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 […]
As Revenue Managers and hotel owners, we know that pricing strategy is at the heart of successful revenue management. Recent changes in Multi-Distribution Agreements (MDA) have given us greater freedom to set our own prices, but they have also introduced new challenges when it comes to maintaining Rate Parity—ensuring consistent pricing across various distribution channels. […]
The hospitality industry is an ever-changing and competitive market where small adjustments can make a significant difference. In today's market, innovative strategies are required to optimize revenue, and Revenue Management is one of the most powerful tools for this purpose. Revenue Management is about selling the right room to the right customer at the right […]
In the hotel industry, loyalty has always been the key to success. Building strong relationships and having repeat guests is crucial for a profitable and competitive hotel. However, in the modern digital era and a world moving towards increased individualisation, more than traditional loyalty methods are required. To meet guest expectations, the hotel industry must […]
As a hotel owner contemplating the switch to a new Property Management System (PMS), you are embarking on a process that demands careful consideration. Every hotel is unique, with its specific needs and requirements. Therefore, it's crucial to remember that what works for one hotel may not always be the best solution for your specific […]
In today's world, sustainability has become a critical concern for businesses across all industries, but very much so for the hospitality industry which very often is mentioned negatively about sustainability. As we face growing environmental challenges and increasing social awareness, Revenue Managers are in a unique position to make a significant impact. While revenue management […]
Prior to Revenue Forum Event in Stockholm, Taktikon asked Oaky to look into their data and see which impact personalization have on the business and leisure segment. Watch a short film and download the white paper to take part of all the conclusions.What's insideOaky have dived deeper into our pre-arrival upselling data and analysed over […]
The search landscape within Google is constantly changing, especially when looking at Google's ability to constantly modify, adapt and improve its services for its users. Over the years, Google has improved its search algorithms and at the same time launched a series of new products (eg Google Travel platform, Metasearch function Google Hotels, the Google […]
