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
successful company’s main goal isn’t simply to offer the lowest price,
offer the best value for a consumer’s dollar. How does a business know
determine whether or not they’re offering the most for the money? They
study their competition and strive to offer a better deal than their
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
competition’s pricing? Want to know how they price their rooms
revenue management strategies they use to increase occupancy and
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.
REVPAR GURU INC.
Practices in Revenue Management, Part 3; Automation, Channel Management
and Decision Making / Jean Francois Mourier / September 2010
Practices in Revenue Management, Part 2; Rate discipline, the
leveraging of real-time information, and price prediction / Jean
Francois Mourier / August 2010
Practices in Revenue Management, Part 1; General revenue management and
strategic pricing / Jean Francois Mourier / July 2010
Irresistibility of the Obvious; How a new trend in revenue management
and metrics is missing the point / Jean Francois Mourier / July 2010
Beyond the Compset - And other new pricing strategies that really work
/ Jean Francois Mourier / June 2010
Tale of Two Strategies; Contrasting boutique and chain hotel revenue
management approaches / Jean Francois Mourier / June 2010
Pricing Is History, Well, Not Exactly; Examining the Role Historical
Pricing Should Be Playing in Hotels’ Pricing Strategies / Jean Francois
Mourier / May 2010
|Tipping Your Cap (Rate) - Why hotel owners need to pay attention to RevPAR / Jean Francois Mourier / April 2010|