The life of a hotelier has never been easy. But especially in the new world we live in today, doing business isn’t getting any easier, right? Sometimes, it feels like the job of a hotelier turned from a guest-facing hospitality provider to a role where you are behind your computer all day long trying to make sense of data. Rest assured, this is not the world we believe you should live in. We believe that seamlessly integrated, easy to use technology is vital and will make your life easier and your business more successful.
May we introduce:
RoomRaccoon & RoomPriceGenie
You must have heard the saying: “Great minds think alike!” – we leave the aspect of greatness up to you to decide, but the new partnership between RoomRaccoon and RoomPriceGenie is one where two companies share the same mindset. Both, at RoomRaccoon and RoomPriceGenie, we live to build solutions that make your job easier. Hoteliers all over the world use RoomRaccoon and RoomPriceGenie because we focus on building usable technology for the not so large properties out there. You don’t want to have the same system as a 250 room hotel. You need something simple, transparent and effective. And that’s what we do.
In this article, we will help you find an answer to the following questions:
- Who needs a Revenue Management System
- The steps to revenue management
- How does the partnership between RoomRaccoon and RoomPriceGenie help
Who needs a Revenue Management System?
Do you have a hotel? If so, then you would greatly benefit from a revenue management system. It’s that simple.
But this is a totally new development. One that was only made possible by the emergence of open and forward-looking property management systems like RoomRaccoon. And with it being something new, many small hotels are understandably nervous about starting.
Usually, there are three main reasons why hotels are afraid of revenue management systems (RMSs). They think they are too complicated to get started with, too time-consuming to maintain and too expensive to have. Let’s get this kind of thinking out of the way. At RoomPriceGenie, we have built a solution that everyone can manage, maintain within only 15 minutes a week and get for the price of a cup of coffee. So how about you skip buying one coffee a day and instead increase revenue by 15 percent? Sounds like a nice deal? (And no matter if you buy your coffee from McDonald’s or Starbucks, we have the right solution for you).
Just this summer, coming out of the lockdowns, we started working with a new client who themselves thought that they were too small for an RMS.
- Fewer than 20 rooms
- No dedicated Revenue Manager
- Manually adjusted rates every now and then
In a time where many hotels lowered their prices because they were scared of low occupancy and really bad business, RoomPriceGenie decided on a different strategy. Fully taking care of the next 3 months of pricing, the system only slightly decreased rates. And as soon as the late bookings came in, the prices went up. In many regions of the world, there were weeks and months this summer where business was still good. Only the booking behavior was different. Our client here increased revenue by 12% versus the same time last year. Not too bad for a summer where all seemed lost.
We have heard hundreds of stories like this. And why is that? It’s because revenue management in one form or another is something that every hotel needs. No matter if you have 20 rooms or 200 rooms; reacting quickly and correctly to changing demand and supply makes you more money. But you need to find the right solution that works for you – one that you fully understand.
The steps to revenue management
Revenue Management is not an all or nothing decision, and there is no one size fits all solution. It is much more of a journey than anything else.