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RateManager: The logical way to set your pricing strategy

Bookingsuite Blog 13 June 2017
One of the biggest factors in the success of your property is the pricing strategy you implement. Prices make the difference between sales and no sales, between good deals and bad ones – all of which adds up to a major impact on your bottom line. If price is so key to sales, how do you decide on the right pricing strategy? We spoke to a number of our partners and saw that they have three main ways of conducting research to set their pricing:

How Well Do You Know the Competition?

Bookingsuite Blog 30 May 2017
Knowing your competition is a key part of revenue management. In order to set the right rates for your property, you need to know how much other properties in your market charge. After all, guests have a choice when it comes to where they stay. And when faced with a range of similar properties, they’ll often make a decision based on the rates in front of them – so it’s crucial that your prices are right.

Learn More About Market Demand

Bookingsuite Blog 23 May 2017
You might hear the term “market demand” and wonder what it exactly means. The phrase becomes particularly common—and important—when discussing best practices for revenue management. This article will provide you with a thorough understanding of one of the most fundamental principles you need to consider when setting rates for your property.

How Rate Shopping Propels Revenue Strategy

Bookingsuite Blog 22 August 2016
Your relationship to local competition is as unique as your property itself. Some revenue and property managers work closely with other accommodations in the area to keep tabs on availability, occupancy, and pricing. This cooperation usually involves tight business relationships and a good amount of trust. More often, however, revenue managers need to perform diligent competitive research and analysis in order to verify their competition’s prices. This work is called rate shopping. But simply knowing and recording your competitors’ room rates is not enough. A revenue manager must synthesize the knowledge she gains from rate shopping as an important factor of her pricing strategy. After all, pricing makes up a large part of a revenue manager’s role—and a property’s long-term revenue success.

Do You Have the Correct Pricing Strategy in Place for Your Property?

Bookingsuite Blog 3 August 2016
No matter what, a hotel should be able to sell expensive or inexpensive rooms depending on the demand level. In order to price according to demand, you need a suitable pricing model for your property based on elaborate segmentation and forecasting. In the end, this strategy needs to be implemented with the right revenue management system.

RateManager Autopilot is Here!

Bookingsuite Blog 27 July 2016
BookingSuite RateManager has always provided reliable rate recommendations. Now, we’d like to introduce a new feature which automatically syncs our reliable rates with your channel manager. In short, Autopilot makes your revenue management workflows easier than ever. And in true BookingSuite fashion, the feature is fully customizable. Read on to see the key features of Autopilot.

Revenue Management vs. Profit Management White Paper

Bookingsuite Blog 11 July 2016
The latest BookingSuite white paper takes a look at assumptions around revenue management, and how you can rethink your property’s yields using a strategy we call profit management. Profit management considers costs of acquisition by channel, opportunity costs, and target audience to give you a complete picture of your property’s net revenue.

The Active Rate Shopping Advantage

Bookingsuite Blog 24 May 2016
Rate shopping is a fundamental part of any revenue management strategy. Revenue managers track the competition's pricing in meticulous detail-a daunting task. The complexity of the competitive landscape often turns rate shopping into a reactive pursuit, a mad scramble across direct channels, OTAs, and other outlets to retrieve quick, yet accurate information. It doesn't have

What is an algorithm, anyway?

Bookingsuite Blog 10 May 2016
Software has the ability to make astonishingly accurate predictions on matters both personal and global. From example, Spotify and other music streaming software suggest artists that you’ll like based on music you already enjoy. OkCupid pairs online daters with potential matches via algorithms designed to predict romantic spark. Banks around the globe make stock market trades based on lightning-fast, multivariable computer programs. These software examples, as well as countless others, mold our lives and our world through the use of algorithms. Considering that algorithms have so much influence on us, how can the average person understand these mysterious movers and shakers? What exactly is an algorithm?

Using Big Data to Price Local Events

Bookingsuite Blog 6 April 2016
Properties set pricing for annual local events such as summer festivals or holidays. For example, a rush of tourists in town for the annual Christmas Market causes a property’s occupancy rates to increase by 15%. In order to capitalize on this anticipated demand spike, the property can adjust room rates using the previous years’ occupancy pricing history as benchmarks.

Revenue Management FAQs

Bookingsuite Blog 1 February 2016
BookingSuite loves answering questions. After all, it’s our job to make complicated things simple. In this installment of our FAQ series, we dive into the topic of revenue management.

BookingSuite's Revenue Workbook

Bookingsuite Blog 25 January 2016
Want to see how even a small increase in your property's average occupancy can increase profits? Take a look at our revenue workbook for an easy-to-follow example.

Open Pricing: A New Strategy for Maximizing Revenue

Bookingsuite Blog 22 December 2015
Open Pricing. If you haven’t heard of this revenue strategy yet, you’re likely to in the year ahead. Open Pricing is changing the way that accommodation providers set rates. For properties from large to small, it has the potential to increase revenue and forever change revenue management practices. So, how does it work? Is it a good fit for you? If you wanted to try it, where would you start? Read on to find out more.

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