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You can increase your rate and occupancy as many people will be looking to book their accommodations. It enables you to adjust rates and marketing strategies to attract more guests during peak/off times. They can do this in several ways, such as by analyzing market trends and adjusting pricing strategies accordingly.
It helps you to increase occupancy during the slow period that follows (so that stays in the high demand period ‘spill over’ into the less demanding period). Maximumlength of stay You apply a maximumlength of stay when you expect to be able to sell out rooms at higher rates.
This is done by thoroughly understanding your property, its customers, and the market. Understand your Hotel´s Market The success of your revenue management strategy depends on how well you understand your market. This is one of the first steps when creating a revenue management strategy, performing thorough market research.
The answer to this question is quite simple – if you charge too high, you will lose customers to your local competition that offers reasonable rates for more or less the same type of accommodation and services. You should modify your room pricing either based on maximumlength of stay or minimum length of stay to enhance occupancy.
This is done by thoroughly understanding your property, its customers, and the market. Understand your Hotels Market The success of your revenue management strategy depends on how well you understand your market. This is one of the first steps when creating a revenue management strategy, performing thorough market research.
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