Revenue management in hotel industry is important, considering various
distribution platform available in the market, today. When the hoteliers
do business in a perfectly competitive industry, they have to carefully
determine their prices in the market.
Hoteliers can increase room occupancy rates and enhance business profits
only when they have competitive rates. Captive product pricing can help
hoteliers drive customers better, this can be done only by constant
evaluation of the market and fine tune ones own business strategy.
By forecasting the demand and evaluating the pricing strategies,
hoteliers can dynamically control rates. This way, they can ascertain
higher room occupancy rates and increased business profits.
With a dynamic pricing strategy, the hoteliers can control the rates of
their properties for different periods and seasons. By forecasting
demand well in advance, the hoteliers can allocate rooms at their
convenience. They can hide/block (hold back) certain rooms,
limit/restrict visibility on different online travel portals and
third-party booking sites for a specific period and release the
properties, only when the demand is very high. In this manner, with
higher demand the hoteliers can quote higher price for their properties
and generate more revenue.
By estimating demand, the hoteliers can even create special rates,
discounts, packages and offers for the early/advance bookers for
improving customer engagement rate and in creating brand loyalty.
In order to increase the occupancy rates, most hoteliers try to sell
their unsold inventories/properties for lower cost and incur loss.
However, by forecasting demand in advance, the hoteliers need not sell
their unsold inventories at less cost, any more. Through the revenue
management tool incorporated to the hotel's property management system,
the hoteliers can monitor and track the market competitors, their
pricing strategies and also analyze the buying behaviour of customers.
The hoteliers can identify the factors that influence the buying
decision of customers and extend competitive rates, based on preferences
(willingness to pay measures) and seasonality.
With hotel revenue management system, the hoteliers can do effective
competitor price comparison. They can evaluate their old pricing
policies and based on the market demand, alter and devise a better
pricing strategy. By knowing, what the future holds one can plan and
make better decisions and hotel revenue management tool is one such that
helps the hoteliers have a look into the future, to plan things in a
better way.
And the hoteliers that want to gain a competitive edge in the market
should delay no further in adopting the right 'competitive analysis and
revenue management tools', for their business.
WebCRS from
CRS Technologies India Pvt Ltd has been helping the hoteliers with effective
market intelligence, yield and revenue management on real time basis. It
gives hoteliers a competitive edge in forecasting the demand and apply
revenue management rules in real time
With
WebCRS, the hoteliers determine better product prices in the each
distribution channel and ensure increased profit margins.
WebCRS has
been transforming the way, the hoteliers do business today.
For more information on WebCRS, visit
www.webcrs.com or write to
info@webcrs.com.
