In today’s highly fragmented marketplace, competition is intense and hoteliers are constantly on the lookout for better ways to optimize their revenue. With OTA dominance continuing to grow, revenue management offers properties the opportunity to take control of their profitability.
Maximizing your hotel’s earnings isn’t a matter of simply focusing on selling out all room in your property – those days are long gone! In today’s highly competitive marketplace, strategizing to maximize occupancy over revenue could actually be detrimental to your bottom-line. Indeed, hotels that undercut their prices to sell out could actually be earning less than similar properties that employ revenue management strategies.
Hotels have a wealth of data available to them today. If you’re using a cloud-based property management system like Hotelogix, you can also leverage data from your system to optimize pricing. Guest preferences, marital status, age, and seasonal demand can help managers optimize their rates. By selling to the right customer, at the right time and for the right rate – hoteliers can ensure that they’re extracting maximum value from each booking. In an industry like hospitality, where room nights are perishable commodities that expire every night, such a strategy can make a significant difference to the bottom-line!
Hotelogix will be organizing a free webinar in collaboration with BookingSuite to discuss modern revenue management strategies that can help stay ahead of the competition today. Idan Velleman, BookingSuite’s Global Commercial Manager, and Kumar Subramanian, founder and CEO of revenue optimization system REVOPT, will be hosting the webinar and sharing their vast expertise on the process.