When it comes to pricing and revenue management, one of the biggest challenges for hoteliers is creating a strategy that captures as much revenue as possible while also considering guests’ needs.
If you missed our recent webinar presented by Sabre and IDeaS Revenue Solutions, here’s your chance to learn how technology can power revenue management and distribution strategies that can help you maximize revenue from direct bookings and increase profitability.
Whether you’re an experienced revenue manager looking for fresh approaches or a decision-maker who wants to grow direct bookings at your hotel or chain, this presentation will help you better understand the roles that technology and the right revenue management strategies can play in doing so.
In this one-hour session, Stephen Hambleton of IDeaS and I discuss how to implement advanced controls across channels, including transient pricing and product level restrictions. We also explore ways to define a channel yielding strategy, first by understanding your channels, demand patterns and costs, then applying that knowledge to your hotel’s unique situation.
For example, when it comes to transient pricing, there are two basic approaches most revenue managers are familiar with: Daily Pricing (also known as Best Available Rate by Day) and Length of Stay Pricing. Most revenue management pricing approaches focus on pricing by room type, but today’s advanced distribution technology allows hoteliers to implement advanced pricing strategies by room class or category, using analytics to determine the optimal rate for each room.
Many BAR by Day approaches only consider the demand for each day in isolation. But advanced strategies also take into account the average length of stay at your property as well as market needs and practical considerations, such as channel capabilities, rate parity considerations and any technological constraints that might impact your hotel’s pricing.
Our presentation covers a variety of revenue management and channel yielding strategies, exploring these concepts step-by-step to help you not only improve your overall approach to revenue management and distribution, but to gain a better understanding of how technology gives hoteliers a range of options to tailor their strategy to specific markets, property types and room types.