Learn how to price your rooms and ancillary products strategically, provide a competitive advantage without discounting, maximise revenue from every guest, while sustaining a high net promoter score.
Value-based pricing requires determining what your customers truly value. This can include a high willingness to pay for products and features important for a particular stay, the lowest rate for price-sensitive guests, and everything in between.
In this course, we introduce a unifying framework for examining different methods of accommodation pricing, including:
- Understand the value proposition and rate tactics of your key competitors
- Develop a competitive advantage based on the analysis findings and repositioning a hotel by offering better value for consumers.
- A template spreadsheet is provided to facilitate pricing research
You will learn:
- A method to validate pricing strategy for a hotel’s rooms and ancillary products, using a template developed by hoteliers
- A structure to review and update this strategy when required
- A best practice process for developing your pricing customised to your property
- A reliable method to work out your competitors “Net Promoter Score”
- Develop a competitive advantage based on the analysis findings and repositioning the hotel by offering better value for money for consumers