Managing revenue effectively is a challenge, with an industry landscape that involves so many distribution channels – wholesalers, travel agents, online travel agents, and meta search just to name a few.
there are some simple tips about how to use market insights to optimise pricing strategy and generate more revenue for your hotel, Revenue Manager for Gat Rooms Eva Lopis said.
1. Look at overall market demand
Look at overall room availability in your town or city, and whether there are any important events coming up that will increase demand.
2. Eye the competition
Compare your availability with the availability of your direct competitors. If only a few rooms are available, you will be able to increase your own rates, which will increase your ADR (average daily rate).
3. Be smart about who you’re selling to
Consider the rooms you sell, and to whom. Look for the provider with lower intermediation costs, a lower no-show index, and the most suitable cancellation policy.
A good channel manager will make it easy for you to manage rates and availability, so you can implement techniques to optimise your room sales.