Welcome to episode 4 of HostRight! I'm Zac, and this is Eve, the directors of StayRight. This podcast is our journey of scaling a successful Serviced Accommodation business within 12 months and sharing how we continue to get results.
In this episode, we're diving into the sweet spot between nightly rates and occupancy, aiming to maximise your business. Revenue management is the most important thing in your business once live... we're about to unpack the complexities of it.
The conversation revolves around how to approach revenue management, touching on various aspects such as seasonal fluctuations, pricing strategies, and the challenges it brings. We emphasise the importance of finding a balance between occupancy and nightly rates, as they are key metrics in determining profitability.
We demystify common perceptions around occupancy and nightly rates, addressing the myth of 100% occupancy and the pitfalls of inflated rates. The episode breaks down how to calculate occupancy rates, nightly rates, and what to not do with revenue management, especially around big events.
Our goal is to help you understand the intricacies of these metrics and guide you towards finding that sweet spot that ensures your business's success. Tune in to get practical insights and real talk on navigating the world of service accommodation. 🎙️✨
To view our website: www.stayright.co.uk
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