Room pricing has always been a strategy that is debatable and only mastered by a few. Owing to the differences in each market, the competition and cost of operations, it becomes difficult to copy and replicate. For the sake of better understanding and for a more systematic approach towards pricing models, Hotelogix hosted a webinar, along with HMS Thailand, LodgIQ and Vertical Booking.
- - Bas Van Straten - HMS Thailand
- - Fabian Bartnick - Vice President of Asia Pacific & International Business LodgIQ
- - Siva Gangadharan - Senior VP Enterprise Business at Hotelogix
- - Erik Muñoz - Chief Commercial Officer at Vertical Booking
Bas speaks about pricing and revenue management in the hospitality sector and how important it is to take a deeper look at the data. He speaks about stepping away from calculating your competition's success based on the 4 and 5 star rating that turn up on booking sites and delve into a more precise approach.
For the calculated approach he elaborates on the:
- - Average rate Index
- - Market penetration index
- - Revenue Generation index
- - REVPAR
And how they help you determine your room rates.
Fabian talks about harvesting data and then mining data precisely.
He mentions that out of all of the data mined only 10% of that data makes real sense when it comes to revenue management and the decisions that assist it. He speaks about static and dynamic rates, what they are and how important setting them right is. He also speaks about BAR rates and how they are set and how they are influenced and the sources that affect them.
Siva talks about how the property management system (PMS) acts as a platform to capture data. The benefits of this data being on the cloud and its use in the recording:
- - Occupancy rates
- - Booking pace
- - Booking source
- - Segment wise data
He also speaks about using this data in a revenue management system to arrive to a conclusion about the room rates. He further adds the importance of rates and restrictions management and distribution.
Watch the webinar for a better understanding of how you can make changes in your approach towards room pricing to boost your revenue and stay ahead. With insights from some of the top revenue managers in the field, it will be an eye-opener with a few tricks of the trade to get you into the habit of strategically approaching your room prices.
Hotelogix is a unique, cloud-based, end-to-end, hospitality technology solution, built to seamlessly manage hotels, resorts, serviced apartments or multi-location hotel chains, by providing a single window to manage all hotel operations and bookings (online and offline). Hotelogix is currently used by properties in 100+ countries.
Category: Hotel Management Software and SolutionsCompany profile: Enterprise Hotel Solution. Improve your Direct Sales & room revenues with Comprehensive Property Management System Web Booking Engine for your website Unlimited Points of Sale terminals Process Online Payments / Credit Cards Housekeeping Module Travel Agent and Corporate Booking Consoles Connect to GDS/IDS and 1000’s of Travel Sites Powerful Reporting and Revenue Management
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