Welcome to the Friday Freebie! Each week we share one impactful hotel marketing tactic that you can implement immediately to drive more conversions and more revenue.
This week’s freebie: Make your room rates more appealing by changing just ONE number.
Usually, establishing rate is a rational practice, based on historical trends, current market conditions and other hard data. However, many hoteliers overlook a vital aspect when determining prices: Understanding the basic psychology of what makes consumers choose one price over another.
This is called “price psychology” and one of its most tried and true practices is “The Law of Nines,” which is based on using “9″ in your room rates.
People read numbers very quickly from left to right, and they associate the price with the very first number they see. For example, $199 seems closer to $100, even though it is just a dollar away from $200. This is why consumers see numbers endings in 9 or 99 or 95 as better values overall. Even luxury brands use this practice, including Apple.
Give this tactic a try and experiment by amending your $405/night suite to $395 or $399.
Tambourine uses technology and creativity to increase revenue for hotels and destinations worldwide. The firm, now in its 33rd year, is located in New York City and Fort Lauderdale. Please visit: www.Tambourine.com