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December 21, 2022

Automated Revenue Management: The Best Way to Maximize Hotel Revenue in Uncertain Times

Right now, all hotels – but especially smaller, independent properties – are facing a never-before-seen set of challenges; from supply chain issues, to inflation, to rising energy costs, to the ongoing staffing crisis, it is a very difficult time to operate a hotel.
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Right now, all hotels – but especially smaller, independent properties – are facing a never-before-seen set of challenges; from supply chain issues, to inflation, to rising energy costs, to the ongoing staffing crisis, it is a very difficult time to operate a hotel. Travelers are uncertain about what the future holds for them, financially, making many more hesitant to book travel, especially in advance. Add to this the fact that hotels are facing very stiff competition from the OTAs for bookings, it becomes harder and harder for independent properties to stay competitive and profitable.  

But there is an easy way to improve your RevPAR, occupancy and ADR, while cutting back on time-consuming menial tasks.

It’s simple: automated pricing technology.

What is automated pricing?

Automated pricing technology, like RoomPriceGenie, helps hotels stay competitive by giving them more control over their pricing – no more Excel spreadsheets necessary! Automated pricing technology enables hotels to optimize rates based on real-time market data and demand, which can help attract more guests and maximize revenue (which is especially important for smaller hotels that may have smaller profit margins). It also enables hotels to ensure that their rates are in line with their competitors, to avoid overcharging (and losing out on the booking) or leaving money on the table. In short, automated pricing technology makes sure that your rooms are priced right, every night.

Not quite convinced? Maybe this will help… on average, a 19-room property will earn $70,000 more revenue per year using an automated hotel pricing solution

But there are many additional benefits to using an automated pricing solution…

Do more with less

With the ongoing labor shortage, hoteliers need to do more, with less, and an automated pricing solution can optimize labor, resulting in decreased payroll expenses; in fact, automated pricing technology “could save your hotel 20-40 hours of employee time per month, according to a recent study by Hotel Tech Report.” By automating routine analytical tasks, hoteliers have more time to focus on high-level strategic planning and the development of demand generation activities, which will help to further drive revenue. Automating prices also removes the potential risk of costly human error.

How Implement a more effective price optimization strategy

Automated pricing technology can also be used to help independent hotels better understand their customers and the market. By monitoring customer behavior and market trends, hotels can gain valuable insights into their business and make better decisions about pricing, promotions and overall guest service issues.

Improve guest service & earn more repeat business

In the end, pricing technology will give you more time to do what you do best: provide the best possible experience for every guest. And, of course, by providing the best level of service to your guests, you will also be encouraging repeat customers – another fantastic way to increase profits and decrease the cost of acquisition; after all, “acquiring a new customer costs anywhere from five to twenty-five times more than keeping an existing customer” and “boosting client retention rates by 5% improves profitability by 25% to 95%.”

Now you know… an automated pricing solution is the best possible way for you to increase your bookings and revenues today. So, try RoomPriceGenie, the leading automated pricing solution for smaller, independent properties, today for free for 14 days.

Why RoomPriceGenie?

We are different than other RMS because we designed our solution with the specific needs of smaller, independent properties in mind. RoomPriceGenie’s solution will automate your pricing – eliminating the need for a costly revenue manager – using sophisticated AI technology to analyze your property’s occupancy data and real-time market data, to set the right room rate, at the right time, ensuring that your property gets the booking and earns the most revenue.

And the best part: you don’t have to be a tech whiz to use RoomPriceGenie. It is simple and intuitive to use and requires no experience using a revenue management system previously. Using the solution, you can automate the entire pricing process or, if you would prefer, you can choose to change rates manually, giving you the flexibility and freedom to choose what works best for your property.

Worried about the set-up? Don’t be. Our expert team of Genies will manage the complete set-up of the solution for you, making it a simple, hands-free process. And if you ever need help or have questions, our Genies will always be there for you; our clients are our partners and keeping our partners happy and profitable is the best reward for us.

Sign-up to try RoomPriceGenie for yourself for 14 days for free: https://roompricegenie.com/sign-up/

Trust us… your wallet will thank you!

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