Most hoteliers would agree one of the most pressing issues they face is trying to keep up with their peers in a hyper-competitive pricing 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 pricing 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.
Read rest of the article at SiteMinder
