Boost Hospitality podcast (Season 7, Episode 11) — host Mark Simpson interviews Morel Monda Brown of Optimize Revenue about pricing in the hospitality and short-stay accommodation industry. Early discussion highlights the importance of viewing pricing as an average over time, midweek booking strategies, and the impact of property management systems (PMS) on pricing decisions; Morel characterizes her 'superpower' as helping owners remove uncertainty from pricing choices.
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Welcome to the Boost Hospitality podcast. We are in season seven, episode 11 and today talking about pricing. Pricing is a massive part of what I believe is going to happen in 2020 to the hospitality and short stay accommodation industry. With this in mind, I invited on Morel Monda Brown of Optimize Revenue and she's going to give you some advice on what you can be doing to get those bookings and specifically midweek bookings. What would you say is your or your company's superpower?
Yeah, my superpower I would say is really the ability to take help people make decisions and take uncertainty out of their pricing questions and queries.
What is one of the most common common mistakes you see hospitality owners make when it comes to pricing?
Two things. One, one thing, it's not necessarily specifically pricing led, but it does have an impact and that is the property management system. And based on the day of week pricing, it's really, really important to understand that it's about an average over a period of time that you need to achieve and not the rate that you're talking about. That's really, really common and a really common challenge and a mindset to try and have to change for people as well.
Obviously, I imagine over the time you've been doing this, you've seen every type. Do you have a personal preference? Is there a PMS that's doing better than others? Is there one that you prefer over others?
There is, purely on the basis of the information that comes out of it. And if it was a large independent hotel property, I would be recommending something like guest line.
