Ari having spent 15 years creating trading algorithms for financial markets, knew he could build a solution that would increase their revenue. He set out to interview hoteliers in a similar position, find partners equally passionate about the independent hotel experience, and create a revenue management solution intended specifically for smaller hotels.
Ari’s father increased revenue by over $50,000 in the first year – not bad for 15 rooms.
RevPAR (revenue per available room) is the most common measure of success of a hotel’s revenue and marketing strategy. It is actually a very simple measure, and is a better performance indicator than ADR (Average Daily Rate).
We have put a lot of care and hard work into building RoomPriceGenie (and we hope it shows when you use it). You could call it a labour of love – we listen to customer feedback and really put our hearts into making their experience better and their revenue higher
How much more should a superior room cost than a standard room? How much cheaper should the economy room be? What about the family room? The answer is, of course, that it depends.
Pioneered by the airline industry in the early 1980s, revenue management is a way of pricing and marketing products that are perishable; in other words, if you don’t sell it tonight, you can’t sell it tomorrow.
As you may already know, RateIntelligence, the free rate-shopping tool by Booking.com’s BookingSuite, will, unfortunately, be discontinued on 30 November 2020.
We often hear hotels saying that they don’t change their prices because regular customers like the fact that their prices stay the same. Their feeling is that consistency builds loyalty.
Put simply, revenue optimisation means setting the best possible price for your hotel rooms based on the information available. It means determining not just a good price, but the best price.
I have been privileged in the last week to speak to two experts in the field of digital and social media hotel marketing – Are Morch and Sébastien Félix of Influence Society.
Revenue Management is an extremely important subject for all hotels; large and small. The difference between a hotel that carefully manages its revenue and one that does nothing could be as much as 20% of revenue per year.
We were fortunate enough recently to have a project on us carried out by an SBP team from the world renowned Ecole hôtelière de Lausanne. As part of their excellent project, they conducted a study into current practices in revenue management and hotel technology in general.
At RoomPriceGenie, we speak to a lot of hoteliers. Although they all know that revenue is important (that’s why they are talking to us), often the whole subject is very confusing.
Many small hotel owners have mixed feelings about free cancellation. On one hand, by offering it you are undoubtedly increasing the number of bookings you get.
Some clients want breakfast, some don’t. Others value free cancellation, others don’t. Some clients are very price sensitive, some are more value sensitive and some just want the best.
Hotel software is a very confusing area if you are trying to work out what is best for your hotel. And there are no easy answers. At RoomPriceGenie we don’t sell a property management system (PMS).
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