Most hoteliers would agree one of the most pressing issues they face is trying to keep up with their peers and staying on top of their hotel pricing strategy in a hyper-competitive market. The travel industry is so dynamic, a matter of months can see you fall behind the latest trends.
With new innovations seemingly rolling out every week, it’s hard for hotels to know where they stand or what solutions they should be employing to stay relevant and profitable.
That’s why it’s important to have an airtight revenue management system which is based on real, up-to-date market intelligence. This is equally as important to small hotels and independents as it is to big hotel groups.
At the same time, many hotels can find revenue and market analysis very complicated and time-consuming, even with some specifically designed programs.
Enter SiteMinder’s Prophet, a market intelligence tool that provides real-time insight while staying true to SiteMinder’s promise to keep things simple. Prophet allows you to make better pricing decisions as quickly and easily as possible.
Here are some ways Prophet will improve your business strategy…
1. Prophet is the answer to all your questions
Often you can spend far too long trying to understand the strategies of your competitors, asking:
- When are they increasing their rates?
- Why are they decreasing their rates?
- How often do they discount?
- Are my rates on par?
- Is my hotel offering value for money?
Prophet answers these questions and more by giving you an instant all-in-one overview of your competitor’s rate activity, allowing you to make more informed decisions about your own revenue management strategy.
2. The information you gain can be acted upon immediately
The figures you glean from your competitors will help you manage your yield as you can increase your average daily rate (ADR) and revenue per available room (RevPAR) by comparing your live minimum/maximum rates against your competitors’, based on length of stay (LOS).
You can access this information daily or live on request, ensuring your data is always current and insightful.
3. Prophet provides accurate long-range forecasts
You can get accurate market data up to a year in advance, meaning you can be proactive rather than reactive when adjusting your revenue strategy to make sure none of your competitors get the jump on you.
This kind of prior knowledge will allow you to:
- Optimise your room rates.
- Understand how competitive your room pricing is.
- Increase your chances of being booked online.
- Use the market to your advantage, rather than be dictated by it.
4. Prophet is a single source
Instead of manually searching a whole range of competitors and wasting time better used elsewhere, you can employ Prophet to access all the necessary information in one place, making it simpler to assess the situation.
You can do this for more than 15 competitors at once.
5. You can set your own rules and notifications
Instead of assuming what you want to know and when, Prophet enables you to set your own alerts about market fluctuations.
Any specific change to a rule you enter will result in an immediate notification, allowing you to respond with fast action.
6. Prophet is free forever
When you sign up to Prophet you do so for free and never pay a fee if you don’t want to. The free forever version allows you to track two competitors and set up two rules for notifications.
7. Use affordable upgrades to get even more data
Prophet is designed to be affordable for anyone, and for those who can pay a little more it will provide an extended scope of features.
As your investment increases so to will the following abilities:
- Amount of users
- Length of forecast
- Amount of competitors
- Length of stay visibility
- Number of alerts
- Daily email summary
8. Prophet’s simplicity is its blessing
There are some data analysis tools on the market that can be incredibly complex and clunky, leaving hotels more confused than they were to begin with.
Prophet was designed with functionality and simplicity in mind.
The data is broken down in a way that makes it easy for hotels to use and consume, again saving time and warding off uncertainty.
Prophet takes the guesswork out your rate management, improving occupancy levels and increasing revenue.