#preciumtechnologies

[redskyhospitality]

Is My Hotel Room Pricing Logical ?

For Some People, Setting Prices is Straightforward, While for others, It's More Challenging. But let's Put Aside Whether it's Easy or Complicated and Focus on the Core Question: Is the Price I'm Setting for my Hotel Rooms Logical?

Consider These Scenarios to Explore This Question:

You have a 50-room hotel with one room type. A group books 25 rooms, bringing your occupancy to 50%. Should you increase or hold retail pricing on OTAs and your brand's website? What factors influence this decision?

If your Corporate Individual – Negotiated Segment bookings are strong, should you increase or hold retail pricing? Why?

If you have only 5 rooms left to sell for today, should you raise prices or keep them steady?There may be many situations, where you might be inclined towards increasing the price points, when your property occupancy increases or Vice versa.

While it might seem intuitive to raise prices as occupancy increases, is occupancy the only factor to consider when setting prices?

Ultimately, the customer decides whether to book your room at the given price. You can set whatever price you like, but it's the buyer's decision to accept or reject it. To ensure you're competitive and growing revenue and profitability, you need to find the right price point.

How Do You Determine The Right Price?

The answer lies in understanding the Behaviour of your property. Just as people can be polite or rude, hardworking or lazy, hotels have characteristics that inform pricing decisions. To understand your hotel's Behaviour, consider these key aspects:

🟢Lead Times: Do bookings happen well in advance or closer to the arrival date? For example, weddings are typically booked well ahead of time, while business Travellers might book closer to their stay.

🟢Day of the Week Patterns: Leisure Travellers might prefer weekends, while corporate clients usually book weekdays.

🟢Length of Stay (LOS): What's the typical length of stay for different market segments?

🟢Price Elasticity: How does demand change with price fluctuations on different days of the week and during different seasons?

🟢Demand and Supply Balance: How does seasonality affect demand and supply across different market segments?

🟢Past and Current Trends: Are there noticeable changes in booking patterns?

🟢Socio-Economic Factors: What broader factors could impact customer Behaviour?

These insights help you forecast more accurately and make better pricing decisions.

It's important to remember that simply raising prices doesn't guarantee increased revenue. You need to consider the market segment mix, channel mix, and strategies to extend length of stay to grow occupancy during quieter times. Accurate forecasting enables you to make well-informed decisions about pricing, yield management, and channel management.

Expanding your distribution through a channel manager with a wide reach can also help increase demand, boosting your property's revenue.

RedSKY Hospitality provides services and expertise to help revenue managers optimize market segments and channel mix to maximize revenue and profitability. Using advanced technology, they can forecast and make informed pricing decisions.

Precium Technologies offers tools to aid accurate forecasting and competitor rate shopping to keep you up-to-date with market trends. Their AI-based pricing recommendation tool helps suggest the optimal price to maximize RevPAR and profitability.

By understanding your property's Behaviour and using advanced tools, you can set prices that attract customers while maximizing revenue and profitability.

[redskyhospitality]

Unlocking the Power of Revenue Management Software: A Comprehensive Guide!

Understanding the Significance of Revenue Management Software!

In the dynamic world of business, revenue management software plays a pivotal role in steering organizations toward profitability. This software is a multifaceted tool designed to forecast demand, analyze revenue opportunities, optimize pricing and promotions, and streamline the reservation process.

𝐊𝐞𝐲 𝐅𝐮𝐧𝐜𝐭𝐢𝐨𝐧𝐬 𝐨𝐟 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐒𝐨𝐟𝐭𝐰𝐚𝐫𝐞!

The primary function of Revenue Management Software is price optimization. By considering factors such as cost of goods sold, marketing expenses, marginal costs, and inventory turnover rate, companies can evaluate potential revenue opportunities. The software empowers organizations to manage their product portfolio effectively through features like forecasting demand, identifying revenue-generating opportunities, optimizing pricing and promotions, and automating the reservation process.

𝐈𝐦𝐩𝐚𝐜𝐭 𝐨𝐧 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐑𝐞𝐭𝐞𝐧𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐏𝐫𝐨𝐟𝐢𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲

Implementing revenue management software enables organizations to not only reduce customer churn rates but also boost profits. By harnessing the software’s features, businesses can navigate through competitive landscapes, ensuring strategic pricing decisions that align with market demands.

𝐑𝐞𝐯𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐢𝐳𝐢𝐧𝐠 𝐭𝐡𝐞 𝐇𝐨𝐭𝐞𝐥 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲

In the Hospitality Industry, revenue management software emerges as a game-changer. Its ability to optimize revenue, manage inventory, and monitor room rates positions it as a crucial tool for hotels. Acting as a centralized hub, this software stores comprehensive information on hotel bookings, including guest rooms, room rates, and inventory. Real-time data analytics further empower hotels to gauge the performance of their deals, paving the way for increased revenue.

𝐄𝐬𝐬𝐞𝐧𝐭𝐢𝐚𝐥 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐬 𝐨𝐟 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐒𝐲𝐬𝐭𝐞𝐦𝐬

For optimal results, every revenue management system should encompass key features:

𝐀𝐮𝐭𝐨𝐦𝐚𝐭𝐢𝐜 𝐏𝐫𝐢𝐜𝐞 𝐔𝐩𝐝𝐚𝐭𝐞𝐬: Streamlining routine tasks, this feature allows revenue managers to focus on strategic decisions by automating price updates.

𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐭 𝐃𝐚𝐭𝐚 𝐑𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠: A robust analytics component offers easy-to-read reports, visualizing data trends and patterns for enhanced decision-making.

𝐄𝐚𝐬𝐲 𝐈𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐢𝐨𝐧𝐬: Seamless integration with other systems, such as booking engines and property management systems, ensures a cohesive approach to revenue management.

𝐎𝐩𝐞𝐧 𝐚𝐧𝐝 𝐃𝐲𝐧𝐚𝐦𝐢𝐜 𝐏𝐫𝐢𝐜𝐢𝐧𝐠: The ability to manage distribution channels and room types independently, with dynamic pricing suggestions, enhances flexibility and adaptability.

𝐂𝐡𝐨𝐨𝐬𝐢𝐧𝐠 𝐭𝐡𝐞 𝐑𝐢𝐠𝐡𝐭 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐒𝐨𝐟𝐭𝐰𝐚𝐫𝐞?

Selecting the right revenue management software is crucial. Consider these five factors:

𝐈𝐝𝐞𝐧𝐭𝐢𝐟𝐲 𝐘𝐨𝐮𝐫 𝐍𝐞𝐞𝐝𝐬: Look for software that aligns with your revenue strategy, incorporating forecasting tools and budget-building functionalities.

𝐅𝐥𝐞𝐱𝐢𝐛𝐥𝐞 𝐔𝐩𝐝𝐚𝐭𝐞𝐬: Ensure the software allows for on-demand optimization, enabling instant rate updates.

𝐌𝐨𝐝𝐞𝐫𝐧 𝐌𝐞𝐭𝐡𝐨𝐝𝐬: Opt for software powered by cutting-edge algorithms, especially crucial in volatile markets with rapidly changing trends.

𝐔𝐬𝐞𝐫-𝐅𝐫𝐢𝐞𝐧𝐝𝐥𝐲 𝐈𝐧𝐭𝐞𝐫𝐟𝐚𝐜𝐞: Evaluate the ease of use, preferring solutions that offer both automated and manual controls for a balanced approach.

𝐕𝐞𝐧𝐝𝐨𝐫 𝐒𝐮𝐩𝐩𝐨𝐫𝐭: Research the reputation and expertise of the software provider, ensuring they have a track record of success and expert talent.

𝐏𝐫𝐞𝐜𝐢𝐮𝐦 ™: 𝐑𝐞𝐯𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐢𝐳𝐢𝐧𝐠 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭

In the real of revenue management solutions, Precium Technologies LLP stands out as a comprehensive and efficient choice. This end-to-end solution provides insights into occupancy, rates, and room demand, enabling hoteliers to maximize profitability.

𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬 𝐟𝐨𝐫 𝐒𝐮𝐜𝐜𝐞𝐬𝐬 𝐰𝐢𝐭𝐡 𝐏𝐫𝐞𝐜𝐢𝐮𝐦 ™!

𝐏𝐫𝐞𝐜𝐢𝐮𝐦 ™ offers a strategy management system that aids in revenue management and data analytics. It excels in:

𝐕𝐨𝐥𝐮𝐦𝐞 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐲: Suggests optimal prices based on occupancy goals.

𝐑𝐚𝐭𝐞 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐲: Guides toward the best pricing strategy for maximum income.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐋𝐢𝐧𝐤𝐞𝐝 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐲: Determines pricing based on the hotel’s positioning relative to competitors.

𝐀𝐯𝐚𝐢𝐥𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐲: Recommends optimal pricing based on room availability.

𝐖𝐡𝐲 𝐂𝐡𝐨𝐨𝐬𝐞 𝐏𝐫𝐞𝐜𝐢𝐮𝐦 ™?

𝐏𝐫𝐞𝐜𝐢𝐮𝐦 ™ empowers hotels to efficiently manage occupancy, rates, and overall profitability. Key features include a user-friendly interface, multiple strategy options, automated optimizations, an interactive yielding slate, integrated platform solutions, and virtual revenue expert support.

𝑰𝒏 𝒄𝒐𝒏𝒄𝒍𝒖𝒔𝒊𝒐𝒏, 𝐏𝐫𝐞𝐜𝐢𝐮𝐦 ™ 𝒔𝒊𝒎𝒑𝒍𝒊𝒇𝒊𝒆𝒔 𝒓𝒆𝒗𝒆𝒏𝒖𝒆 𝒎𝒂𝒏𝒂𝒈𝒆𝒎𝒆𝒏𝒕 𝒏𝒆𝒆𝒅𝒔 𝒘𝒊𝒕𝒉 𝒊𝒕𝒔 𝒊𝒏𝒏𝒐𝒗𝒂𝒕𝒊𝒗𝒆 𝒂𝒑𝒑𝒓𝒐𝒂𝒄𝒉. 𝑪𝒐𝒏𝒕𝒂𝒄𝒕 𝒖𝒔 𝒇𝒐𝒓 𝒎𝒐𝒓𝒆 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 𝒂𝒏𝒅 𝒂 𝒑𝒆𝒓𝒔𝒐𝒏𝒂𝒍𝒊𝒛𝒆𝒅 𝒅𝒆𝒎𝒐 𝒕𝒂𝒊𝒍𝒐𝒓𝒆𝒅 𝒕𝒐 𝒚𝒐𝒖𝒓 𝒉𝒐𝒕𝒆𝒍’𝒔 𝒓𝒆𝒒𝒖𝒊𝒓𝒆𝒎𝒆𝒏𝒕𝒔.

[redskyhospitality]

✅ 𝐇𝐨𝐰 𝐃𝐨𝐞𝐬 𝐏𝐫𝐞𝐜𝐢𝐮𝐦 ™ 𝐖𝐨𝐫𝐤?

👉 One Platform for all your #RevenueManagement Strategies and Action Planning. Access It Anytime, Anywhere. Data Security Guaranteed.👇

🎯 𝐀𝐮𝐭𝐨𝐦𝐚𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐢𝐧𝐠 𝐑𝐞𝐜𝐨𝐦𝐦𝐞𝐧𝐝𝐚𝐭𝐢𝐨𝐧𝐬 - Based on Demand and Market Trends. 🎯 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐬 to ensure accurate Yield Management Decisions. 🎯 𝐎𝐧𝐞 𝐏𝐥𝐚𝐭𝐟𝐨𝐫𝐦 𝐟𝐨𝐫 𝐒𝐞𝐚𝐦𝐥𝐞𝐬𝐬 𝐚𝐧𝐝 𝐑𝐞𝐚𝐥-𝐓𝐢𝐦𝐞 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 to Key Stakeholders.

👉 If You Would like to see a Demo of 𝐏𝐫𝐞𝐜𝐢𝐮𝐦 ™ Software!

[redskyhospitality]

✨𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰 𝐨𝐟 𝐏𝐫𝐞𝐜𝐢𝐮𝐦 - 𝐃𝐚𝐬𝐡𝐛𝐨𝐚𝐫𝐝 𝐚𝐧𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬!

𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰 𝐨𝐟 𝐏𝐫𝐞𝐜𝐢𝐮𝐦 - 𝐃𝐚𝐬𝐡𝐛𝐨𝐚𝐫𝐝 𝐚𝐧𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬! 👉I𝗳 Y𝗼𝘂 W𝗮𝗻𝘁 M𝗼𝗿𝗲 D𝗲𝘁𝗮𝗶𝗹 Y𝗼𝘂 C𝗮𝗻 V𝗶𝘀𝗶𝘁 U𝘀: 🌐 https://www.precium.in