Revenue managers across the globe spend large portions of their days managing rates. They are constantly lowering, raising, analyzing and even dreaming about their hotel’s pricing (I mean, who hasn’t had the recurring nightmare about discounted rates filling up the entire hotel?) With the hotel’s bottom line depending heavily on the revenue generated from proper pricing strategies, simply managing rates without looking at the whole picture can unfortunately become a quick go-to scenario.
Best-in-class revenue management solutions understand the critical need for optimal pricing strategies – after all, the hotel’s livelihood depends on it. And with constant increase in market pressures and channel complexity, it is easy to miss the ongoing importance of valuing inventory and using availability controls. When pricing is managed independent of availability controls, the pricing decisions aren’t actually optimal – meaning that revenue is likely being lost.
Revenue management systems that optimize both pricing and availability allow hotels to outperform their competitors that are restricting themselves to managing pricing alone.
This season, your RMS is busy filling your stocking with optimal pricing strategies that include price and availability – revenue you can take to the bank.