7 Hotel Pricing Strategy That You Can Use

The right pricing strategy can help a business attract new customers and increase revenue in the competitive hotel industry. Whether you run a motel or a five-star resort, you can use various pricing strategies to boost occupancy and profits.

We share with you seven techniques you can apply to your hotel below.

Dynamic pricing

The concept of dynamic pricing adapts room rates to demand, occupancy, and season. Thus, hotels can raise and lower room rates depending on demand. This adaptable strategy maximizes revenue and occupancy during peak seasons. Hotel needs to set up rules, and they can use their history to learn the best moments. You can use Bookandlink’s Dynamic Pricing add-on to automate the dynamic pricing.

Off-Peak Pricing

Lower room rates should increase revenue when there is insufficient demand. You can maximize revenue by luring tourists on a budget and using their presence to fill unoccupied rooms. Hotels can combine this method to target specific markets if they want to increase occupancy but can still cover the room cost.

Pricing in Packages

If you want more customers, consider bundling your room rates with other services, like meals or spa treatments. This makes your hotel more appealing to potential guests and boosts your revenue by introducing new revenue streams, which is a win-win situation for everyone involved. You can maximize BookingKu by Bookandlink to create package deals.

Early Bird

Offer discounts for early bookings to encourage guests to make reservations in advance. This pricing strategy is also known as “early bird pricing.” This may assist you in filling rooms in advance, preventing you from having empty spaces during the busiest times of the year.

Last-Minute Deals

If you’re having trouble filling rooms that haven’t been sold, you might consider offering discounts on spaces that are still available. This can be a particularly effective strategy for attracting frugal, last-minute travelers.

Pricing for a Returning Guest

Providing returning customers exclusive pricing or discounts is essential to cultivate customer loyalty and long-term revenue growth. You can ensure that guests will return to your establishment by providing these perks, which will, in turn, maximize your long-term revenue.

Group Pricing

Cater to group reservations by supplying them with discounted rates. You can boost revenue at your hotel and make it more appealing to travelers traveling in groups if you book multiple rooms simultaneously and fill them all up.

The hotel’s location, intended clientele, and overall business goals will all play a role in determining the optimal pricing strategy. Consider these strategies, and modify them to meet your organization’s needs. There is a method of pricing that can assist you in maximizing your revenue and accomplishing the objectives you have set for your company, regardless of whether you are trying to appeal to frugal tourists or provide luxurious vacation packages.”

If you want more information about Bookandlink, please do not hesitate to contact our sales team.

Contact Sales