When we released 49 Tips to Supercharge Your Revenue back in 2017, the goal was simple: provide practical, easy-to-implement advice to help small, independent hotels compete more effectively.
NB: This is an article from RoomPriceGenie, one of our Expert Partners
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Fast forward to today, and that advice still holds up remarkably well. What has changed is the technology behind it. Advances in revenue management systems (RMS) now enable hotels and groups of all sizes to pursue more advanced strategies.
So we’re adding five new profit-enhancing tips for the modern era.
Tip #1: Build a Tech Stack That Works as One
Back in 2017, we outlined the foundations of a solid hotel tech setup:
- A cloud-based PMS to manage operations
- A channel manager to manage distribution
- A booking engine to capture direct bookings
Today, an RMS to automate forecasting and pricing has become another must-have component for all sizes and types of hotels.
But just as important as having these tools is ensuring they work well together. This means:
- Data flows smoothly between systems
- Rates and availability stay in sync across channels
- Much less manual work is required
- Duplicate bookings and costly errors are reduced
An integrated tech stack saves time, reduces stress, and creates a single source of truth for your team.
Tip #2: Make Dynamic Pricing a Daily Discipline
Even in quiet destinations, demand changes constantly. Yet many hotels continue to cling to static pricing practices, setting seasonal rates and updating them either too late or not at all.
At its simplest, dynamic pricing means aligning room rates with supply and demand. When demand is strong, prices go up. When demand is soft, prices come down. This helps boost both occupancy and average rate.
An RMS automatically forecasts demand, monitors booking pace and competitor pricing, and updates rates up to several times a day to reflect current market conditions.
Dynamic pricing is now within reach for hotels of every size, but it only works efficiently when powered by modern technology.
