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Should your flat white ☕ (and smashed avo) cost more during busy times? 😱👇 From airlines to Uber, dynamic pricing is everywhere. Is the hospitality industry next in line? Here are the results from my recent 𝗟𝗶𝗻𝗸𝗲𝗱𝗜𝗻 𝗽𝗼𝗹𝗹 📊: • Yes, now is the time (32%) • Maybe in 3 to 5 years (26%) • No, never (32%) • Other (10%) The 𝗿𝗲𝘀𝘂𝗹𝘁𝘀 𝘄𝗲𝗿𝗲 𝗺𝗶𝘅𝗲𝗱 😮 • Over 2 in 4 people think that we will see it within the next 5 years • Yet, almost 1 in 3 think that we will never see it • There were some great comments! Some more thoughts below: 𝗧𝗵𝗲 𝗰𝗮𝘀𝗲 𝗳𝗼𝗿 𝗶𝘁 ✅ • Many other industries use dynamic pricing without issue or condemnation • Some dynamic pricing already exists: weekend surcharge, minimum spend, discounts during slow periods • Hospitality has a similar fixed capacity and changing demand structure as many other industries • Customers expect to pay more in other situations and periods when demand is higher than normal • Technology such as digital menus, apps, and point-of-sale can easily facilitate this 𝗧𝗵𝗲 𝗵𝘂𝗿𝗱𝗹𝗲𝘀 ❌ • The term dynamic pricing has many negative perceptions (let’s not get caught up in terms) • For in-person dining (as opposed to order-ahead and delivery), it’s hard for a customer to go into a venue and find out that the price is a lot different than what they expected • Customers may feel like this is price gouging 𝗠𝘆 𝗳𝗶𝗻𝗮𝗹 𝘁𝗵𝗼𝘂𝗴𝗵𝘁𝘀 ⚡ - Hospitality is not that different from other industries that use dynamic pricing - True dynamic pricing (by the minute) like airlines or rideshare might not suit - Set periods of pre-determined increased pricing may be acceptable (i.e. 15% more during 8 am to 9.30 am) - Customer engagement, education and communication will be key - I believe some dynamic pricing already exists and we will see more of it in the future ⭐ 𝗙𝗿𝗶𝗲𝗻𝗱𝘀, how do you think hospitality should navigate dynamic pricing? #specialtycoffee #coffee #dynamicpricing #hospitality

⛓️💥escape the F&B profit margin crunch. Hotel operators have seen F&B profit margins take a significant hit, dropping from 32% to 22% in just five years. We'd like to change that 🦸 . Because if traditional F&B is struggling to break even, isn't it time to re-imagine how you serve today’s guests? We believe that any F&B service in your hotel should seamlessly boosts your brand and enhance guest satisfaction. 👉 without adding to your team’s workload. Our data-driven, F&B technology platform does exactly this. It operates a lobby shop on autopilot, keeping shelves stocked with products guests truly want. The result? Consistent, monthly profit margins that are far above the reported 22%. And you get a competitive edge in guest experience. ⏲️ Time to make F&B a profitable asset again? Contact us on 🔗 https://bit.ly/3t9OEkj #HotelOperations #HospitalityIndustry #RevenueManagement #HospitalityInnovation #GuestExperience #ProfitabilitySolutions

Kicking off this week saying THANK YOU 🙏 Hospitality is just one industry set to benefit from having access to our tech enabled cash handling solution.   💷The ability to manage your cash on site, instantly, affordably and conveniently, I believe, is a game changer for #hotels, #bars, #restaurants, #pubs, #leisure venues and so many more. That’s why it was great to see news of our newly launched #AcceptCash solution hitting the news pages of Hospitality and Catering News Hospitality & Catering News 🙌 #THANKYOU With the recent announcements from Rachel Reeves in the budget regarding NI increases and minimum wage hikes, it’s more important than ever for businesses to keep costs down and reviewing Cash Managment services is a innovative way for businesses to retain more of their profits. We’re excited to help hospitality and catering businesses reduce their payment processing fees, (Cash & Card). Our Smart Safe technology for cash handling and access to lower processing rates for card payments can make a real difference, especially as we head into the busy festive season. 🎄 A Smart Safe installed in your business could save your business £thousands per year in cash processing and time handling cash. If you’re in the industry, get in touch and let’s talk about how we can help you keep more of your hard-earned money. You might just be giving yourself an early Christmas present! 🎁 https://lnkd.in/eckXn8xV

Mastermind your #travelreward strategy. #dining4rewards Whether you dine out often or occasionally, joining a dining rewards program is worth it. These #restaurant programs are #free to join, and you can earn extra points without much effort. You’ll sometimes even earn elite status-qualifying points, providing even more incentive to participate. Considering how simple is to join to earn points this way, it’s a no-brainer. Learn more E: gsanchez@rewardsnetwork.com V: https://lnkd.in/ei8eUr3

Make the most of the money you spend! 1. Use credit cards to get points or cash back. When used responsibly, you can easily get a bit of money back every single month. 2. Join rewards programs (hotels, airlines, dining, shopping) and don't forget to optimize your spending to get those rewards. You are spending the money anyway - might as well get some of it back. #personalfinance #financialfreedom #financialcoaching #retirementplanning

** WHY CAN’T HOSPITALITY BE PROFITABLE? ** What’s the beef with dynamic pricing, and why is “profit” such a dirty word in hospitality? The hospitality industry is in a unique bind. Dining out or going for a drink should be a luxury experience. Yet, pubs, restaurants, and bars constantly feel pressure to keep prices low, often compromising their own profitability. When do we stop expecting hospitality businesses to just keep “sucking it up”? Dynamic pricing has emerged as one solution to these challenges, where prices adjust based on demand. This approach can balance the books during peak hours, but understandably it's often met with scepticism. Customers may view it as “price gouging” if it's not handled transparently, risking backlash from the very patrons they aim to serve. Yet, dynamic pricing isn’t just about pushing prices up; it also offers flexibility to bring them down when demand is low. For hospitality, this flexibility can be a real game-changer, especially during quieter times when the goal is to get “bums on seats.” Take student nights or early-week deals as examples—by lowering prices during slow periods, venues can attract more customers, keep staff working, and boost overall sales. Dynamic pricing lets venues respond to customer demand while still covering overheads. Lowering prices during quieter times helps to fill seats and builds customer loyalty, showing value when it’s needed most. However, the success of dynamic pricing hinges on transparency. If customers understand why prices change, it’s less likely they’ll feel exploited. With clear communication, dynamic pricing can create a balanced approach—offering deals when business is slow and helping offset costs during peak times, potentially moving the industry toward a more sustainable model. What are your thoughts on dynamic pricing? #hospitalitynews #dynamicpricing #profit

Sevenrooms has released its Restaurant Trends Report with some exceptional insights into booking behaviours, customer spending budgets and audience influences for 2024 and beyond. Want the run down? 🤔 💪Gen Z diners are the group who are eating out the most, with more than half eating out 3+ times a month. 💰When it comes to how much to spend on a meal, most Brits are happy to spend up to £50 per person, with people in major cities like London happy to spend a bit above that also. 🙌Monday is the new Sunday with restaurants reporting that it is one of the most popular days for reservations (perhaps as a result of hybrid work travel). 📖When it comes to booking patterns, over half of Sevenrooms bookings in the UK are made on the day with the next most popular booking pattern being 10 days in advance. To read the rest of the key points from the report, check out our blog here: https://lnkd.in/eMCbTkRv #sevenrooms #restauranttrends #customerbehaviour #restaurantmarketing #restaurantinsights #cabhospitality

Do you like breakfast for dinner (or lunch)?! An oldie but a goodie—just look at how a simple change can explode the bottom line and disrupt an entire industry... breakfast all day?! That’s right! McDonald's took the leap, and the results were undeniable: 🚀 October 2015, McDonald’s launched its “All Day Breakfast Menu” 📈 Same-store sales skyrocketed by 5.7% in Q4 2015 💰 Profit increased to $1.21 billion in Q4 2015, from $1.1 billion in Q4 2014 Fast forward to 2024: casino and hotel guests now have unprecedented access to technology and platforms for providing feedback, empowering operators to uncover blind spots in the customer journey like never before! As the industry shifts its focus to customer experience, those who aren’t analyzing guest feedback in real time and acting swiftly are at risk of being outpaced by their competitors. Let’s embrace the power of customer insights and keep driving innovation! #CustomerExperience #Innovation #BusinessSuccess #Hospitality #CustomerFeedback #IndustryDisruption #Casinos #Hotels #Resorts Sources: https://lnkd.in/gSzYq_a3 https://lnkd.in/gU9pXFsc

📊 Train Staff on Upselling Techniques & Incentivize Success: Boost Revenue Effortlessly 💸 Upselling is an often underutilized tool in the hospitality industry. With proper training, your staff can seamlessly suggest room upgrades, dining packages, or spa services during guest interactions. A successful upsell not only enhances the guest's experience but also boosts revenue with minimal effort. To encourage upselling, incentivize your staff with performance-based rewards. Empower them with knowledge about additional services, so they can make personalized recommendations. Digital systems that offer upselling options during online bookings can also drive revenue growth without being intrusive. Upselling, when done right, benefits both the guest and the business. #Upselling #RevenueGrowth #CustomerExperience #StaffTraining #HospitalityBusiness

Just in time for holiday travel, Grubhub and Hilton are expanding their partnership by bringing mobile ordering and delivery via Grubhub to more than 2,600 Spark, Tru and Hampton properties. Guests at these Hilton properties are now able to order from Grubhub’s 375,000 merchant partners to get any of their needs delivered — whether it be a meal, their favorite snack or a forgotten toiletry item. #grubhub #holiday #tistheseason Read more here: https://lnkd.in/gSbUGNEW