This YouTube video (by Mark Simpson, uploaded Oct 18, 2023) discusses dynamic pricing strategies for hospitality properties. Key points: set different prices by day of week and avoid flat rates year-round; review and adjust prices frequently (speaker suggests at least weekly); monitor local competitors (their price rises can signal increased demand).
So you've got to know your market. Yeah. You know, your Monday might be one price, Tuesday might be a bit more. So it's that initial pricing is, you know, you don't just say, right, it's £70 a night across every day of the week, every month of the year. You know, you've got a different price for every day of the week. And then what you've got to do is constantly review those prices. Yeah. I would say probably at least every week, to see, you know, what's the demand in the area, what are my competitors doing, you know, Are they. Yeah. And whilst, if you like, you're not directly competing with the Travelodge down the road, they're a useful indicator because, you know, if they start putting their price up, it's because they've seen an increase in demand. Now you.
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