Facing inventory shortages at your resort, how do you ensure pricing strategies still attract guests?

Consider creating value-added packages that offer more without lowering rates (such as Full board or half board rates, inclusive Spa treatment.. and so on) and also implementing early bird and last-minute deals. Provide flexible booking terms and conditions, and offer special rates for locals. Collaborate with airlines to create attractive package deals that combine flights and accomodations. Engage and connect with potential guests on social media by partnering with influencers to expand your reach. Encourage referrals by offering discounts and rewards for successful recommendations since referrals are important for business growth.

Facing inventory shortages at your resort, consider implementing a value pricing strategy. Instead of solely focusing on cost, emphasize the exceptional guest experience and unique features of your resort that remain unaffected. Create bundled packages that offer added value through combined services and amenities at a set price, masking the impact of shortages. By highlighting quality and exclusivity, you can justify maintaining or even marginally increasing prices without compromising guest satisfaction

It all depends on the segmentation of the clients isnt it? A leisure traveler is always looking for packages while a corporate traveler will be more interested in economical / aggressive price points! Packages or Value pricing is not a new concept and is being regularly adopted by leisure properties. This basically combines two or more offerings to create a combo deal which can offer some great value for money proposition for the end consumer.

Crafting attractive package deals amid inventory constraints can be a game-changer. Bundle services and amenities into one appealing price to offer added convenience and value. For example, pairing rooms with discounted spa treatments or complimentary meals can satisfy guests and mitigate shortages' impact. Tailor packages to appeal to families, couples, and solo travelers for maximum appeal.

Utilize your loyalty program to counteract inventory shortages effectively. Provide loyal guests with exclusive deals or points redeemable for future stays or upgrades once inventory stabilizes. This approach encourages bookings despite current limitations and nurtures long-term loyalty. Maintain open communication with members about inventory challenges and your proactive solutions. This transparency, coupled with future rewards, builds trust and boosts guest engagement.

While packages cater to a specific set of segment of the clientele. Dynamic pricing is a major phenomenon irrespective of the segmentation and is based on various factors that impact demand of your offerings in the market. Dynamic pricing involves not just playing the price game but also strategically leveraging all the levers to ensure optimal revenue management for the offerings / inventory on offer.

1. Be Honest: Clearly inform guests about inventory limits on all booking channels. 2. Flexible Pricing: Adjust rates based on availability, offering special deals during less busy periods. 3. Add Value: Provide extra amenities and unique experiences to enhance stays. 4. Engage Proactively: Communicate with booked guests about the situation and offer alternatives. 5. Use Feedback: Gather and act on guest feedback to improve future stays.