The price is right for Travel Daily

"Room pricing is one of the hardest things to get right for a hotelier and this is especially true for those new to hotel revenue management. Thankfully, it gets a little bit easier with a deeper understanding of the levers available to successfully optimise hotel room rates."

This was how we started an article we were invited to submit to Travel Daily, the fast-growing online community dedicated to informing, connecting, and developing the world's travel industry professionals.

How to price right

We're delighted to say that the influential online magazine chose to feature the handy tips-based story as the cover piece on their homepage on Tuesday.

Entitled How to price right: an intro to setting profitable rates, it continues:

Once you understand the inputs that matter most when setting profitable room rates, you can ensure that your hotel earns as much revenue as it should.

One caveat: setting a rate shouldn't be a "set and forget" thing. While you can place parameters around specific dates, as far as which rate targets you want to hit, it's important to revisit your assumptions regularly. Even the most seasoned revenue manager knows the importance of regular and consistent oversight.

Here's how to leverage pricing as a significant competitive advantage.

Which leads into the meat of the article, in which we discuss:

• Metrics and demand
• Historical booking trends and behaviour
• Demand forecasting
• How you shouldn't fly blind

You can read the full article here.

Several more of our guest stories are likely to feature in Travel Daily before the year is out.