The important word is WANT, not NEED.Remember this at all times and watch the difference this makes to your business.
Customer reviews are vitally important. They can make or break a hotel and its reputation.
Insights and answers from Olery and other sources reveal the history of customer reviews and much more. All in this flashy infographic.
Revenue Managers and Marketing Directors understandably are keenly focused on the top-line impacts of revenue decisions - including pricing. Owners and most General Managers are more attentive to figures further down the P&L statement including Gross Operating Profit (GOP) and Net Operating Income (NOI), since performance at this level is most often directly tied to the value of their hospitality asset.
Fortunately, a simple pricing formula has been created that will help clarify the risks associated with a given pricing decision on GOP - before that pricing decision is implemented. While tolerance for risk varies from one individual to the next and from one corporate culture to the next, at least all parties involved may now have a common starting point from which smart pricing decisions can be made.