Hotel Pricing and Revenue Management
Hotel Pricing and Revenue Management Services
Your hotel rooms and restaurant seats are a perishable product and maximizing occupancy and set the right pricing strategies are essential to achieve sustainable financial success. Hotel operators and restaurateurs must be able to balance customer satisfaction along with pricing. Cayuga Consultants possess decades of hands-on experience to help you define your unique challenges, establish goals and present effective and sustainable solutions.
Our experienced hotel pricing and revenue management consultants work with you to provide interim support when gaps in management occur. Not only that, if you have an onsite team in place, we will work with them effectively to get the project done.
Cayuga’s revenue management experts work closely with management to:
- Set competitive positioning
- Forecast future demand
- Maximize revenues
- Establish pricing strategies
- Discover opportunities for new revenue streams
- Manage procurement and product suppliers
- And provide revenue management training
Hotel Pricing Consulting Services
Our pricing consulting services can increase revenue for your hotel by using a variety of techniques and tools to help owners and managers understand how to set prices that will maximize revenue while also remaining competitive.
By analyzing data on your competitors’ prices, demand, and other factors, Cayuga Hospitality pricing consultants can help your hotel or property to understand the market and identify opportunities for increasing your bottom line. This can include identifying segments of your market that are underserved, or identifying times of the year when your demand is high but prices are low.
Hotel Revenue Management Consulting Services
Our team of experienced consultants is dedicated to helping hotels and restaurants achieve their revenue goals by identifying pricing strategies, and finding opportunities to integrate innovative products and services to improve service delivery and satisfaction. By leveraging the latest technologies and industry trends, we can help you increase revenue, reduce expenses, and enhance the guest experience.
Cayuga Consultants provide:
- Hotel inventory management guidance
- Aid in creating marketing budgets
- Advise on channel distribution and advertising
- And more
Hotel Product and Services Consulting
Do you have an innovative product or service to bring to the hotel and restaurant market? Allow our experts to help you create branding, sales strategies, train your staff and brokers, determine whether a relationship with a Group Purchasing Organization (GPO) or selling independently is the right choice, and help with your product placement.
The hotel and restaurant ecosystem is a complex one and partnering with procurement and purchasing expert will ensure a successful launch and loyal longterm client relationships.
Hotel Revenue Optimization Consulting Services
Public spaces and even some revenue centric areas of your property may be overlooked as potential new or enhanced revenue boosters. Whether adding a lobby market, training teams to encourage guest use of amenities, transitioning low-profit outlets to better uses to build revenue, evaluating operations to discover barriers to profitability, review of products and services procurement and pricing, employee engagement, or guest experience, Cayuga consultants have the experience and knowledge to offer solutions for your unique needs.
OTA Hotel Management Services
The world of OTA’s (online travel agencies) is vast, ever-changing, and often confusing. Cayuga members are recognized as top experts in the field with decades of hands-on experience. Learning how to weigh the costs and benefits of marketing through these global distribution systems along with maintaining strong direct booking is essential. Learning to master distribution and channel management resources will build occupancy, rate, and competitive positioning.
Three specific strategies that Hoteliers should implement in order to pull guests back offline and back to booking with direct:
- Re-train our front desk staff or reservation agents to become more inquisitive when speaking with an incoming caller
- Advocate that the National and International Brands run a joint and entire industry campaign to educate consumers as to the benefits and pitfalls of booking with an OTA versus Booking Direct
- Continue to educate our customers who booked on an OTA, that upon their return visit to book direct. Inform them that they can get the best rate by calling direct and they also have more control over reservation changes and/or cancellations.
Cayuga’s hospitality consultants develop revenue management plans to help build customer loyalty that results in increased returns for owners and operators.