Revenue management is key to running a profitable hotel – and unfortunately, with things like online sales, ancillaries, and reporting to stay on top of each day, it’s far from easy.
Not only do hoteliers have to navigate an extremely complex distribution landscape, but keeping an eye on market demand and adapting to its fluctuations is a time-consuming task that’s needed to be undertaken daily if not every second.
This is where a real-time pricing intelligence tool can come into play, automating the arduous task of sifting through the web and manually monitoring market insights.
If you hear yourself saying any of these 10 things, you could benefit from using technology like SiteMinder’s Prophet…
#1: “I don’t have rate visibility”
Where do you keep all of your hotel rate data? How quickly can you find what rates you are selling at – across all of your booking channels, including your own hotel website?
Prophet gives you real-time rate visibility across multiple booking channels in real-time.
#2: “I don’t have the budget for revenue management technology”
Remaining competitive and profitable doesn’t have to come with a huge cost.
Prophet is an affordable market intelligence product that will scale to your hotel’s needs and offers demonstrable return on investment (ROI) as you jump from plan to plan. You can even choose to remain on the free version forever and still take advantage of the platform.
#3: “I have no time to monitor third party sites and check for accuracy”
Manual revenue management means that to get visibility, you are monitoring multiple 3rd party sites. This is time-consuming and not always accurate.
Prophet gives you one login to a platform where you can monitor as many competitors over the course of a year, in real-time. Information is refreshed daily or live on request through the system, and you can set rules to ensure you’re always alerted to the latest changes in market demand.