Hotel Revenue Management is a crucial operational concept that allows property owners like you and your revenue managers to anticipate demand and optimize availability and pricing to witness the best possible financial outcomes. It involves pricing the room right along with selling it to the right customer at the right time. But can you accomplish all these manually? The answer will be a big NO. This blog will help you understand how a powerful hotel Revenue Management Software (RMS) can simplify things by addressing several challenges.
Let’s go through some of them one by one.
Challenge #1: Coming up with the right pricing strategy
Solution: An Artificial Intelligence (AI) powered fully automated revenue management software automates your pricing tactic throughout the year. It lets you set optimal room rates as part of your strategic pricing decision to drive maximum profits.
Challenge #2: Anticipating demand, setting rates dynamically
Solution: This too shall pass when you have a RMS. With highly accurate forecasting on supply, demand, and competition, it will dynamically change the rates for you in real-time, 24X7, throughout the year.
Challenge #3: Updating room rates on multiple channels
Solution: The RMS automatically generates and updates your room prices on all sales channels based on critical factors, including occupancy, seasonality, booking window, competition prices, booking demand, and time of the day or week.
Challenge #4: Getting insights on competition pricing
Solution: Get an automated, comprehensive insight into competitive pricing. It helps you strengthen your positioning against the hotel down the road by making pricing adjustments to attract guests.
Challenge #5: Integrating large amount of data
Solution: Integrated with Hotel PMS, CRS, and POS, the RMS collects, analyses, and consolidates vital data about your operation and guests. This efficiently helps in defining demand forecasting and revenue projection.
Benefits of using a Revenue Management Software
- Maximize occupancy
- Increase revenue
- Create accurate historical, current, and future statistical reports
- Help your revenue management team with detailed demand forecasting for better decision-making
- Free up staff, save time, reduce errors in pricing
- Get access to critical data – revenue trend, booking behavior, and many more
- Know your competitors, understand the market
- Get more time to focus on guests
Do more with AxisRooms
At AxisRooms, we not only provide you with an intelligent revenue management system, but we also take it one step forward with a dedicated resource. Yes, you heard it RIGHT!
Our revenue manager has all the skill set to simplify this complex task to accelerate your hotel’s profitability by keeping an eye on –
- Multiple OTAs’ extranets
- Page score ranking and visibility
- Inventory threshold
- Rate parity on OTAs and metasearch engines
The resource can also help you optimize your hotel content on your online sales channels by ensuring the correct rate, availability, hotel description, booking/cancellation policies, images, and other vital information to drive booking.
They will work closely with OTAs to suggest to you if changes need to be made to the extranet algorithm to improve your hotel’s rankings and visibility. In addition to this, they will also advise you to run OTA-specific marketing campaigns.
Most importantly, these expert revenue managers will help you increase your hotel’s online ratings by quickly, strategically, and thoughtfully replying to guest reviews – both positive and negative.
Now, you know the advantage of this helpful combination – revenue management software + a skilled revenue manager. It would be best if you had both of them to stay competitive and attractive and gain clarity on profitability by coming up with the most appropriate pricing strategy.