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Case Study – Exactly How Much Extra Revenue Does a Revenue Management System Make?
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One of the saddest ways a hotel loses money is when a big event gets announced, and before you know what is happening, you sell your rooms at a fraction of the price you could have charged. At RoomPriceGenie, we are determined that this should never happen again to hotels. So, we created a protection model that triggers immediately after a surge of bookings and gives you time to react to the situation. Never again will you sell your rooms too cheap.
The Surge Protection feature monitors your property’s reservation data to identify when there is a significant increase in bookings for any given day, immediately adjusting the price and alerting you about the increased demand in your destination. The Surge Protection functionality triggers RoomPriceGenie to send you an e-mail alerting you of the surge in demand, with a link that will take you directly to the surge alert in the RoomPriceGenie system, where you can adjust your pricing accordingly. Notifications allow you to change your pricing accordingly to boost revenue, and with real-time automation adjusting your prices, you avoid leaving money on the table.
The famous Taylor Swift World Tour brought this issue to everyone’s attention, but the problem is that hoteliers in locations near event venues have long struggled with these scenarios. Traditional models of gathering event data are too slow to influence RMS pricing for these peak demand increases, and therefore, using the combination of market data and surge protection offers hoteliers maximum security against selling their rooms too cheap.
The RoomPriceGenie Surge Protection feature can react more quickly to sudden changes in demand than humans can, so your room rates will always be priced accurately to secure you the most bookings with the highest ADR possible.
The Surge Protection feature is customizable according to your needs, enabling you to select who receives the e-mail notification (or whether to turn off the e-mail alerts completely), how many bookings within a 24-hour period would trigger a “surge” and how far in advance the system should look for surge opportunities.
With the new Surge Protection feature, you can go live with your new prices and start experiencing the benefit of RoomPriceGenie (increased bookings and revenue!) in only a few hours without paying a penny. Book a call with one of our pricing experts today to learn why so many hoteliers love RoomPriceGenie!
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