Hospitality Pricing

Hospitality Pricing

The demand for hospitality service being highly inelastic, pricing right is of the essence. Even a tiny adjustment will lead to substantial profit increases, and moreover, pricing is one of the most efficient tools for controlling the occupancy rate; essentially, pricing is the ultimate tool for optimizing RevPAR.

While the hospitality industry has traditionally showed a relatively disciplined pricing behavior, focus has remained almost entirely on simple revenue-maximization calculations; which, as it turns out, don’t maximize either revenue or profits, as the effects of price on brand positioning and customer satisfaction are neglected.

We help businesses in the hospitality take a data-backed, holistic approach to pricing where all factors are taken into consideration. In particular, we assist firms with:

Some of the common usages of our pricing solution by FMCG/CPG firms:

  • Identifying segments with a high willingness to pay
  • Determining how willingness to pay differ between segments
  • Providing insight for fine-tuning differential pricing strategies

How Does It Work?

PriceBeam’s solution conducts extensive market research, collects and analyzes data before delivering a detailed report on your customer’s willingness to pay. This data will enable you to stick out from the competition, maximize profit, and set prices that aid your long-run brand positioning.

Define offering & target market

You describe your product/service on our cloud-based platform. You also define the target market to research.

Conduct Market Research

We collect market research for the given product/service in the defined target market.

Analyze

We collect and analyze the data.

Report

We report the analysis and conclusions to you in our cloud-based solution.

Further Reading

Identifying segments and wtp in hospitality

Apply more powerful pricing through market segmentation.

Read More

Price positioning in hospitality

Optimize prices and organize the price positioning.

Read More

Functions of pricing in hospitality

Different approaches to price optimization in hospitality.

Read More

Whitepaper: Price Optimization for Hospitality Firms

Extensive whitepaper from PriceBeam's pricing experts about price optimization in hospitality.

Read More

About Us

With a methodology that is confirmed to be accurate in thousands of projects, PriceBeam provides self-service market research to companies of all sizes that quickly, accurately, and affordably discovers your customers’ willingness to pay for your product or service.

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2 Glendale Drive, London SW19 7BG, United Kingdom