perception, emotions, and behavior. Research in behavioral economics and psychology shows that consumers' purchasing decisions are influenced by various psychological factors, making pricing strategies a crucial part of business strategy. In the hospitality industry, where experience is a significant part of the value, psychological pricing strategies […]
Traditional market segments, based on factors such as purpose of travel or demographics, are only part of the puzzle when it comes to understanding your guests' needs. In today’s competitive landscape, where guest expectations are rapidly evolving, hotels must think outside the box. Behavioral segmentation—focusing on how guests act rather than who they are—can be […]
At a well-functioning hotel, everything begins with transparency and inclusion from management. The cooperation and understanding between different departments then play a critical role. A great example of this is the interplay between Revenue Management and Front Office, which we will highlight in this article.At first glance, it may seem that Revenue Management and Front […]
