For years, hotels and resorts have relied on posting banquet and catering prices online. However, it’s time to rethink this practice. In this blog post, we will explore the drawbacks of posting prices online and introduce alternative approaches that can benefit both businesses and customers.
Dynamic Pricing:
We already discussed that, by embracing dynamic pricing, hotels and resorts can adapt to market changes and optimize revenue. Instead of being bound by fixed prices, dynamic pricing allows businesses to adjust prices based on factors like demand, availability, and seasonality. This ensures that customers receive the best value for their money and hotels and resorts can maximize their profits.
Personalized Pricing:
Every event is unique, with different requirements and budgets. By not posting prices online, hotels and resorts can offer personalized pricing tailored to each client’s specific needs. This flexibility allows for negotiations and customization, ensuring that customers receive a competitive offer that fits their budget. It also enables hotels and resorts to accommodate a wide range of budgets, attracting a diverse clientele.
Engaging with Potential Clients:
Posting prices online can deter potential customers who perceive them as too high. By avoiding this practice, hotels and resorts have the opportunity to engage in personalized conversations with potential clients. Understanding their requirements and budget allows hotels and resorts to provide tailored proposals that showcase the value they can offer beyond the initial price tag. This approach helps to avoid missed opportunities and fosters stronger customer relationships.
Lead Rate Strategy:
You know how hotels have a ‘lead rate’ strategy, right? “Rooms from $149!” across their splash page, or how airlines promote “Fares from $49!“. Well, we suggest doing this with banquet and catering prices, too. “Luncheons from $34!”, etc. You get our drift here…Open the doors to higher group POR spend contribution andmake your property more profitable. “If you keep doing what you’ve been doing, you’ll keep getting what you’ve been getting.“– author unknown. Isn’t this really the theme of everything these days?
Conclusion:
The hospitality industry needs to move away from the limitations of posting banquet and catering prices online. By embracing dynamic pricing, offering personalized pricing, and engaging directly with potential clients, hotels and resorts can provide a more customer-centric experience. Let go of fixed prices and discover the possibilities of a tailored approach that prioritizes value and customer satisfaction.
Call to Action:
Clients should be able to plan their next event with confidence by reaching out directly to hotels and resorts. Engage in a conversation with the event planning team, discuss their requirements, and let them create a personalized proposal/resume that fits their needs and budget. They shouldn’t settle for posted prices – and unlock the potential of a customized experience.
