How rate intelligence can improve your hotel revenue management performance

How rate intelligence can improve your hotel revenue management performance

Developing a successful hotel revenue management strategy consists in selling the right room at the right price to the right customer at the right time to increase revenue.

Hotel Price Reporter, a cloud-based travel technology company released a new rate intelligence platform where hoteliers can improve their revenue management strategy by accessing a free rate shopping dashboard where they can track the room rates of 3 hotels in real-time for the next 180 days. The platform also gives hoteliers access to dynamic information, such as events taking place in their area, local market demand data and reputation management statistics.

For many years, a wide-scale revenue management strategy within the hospitality industry consisted in shopping for competitor rates using hotel rate shopper services to scan online travel agency rates automatically. While the early days of the rate shopping industry allowed hotel revenue managers to win time in their daily activities, those tools remained most of the time unaffordable to small businesses and independent hoteliers.

The price however was not the only element that could deter hoteliers to invest in rate intelligence technologies. A lot of the rate intelligence tools remain today insufficient in assisting hoteliers in the rate setting process. Most rate shopping platforms don’t integrate three important revenue drivers to their platforms that are left to the revenue manager’s own expertise: reputation management information, local market demand trends and events taking place in the area.

Conscious that an effective revenue management strategy would be highly dependent on a revenue manager’s personal judgement of metrics such as rates, competition, demand, reputation and impact of local events, Hotel Price Reporter recognized an opportunity to release a new generation of rate intelligence platform that could better address the needs of the industry. The technology empowers hotels to adjust their pricing strategy based on the various price influencing factors by gathering and processing vast amount of data in real-time and on demand.

In additional to the free plan which is mostly suitable to smaller independent hotels, apartments and small B&Bs, there are also paid plans giving access to more data and a wider range of features.
Accounts can be registered at the Hotel Price Reporter’s own website https://www.hotelpricereporter.com/.