Hotel Room Rates: 10 signs you need the help of a hotel pricing intelligence tool

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Revenue management is key to running a profitable hotel – and unfortunately, with things like online sales, ancillaries, and reporting to stay on top of each day, it’s far from easy.

Not only do hoteliers have to navigate an extremely complex distribution landscape, but keeping an eye on market demand and adapting to its fluctuations is a time-consuming task that’s needed to be undertaken daily if not every second.

This is where a real-time pricing intelligence tool can come into play, automating the arduous task of sifting through the web and manually monitoring market insights.

If you hear yourself saying any of these 10 things, you could benefit from using technology like SiteMinder’s Prophet…

1. “I don’t have rate visibility”

Where do you keep all of your rate data? How quickly can you find what rates you are selling at – across all of your booking channels, including your own website?

Prophet gives you real-time rate visibility across multiple booking channels in real-time.

2. “I don’t have the budget for revenue management technology”

Remaining competitive and profitable doesn’t have to come with a huge cost.

Prophet is an affordable market intelligence product that will scale to your hotel’s needs and offers demonstrable return on investment (ROI) as you jump from plan to plan. You can even choose to remain on the free version forever and still take advantage of the platform.

3. “I have no time to monitor third party sites and check for accuracy”

Manual revenue management means that to get visibility, you are monitoring multiple 3rd party sites. This is time-consuming and not always accurate.

Prophet gives you one login to a platform where you can monitor as many competitors over the course of a year, in real-time. Information is refreshed daily or live on request through the system, and you can set rules to ensure you’re always alerted to the latest changes in market demand.

4. “I already have a competitive edge”

While pricing should never be the only way to differentiate yourself from your competitors, with all things being equal, price plays a big part. And there’s no way to ensure that your offering is truly competitive without clear visibility into what your competitors are offering.

Prophet allows you to compare your room rates across multiple competitors instantaneously.

5. “I don’t have access to the right amount of reporting for my property”

Generating a report out of manually-compiled rate data to benchmark against your competitors is difficult enough. By the time you’ve created the report, the data is likely to be out-of-date.

Prophet generates a snapshot report of your rates across multiple channels and against your competitors in real-time, against any date from today and in the future.

6. “I’m not sure how to tailor my pricing strategies during peak and off-peak periods”

You need to know what to set your rates at, and when – especially during peak and off-peak periods. But without real-time market data, forecasting demand is nearly impossible.

Prophet allows you to determine optimum rates in an increasingly-dynamic market and respond in real-time.

7. “I am only focused on ensuring my hotel’s profitability”

You need to ensure that your hotel business remains profitable, and when you undersell your hotel’s products, you leave money on the table. The market fluctuates so frequently that without a way to keep track of it all, you won’t be able to react fast enough.

Prophet will help you remain profitable, allowing you to adjust your rates in line with market demand, while ensuring parity across your channels.

8. “I find forecasting tricky and it makes me look bad”

The stakeholders that you report to in your hotel expect you to be able to forecast demand accurately, so that you explain the reasoning behind how you price your inventory.

Prophet allows you to gain a snapshot in time of your rates against your competitors and across your marketing channels. This helps you forecast more accurately and look like a hotel hero in front of stakeholders.

9. “I don’t have the time to keep learning to use new systems and technology”

Many rate management tools are too complex for your hotel’s needs. The end result is that you are never able to truly master it.

Prophet is intuitive, simple-to-use and instant. Sign up and start using within minutes.

10. “I have so many targets to meet and I need help achieving them”

Among many other things, you have an ADR, RevPAR and Occupancy target for the quarter that you need to meet. The only way to hit these targets is through accurate rate forecasting.

Prophet rate intelligence helps you meet your revenue targets with ease. Increase your ADR by meeting market demand fluctuations, and improve occupancy by improving your product offering. Forecast your rates up to 365 days in advance and get notified if your rates fall below or above your competitors’ or marketing channels.

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