News for the Hospitality Executive |
|
By Jean
Francois
Mourier
September 13, 2010 For any business, competitive pricing is the
key to generating
profits. Whether you’re selling food, clothing, or hotel
accommodations, a
successful company’s main goal isn’t simply to offer the lowest price,
but to
offer the best value for a consumer’s dollar. How does a business know
how to
determine whether or not they’re offering the most for the money? They
must
study their competition and strive to offer a better deal than their
competitor. Method #2- Automated RMS While automated revenue management systems in the hotel industry are still a relatively new concept, they can provide hoteliers with a wealth of opportunity to gain information about their competitors. Like P&L Statements, automated revenue management systems can provide statistical information; however, they also have the ability to compile online pricing for all hotels within a destination, and not just a hotel’s compset. Additionally, automated revenue management systems use historical data, as well as thorough analysis of up-to-the-minute information to assist in making prediction on future room rate trends. And as sales channels continue to expand online and even in the mobile space, automated revenue systems can provided added information that can enable hotels to come up with more strategic marketing plans. Method #3 –Surveys When it comes to gathering information, surveys can often be one of the simplest and most accurate methods out there. Surveys are relatively easy to administer, flexible as they have the ability to collect a wide range of information based on a business’ specific needs and interests, and responses can be recorded, researched, and analyzed as in-depth as desired. In the field of hotel revenue management, surveys can offer hoteliers with information that can help them develop and customize their own practices. For instance, survey information can help identify factors like whether hoteliers are using automated revenue management systems to their fullest, which techniques have most impact on the industry, how revenue managers are utilizing the latest advances in technology, and whether hoteliers prefer to use more traditional, hands-on strategies. Specialized industry surveys can provide hoteliers with statistics into commonly used revenue management processes and strategies, attitudes about automated revenue management systems among lodging industry professionals, and proficiency of revenue management departments of hotels and resorts. Creating and keeping a competitive edge often hinges on knowing what competitors are doing, and what the best practices are in the industry as a whole. A survey, once completed, will communicate that valuable information to both hotels and to the companies that serve them. So are you looking to find out more about
your
competition’s pricing? Want to know how they price their rooms
and what
revenue management strategies they use to increase occupancy and
RevPAR? And for one lucky hotel, Jean Francois
Mourier, CEO of
REVPAR GURU and expert in revenue management, will be offering a
complimentary
revenue management analysis, which will identify strengths and
weaknesses in
the hotel’s strategies and will offer practical ideas and suggestions
to
increase occupancy and RevPAR.
Jean Francois Mourier is CEO & Founder of RevPar Guru, a company that has developed an alternative type of revenue management and real-time pricing solution (combined with automated online distribution) to help hotels maximize occupancy and increase their profits. The company’s Yield Dynamic Price Engine, an integrated revenue management and pricing solution, adds unprecedented power and real-time adaptability to the pricing process, leaving managers more time to run their hotels. You may reach him through www.revparguru.com or by calling +1.786.478.3500. |
Contact:
REVPAR GURU INC.
|