Recent data from Triptease highlights a stark reality: Hotels with the most competitive rates on metasearch platforms see a staggering +242% increase in Rev/Impr. This isn't just a trend; it's a wake-up call for all hoteliers. Being the cheapest option isn’t just about rates; it’s about influencing customer decisions, driving direct bookings, and lessening dependence on third-party platforms.
The evolution of price sensitivity in the hotel industry
In 2021, competitive direct pricing was a game-changer, significantly boosting Revenue per Impression (Rev/Impr). Come 2022, the travel boom saw a slight decline in price sensitivity, but the emphasis on competitive rates remained strong. Then 2023 hit, bringing a heightened economic awareness and an even greater need for strategic pricing.
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2024 and beyond: The rise of pricing strategies
Looking ahead to 2024, the role of pricing strategies will be more critical than ever. Adapting to these market shifts is not optional – it’s essential to ensure that your direct channel isn't just competing but leading with the most attractive rates, tailored to the evolving preferences of your guests.
In our detailed Hoteliers' Guide to Metasearch Pricing in 2024, you'll discover:
- Just how much competing with OTAs is impacting your hotel - and how you can out perform them.
- Adapting to shifts in price sensitivity and tactics for pricing in a cost-conscious market
- Tips for tailoring your price strategies for different markets
- How competitive rates maximise your direct booking advantage
- What technological advancements are available in pricing intelligence using real-time data for better pricing decisions
- How to balance competitive pricing with profitability through effective auto-pricing and discounts.
This guide isn't just about understanding the past and the present; it's your roadmap to taking control of your pricing strategy in 2024 and beyond. Don't let OTAs dictate your future – download the guide today for direct booking success!
Want to stop losing revenue to OTAs? Download our comprehensive Hoteliers' Guide to Metasearch Pricing in 2024 to outperform OTAs with Strategic Metasearch pricing.
