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Revenue Management @en

Don’t lose sight of your competition!

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19 August 2014 at 10:00, by

Look, Google Plus

Look, Google Plus

All hotels need to take surrounding prices into account in their price strategy, including those of the competition. Therefore, whether your hotel is urban or vacational, has lots or just a few rooms, whether you do or don’t have a revenue department, Idiso Checker is the perfect tool for any hotel. Why? This article will go on to explain.

Our client decides between different accommodation options among which are our competitors, therefore our aim is to obtain the booking at a price that is in accordance with our strategy and suitable for our client.

With or without a Revenue department

In many hotels it is the Head of Reception or the Manager who check the competition’s prices. It is important to be able to access that information easily and quickly so as to make decisions.

The current situation forces the hotel to optimize resources. The time a hotel collaborator uses in searching for and entering the prices onto an Excel sheet, could be dedicated to other, more productive tasks that would improve the clients stay and therefore their satisfaction. This satisfaction is reflected in positive comments online (Tripadvisor and others) that will go on to influence future clients when it comes to booking.

Process automation

The competitors price searching process can be automated with a tool such as Idiso Checker, not only does this improve operations but also limits the chance of error and allows the user to access up to date information instantly, with just one click.

Idiso Checker.

Idiso Checker.

A hotelier’s day is full of tasks related to service and customer attention, ensuring everything is functioning adequately, but there are also management tasks, among these is the need to check, at the beginning of every day, the status in regards to occupancy, price, pickup and to make decisions based on this information.

While a hotelier’s strategy may involve various factors, the competition is, without a doubt, one of these as it gives an overall view of the condition of the surrounding market.

It is not a case of just copying prices, but also of detecting tendencies in the hotel infrastructure we are in. This gives us clues as to what is going on. For example, we can see that for a specific date all the competitors have higher prices. Maybe there is an event we are not aware of that causes this hike in demand that allows us to increase our prices. It is always important to check our situation before making any changes to prices, but we have a “photo” of how our competitors are positioned for that date.

Users can chose between configuring the reports to be sent every morning by email or entering into Idiso Checker itself, it is very visual and easy to use. With just one click you can refresh the information for the current month or another period of your selection.

Segmentation

Each hotel has their own client segmentation. Obviously this is not the same in an urban than in a vacational hotel, but for both types Idiso Checker is a useful tool.

While urban hotels tend to be more dynamic when it comes to prices, we are noticing a change in vacational establishments that are evolving with a model that seeks to increase direct and online reservations. Here is where, once again, we are competing to win the client and the booking. The price is one of the variables when it comes to their deciding to buy, therefore, knowing the strategy of our competitors will help us to get a good position in the market.

Normally, on a daily basis, we need to check the current and coming weeks, or the current month. Every so often, depending on the hotel, we need to do an analysis of the upcoming months. With Idiso Checker, you can request an update for a 3 month period. The information will be available in the tool itself, but if you prefer you can receive it by email.

In this way, we will make decisions knowing the prices, board and cancelation conditions of the prices of our hotel and those of the competitor. A Non Refundable rate is not the same as a BAR rate and it is possible that we will detect if others are offering Non Refundable rates and we are not.

As an added extra, the Parity Checker function shows prices of different online channels for the month ahead. With just a glance we can see which channel is offering a different rate so we can correct the disparity.

Here at Idiso we want to give you the chance to discover this tool, therefore, we are offering a month’s free trial so you can get to know its advantages first hand. Sign up for this promotion at comercial@idiso.com

Checker Revenue War

Innwise

Innwise

Optimizamos tu estrategia de comercialización online mediante una eficiente gestión de canales de distribución, buscando a través de un revenue management un resultado final rentable siempre como objetivo. Ponemos a tu disposición un amplio paquete de soluciones de emarketing.

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