The revenue management techniques to implement the proper way so that they can bring more revenue for your business.
1. TAKE THE FIGHT FOR DIRECT BUSINESS AND WIN
Most of the time, the hoteliers that are independent need to take their business from OTAs in the form of CPC auctions. With the help of Metasearch channels, all hoteliers can get a better commission and CPA options, as well as a wonderful click share. With the help of tools such as Instant Booking from TripAdvisor as well as HotelsCombined, hoteliers can implement a wonderful, consistent and secure stream of revenue that can bring astounding results in the end. This is not only the only method, in fact any type of channel that can bring more guests into the mix can come in handy and help your hotel.
2. Make the channels that bring better revenue management a priority
If you manage to get a channel that can emulate closely the pricing strategy that you use in your RMS, the better the results. So, if an OTA can reduce the prices for longer visits and at the same time configure packages and offers with placing your business in jeopardy, so can your hotel.
This helps boost the margins and bring astounding results in the end. Sometimes, the OTA market managers can actually bring you data that brings a unique insight into the industry and in the end it will help you obtain better decisions and astounding results coming from them alone.
The info you can get from here includes things like the way you can boost your lead time on reservations, the number of conversions you make and so on.
3. Get the right tech for your hotel
While there are some RMS tech tools that can help hoteliers a lot, such as Duetto and IDeaS, the reality is that these tools can prove to be very expensive for most hoteliers. Not only that, but even if you can actually afford these tools, you will surely ask yourself if your hotel does actually need all the features included there.
In addition, there are tools such as Pricematch that bring a lower price yet similar features. But is this a good fit for your revenue management team? The answer here needs to be thought of correctly, by seeing the amount of money, knowledge and time you need in order to improve your revenue management and obtain better results thanks to it. It might be a good idea to implement a lower cost tool such as this one, but it depends quite a lot on the situation and outcome.
WHAT’s in the future?
Hotels are in the gray for quite some time, so the hospitality industry does need some time in order to retake the lost margins, but the good thing here is that hotels are trying to recover slowly, which is good. Here on our website we have a multitude of things that will provide you with a good way to fully understand the pricing strategies that you need to use in order to make the most out of your hotel’s revenue management system and implement it the best possible way.
The pull-based, real time interface is continually helping the hoteliers get better results even when you compare them with the OTA interfaces. In addition to that, such an interface helps other tech solutions such as a channel manager for example fully manage the revenue management process in a more efficient manner. The process of cache pricing needs a simple price that is sent to the OTA at a time, however, if the OTA queries in real time, the system can easily generate a price based on the conditions on the market that were available at the time of that particular search.
Moreover, there are a variety of developments here, which include an integration in a deeper manner with channel connections, such as RMS, PMS, CRS and OTA. This means that the channel manager can easily integrate with those systems and help you obtain the most out of your revenue management capabilities, which is really good! Thanks to all these unique features, the revenue management world seems to bring new, exciting outcomes, so rest assured that the future is looking bright for the revenue managers.
