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June 4, 2024

Why High Season Is The Perfect Time To Automate Your Pricing With A Revenue Management System

Unpopular opinion: High season is a perfect time to implement a revenue management system like RoomPriceGenie. Here’s why.

Why High Season Is The Perfect Time To Automate Your Pricing With A Revenue Management System

Many hoteliers leave the implementation of new technology for the off-season.

We get it: the stress related to change, the need to learn a new system, and the mistakes involved… even thinking about it makes us sweat. So it’s logical that you leave any thoughts about the changes for when occupancy calms down, and you will have time to think about anything other than your guests and surviving the busy season.

However, we would love to prove to you why this practice doesn’t necessarily apply to revenue management solutions, especially RMS like RoomPriceGenie.

7 reasons why implementing an RMS in high season will be the best strategic move for your property

1. You will save time

A new study, “Travel Technology Investment Trends 2024” from Amadeus Insights, reports that around 94% of IT decision-makers in the hospitality industry are planning to invest in technology next year. Among them, 43% want to improve operations and service speed during periods with high occupancy.

Imagine having extra time you can invest in serving your guests and creating more personalized experiences for them and, as a result, exceeding their expectations, and improving reviews on OTAs. 

If you are currently spending a big chunk of your time on manually monitoring, calculating, and adjusting your prices, a revenue management system will:

  • Automate that process for you, 
  • Eliminate errors,
  • Monitor changes in demand in real-time and adjust prices accordingly to maximize your revenue.

This takes us to the next point.

 

2. A revenue management system will maximize your revenue potential during the busiest season

If you want to see if RMS really works for your property the best way is to put it into action during the busiest season. Not to mention that in the case of RoomPriceGenie, you will have a 14-day free trial – so there’s only something to gain and nothing to lose.

Moreover, demand is often unpredictable nowadays. One day you may have all your prices set, and within a few hours, Taylor Swift puts an Instagram post announcing she is coming to town and suddenly all Swifties are looking for accommodation at your destination to have a chance to see her. In these sudden jumps in demand, you might not even have time to react accordingly with price adjustments, because you were too busy taking care of your hotel. So, you miss out on these last-minute revenue opportunities.

That’s where a revenue management system helps. It adjusts prices in response to sudden demand surges or leveraging last-minute cancellations, and ensures that you maximize revenue potential and stay ahead of the competition. 

For example, RoomPriceGenie has the “Surge Price Protection” feature that helps hoteliers stop missing out on sudden surges in demand. 

And let’s not forget, it makes sure your prices are always optimized for the best result, according to your revenue and occupancy goals.

 

3. It will monitor your competitors’ pricing

In a crowded market during high season, your pricing needs to remain competitive to attract bookings. When you monitor competitor rates, you can identify areas where you may be underpricing or overpricing your rooms and make adjustments accordingly. 

During the high season you probably don’t have time to do it consistently. An RMS provides valuable insights into competitor pricing and market trends, enabling you to position your property effectively. It monitors what your competition is doing in terms of pricing and it will adjust your pricing strategy to remain competitive while still maximizing profitability.

 

4. Your guests will have a better experience during the high season

You can leverage the time saved with an RMS and put it into improving guest satisfaction, streamlining operational processes like check-in and check-out, offering more attention to detail and personalized services.

While the RMS optimizes pricing and inventory management behind the scenes, you can proactively offer competitive rates and value-added packages to improve the guest experience and meet their expectations.

 

5. You can focus on “bigger picture” strategies

We heard it often from our customers: despite being good at pricing, many have consistently spent an hour or two a day setting rates and still got it wrong.

By calculating and adjusting prices manually, they were missing out on opportunities to double their revenue and had little time for strategic decision-making. Automating pricing decisions allows you to focus on broader strategies. Implementing an RMS allows you to step back from day-to-day price management and concentrate on long-term planning and growth initiatives.

 

6. RoomPriceGenie is easy to implement and use

One of the reasons behind putting off the tech solution implementation is the belief that it’s a long, tiring process requiring a lot of back and forth. Well, with over 70 integrations, we make everything possible to make implementing RoomPriceGenie as seamless as possible.

Here’s what our client has to say about this on HotelTechReport:

RPG review on HotelTechReport

Check if your PMS or CM integrates with RoomPriceGenie here →

Moreover, we designed RoomPriceGenie to be easy to use without requiring deep revenue management knowledge. It’s easy to use with great customer support, always ready to step in and help your hotel succeed. 

 

7. RMS often pays off fast, especially during busy days.

We heard from our clients how our solution covered its costs by itself within a short amount of time. 

RPG review on HotelTechReport

You can simulate the return on investment you can achieve with RoomPriceGenie with our ROI calculator.

Bonus: a revenue management system can help you enjoy the high season more.

After all, it’s not all about work. With the time saved, you can dedicate it to your guests, your staff, and maybe even enjoy these long, sunny days a bit more. It’s your choice, and we always love to hear from our clients about how they finally can enjoy their own holidays without worrying about prices 🙂

 

Increase revenue during the busiest time by spending less time monitoring and adjusting your prices 

Take advantage of our free 14-day trial to see how RoomPriceGenie can help you maximize your revenue this high season. Put it to work and enjoy saving up to 10 hours and seeing a 22% revenue increase or more.

To learn how RoomPriceGenie can help your property increase your property’s profitability, start your free trial of our automated pricing solution today!

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