Hoteliers can now eliminate blind spots in the face of increased competition
Hotel revenue managers are trying to balance higher room rates that aren't consistently trickling down to the bottom line for owners as guests expect more out of their stays based on what they're paying.
With a reputable rate shopper, data should be rich, accurate, up-to-date, and well-structured. And we trust the data to show us the truth, so the instinct is understandable: data can reveal the truth. But only if it comes from an apples-to-apples comparison. Without this direct comparison, insights are skewed and possibly erroneous.
A good rate shopper helps you respond to your competitors’ prices and other factors, using quality data to provide actionable insights that allow you to boost hotel performance with minimal fuss. With so many potential benefits, it’s no wonder that rate shoppers have become an essential tool for hoteliers. Here are some features to look for when choosing one for your property or properties.
2022 has been a year of mixed fortune for the hospitality industry. As we kickstart the new year and hoteliers begin to implement their 2023 roadmaps, it’s the perfect opportunity to look back on the last twelve months and reflect on some of the trends and developments that have shaped the hotel industry, and hotel revenue management in particular.
Every traveler has a maximum amount that they are willing to pay for their accommodation. Whether you run a 5-star hotel or a boutique villa, the goal of all hoteliers is the same – Revenue Maximization. Apprehending this value as closely as possible is the hallmark of a successful hotel. For which you implement various revenue management techniques and strategies to upscale yourself in an inclusive, responsible and sustainable way. However, the key to scoring a goal in revenue management is direct bookings.
As a strong season of leisure demand wanes and group and business travel make up more hotel revenue, revenue experts are taking a closer look at the costs of those types of business.
Undoubtedly with the emergence of technology and room rate API, the process of hotel pricing has been simplified and easier than before. Integration of real-time marketing data with the pricing mechanism makes it easier to monitor market demand, competitor movements, and revive your price accordingly.
With multiple pricing schemes available, the hospitality industry is going more and more intricate towards revenue maximization. Today here in this article, we are going to discuss the BAR (Best Available Rate) rate.
Revenue management has never been this simple, revenue management has never been this complex! Thanks to technology, revenue managers today have access to infinite data for deeper insights to improve decision-making processes and customer-centric strategies.