Sample interview questions: How do you handle pricing and revenue decisions for long-term stay guests or extended stay packages?
Sample answer:
- Understand and Segment Your Long-Term Stay Market:
- Identify and target key segments of long-term stay guests, such as business travelers, students, medical patients, or those in transitional housing.
- Conduct market research to determine their unique needs, preferences, and willingness to pay.
- Create Competitive Extended Stay Packages:
- Develop tailored extended stay packages that include value-added amenities and services relevant to your target segments.
- Consider offering flexible rates, discounts for longer stays, loyalty perks, or additional services such as airport transfers or laundry.
- Utilize Revenue Management Techniques:
- Implement flexible pricing strategies to optimize revenue across different length-of-stays, room types, and seasons.
- Use forecasting and data analysis to predict demand patterns, adjust pricing accordingly, and manage inventory effectively.
- Employ dynamic pricing models to adjust rates based on market conditions, occupancy levels, and competitor pricing.
- Offer Advance Purchase Discounts:
- Provide early booking discounts or special rates for guests who reserve their extended stay in advance.
- Consider providing tiered discounts for longer stays or for stays during off-peak periods.
- Create Loyalty Programs:
- Develop loyalty programs or rewards systems that incentivize guests to choose your hotel for their extended stay needs.
- Offer bene… Read full answer