According to innfill's survey of 1,000 small hotels, only 11% are on top of their pricing game, regularly adjusting their rates. The other 89%? Well, missing out on a lot of potential revenue.
Understanding what competitors are charging is as crucial as knowing how much you owe on your credit card. It helps hotels, guest houses, and B&Bs lure in more customers and maximize revenue by adjusting prices according to market conditions.
Effective pricing management is about staying informed about trends and competitors' rates to pull the right price out of your hat. With bookers 90% more likely to compare prices across multiple properties, if your rates are as high as a kite without any extra value, you might as well be offering them a ride on a unicorn—unlikely and overpriced.
By keeping an eye on the competition and responding with smart price hikes whilst the market strong or discounts when hotels can attract those budget-conscious guests (93% of all bookers) and keep rooms filled even during slow periods. Staying competitive through savvy pricing is your ticket to maximizing revenue and keeping customers from wandering off to the next best deal.
New kids on the block Squawk offer daily e mails or texts (your choice) hitting upon your competitors to pinpoint the right opportunities for finding the right price over 14 days ahead at one glance.
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