A Partnership Providing Better Hotel Pricing
IDeaS and OTA Insight partnered together to give hoteliers an edge over their competitors by providing them with industry-leading revenue management solutions. Vivek Bhogaraju, director of global strategic alliances and initiatives at IDeaS, had the opportunity to sit down with Adriaan Coppens to discuss how mutual clients are benefiting from the IDeaS and OTA Insight partnership.
Turned Down For What?
Today’s market environments have reached merciless levels of hotel competition. New and re-branded hotels are popping up on virtually every corner. Industry consolidation catapulted distribution giants like Expedia and Booking.com into online Goliaths. Airbnb and other sharing economy wunderkinds have progressed well beyond some kind of side hustle, posing a legitimate threat for stealing market share – especially over high compression time periods.
5 Ways to Find the Right Pricing Strategy for Your Hotel
Revenue managers dedicate a big part of their day to managing hotel rates and driving profits. They are constantly analyzing data and various influencing factors to find that coveted sweet spot – and a revenue manager’s greatest reward is finding the ideal public pricing that attracts guests and boosts their organization’s bottom line. However, what makes […]
Ideal Pricing vs. Only Pricing: Revenue Strategy Beyond Price
Hospitality experts agree that hotels can’t maximize profitability by managing rates alone. When your revenue strategy only focuses on managing price, you can’t deliver optimal results. Managing only price works well when your inventory is not perishable; however, when it comes to hotel rates, your strategy requires a higher degree of sophistication. Let’s compare a […]
Group Pricing Goes for Gold
Remember the days when you would gather around a table and sales managers would bring their group inquiries to hash out which business to accept and at what rate? Sales managers would be anxious to take as much business as possible, F&B managers would be concerned if minimums or rental weren’t high enough, and general […]
Ideal Pricing Delivers Extraordinary Revenues
Similar to many industry veterans, I’ve spent the vast majority of my adult life working in hotels. From operations to sales & catering to revenue management, I’ve overseen branded and independent properties, ranging from 500-room luxury resorts to 80-room limited service inns. Through my experiences I can say with certainty there has never been a […]
Four Considerations for Developing Your Pricing Strategy
Hotels devote large portions of their revenue management strategies around developing and implementing the right pricing structure for their property and market. But establishing the right pricing structure isn’t a one-off activity – and with the hotel’s bottom line depending heavily on revenue generated from the implementation of an proper pricing strategy, it is critical […]
RMS Must-Have Features: Elasticity & Competitor Rate Considerations
Worried the hotel down the road is attracting more guests than you are? Contemplating dropping your rates to combat a dreaded seasonal lull? Don’t be too quick on the draw. You need some additional insights before making any rash decisions. Fortunately for you, elasticity and competitor considerations take center stage in this third and final […]
The 12 Gifts of RMS: Group Business
For the seventh gift of revenue management, my RMS gave to me ways to manage group business Optimal pricing Online reputation insights Remote accessibility Experienced client support teams On-demand performance support And a dashboard with revenue to oversee With end-of-the-year holiday parties in a full festive swing this season, hoteliers find themselves in a prime position […]
The 12 Gifts of RMS: Optimal Pricing
For the sixth gift of revenue management, my RMS gave to me optimal pricing strategies Online reputation insights Remote accessibility Experienced client support teams On-demand performance support And a dashboard with revenue to oversee Revenue managers across the globe spend large portions of their days managing rates. They are constantly lowering, raising, analyzing and even […]