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Setting the right rates for your rooms is not just about numbers; it’s about balancing guest expectations, understanding demand, and staying competitive. In this blog, we’ll cover everything you need to decide hotel rates smartly, including competitionanalysis, pricing strategies, and tools to simplify the process.
This system combined information from their propertymanagement system booking platform, and sources tracking competitor prices. This gave the chain a complete picture of its performance, spotted trends across properties, boosted group-wide earnings by 25%, and cut the time needed to make big decisions by half.
1 – Ask Phase : This initial phase involves defining the goal of the analysis, a common starting point for both revenue managers and data analysts. Revenue managers regularly extract data from propertymanagement systems (PMS) to build reports, similar to data analysts who often use SQL for managing larger datasets.
Break-even analysis: Calculate the point at which your hotel will start to generate a profit. Competitiveanalysis This is a deeper dive into your earlier research section, where you uncovered your place in the market. USP : modern design, local experiences, personalised service, and curated events.
A notable feature of Rev+ is its competitiveanalysis function, which allows users to compare their rates against those of selected competitors. Connecting Expedia Partner Central to other systems Expedia Partner Central can be integrated with other platforms and propertymanagement systems.
Review Analysis Yet another intrinsic part of competitiveanalysis of hotels, review analysis helps you figure out the reasons why your competitors are loved by customers. In a nutshell, hotel compset analysis is invaluable and imperative to your hotel’s customer acquisition strategy.
Hotel revenue management is a nuanced process, intricately designed to optimise a hotel’s profitability by balancing room rates with demand. This dynamic approach requires a blend of data analysis, market insight, and strategic action. Here’s a deeper dive into how the process unfolds: Step 1.
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