Embracing Innovation in Hotel Pricing: Insights from FITUR’s Expert Panel

Monday, February 5, 2024

At the recent FITUR trade fair in Madrid, a panel organized by BEONx at the Hotelverse stand shed light on innovative pricing strategies in the hotel industry, focusing on “Attribute Based Selling and Neuro Pricing”. Moderated by David Val of TecnoHotel, the discussion featured insights from Diego Fernández of Palladium Hotel Group, Pablo Gago of RoomMate Hotels, and Reyes Mañeru of Petit Palace Hotelity, exploring the challenges and opportunities in data management, personalization, and pricing strategies.

Navigating Data Challenges for Enhanced Revenue

Pablo Gago emphasized the critical gap between data quantity and quality, advocating for effective tools for data interpretation to identify profitable customers and implement strategic revenue initiatives. Echoing this sentiment, Diego Fernández stressed the importance of a “data culture” within hotel organizations to leverage data’s full potential for informed decision-making. Reyes Mañeru highlighted the need for a comprehensive approach, integrating data, revenue, and reputation management to support business strategies effectively.

The Power of Personalization and Attribute Selling

The panel unanimously agreed on the significance of personalization and attribute-based selling in achieving customer satisfaction. Understanding individual customer preferences allows hotels to offer valuable attributes, enhancing the guest experience and perception of value. This approach not only improves satisfaction but also drives loyalty and competitive advantage in a crowded market.

The Future of Pricing Strategies

The discussion also ventured into the future of pricing, with a focus on the integration of technology to enable more sophisticated personalization and dynamic pricing strategies. The potential of artificial intelligence, machine learning, and the Internet of Things (IoT) was highlighted as key to optimizing profitability and enhancing the customer experience. Diego Fernández pointed out the untapped potential in optimizing revenue from extras, suggesting a move towards a more holistic approach to revenue management that encompasses all aspects of the hotel offering.

A Vision for the Future

The expert panel at FITUR provided valuable insights into the evolving landscape of hotel pricing and personalization. The emphasis on quality data management, the importance of personalization, and the potential of emerging technologies underscore the need for the hotel industry to adapt and innovate continually. As the sector moves forward, aligning revenue strategies with technological advancements will be crucial in maintaining profitability and customer satisfaction in the competitive hospitality market.

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