Technology: Now more than ever, the revenue manager's best ally

Revenue 24/07/2020

We live in a key moment for revenue management. And with the use of the word “key”, we are actually trying to cover many other terms: delicate, complicated, fragile, critical, fuck… etc.

In this “new normal” that is talked about so much , the degree of uncertainty is, of course, new, but anything but normal. We know the hotels that have opened, but not how many will remain closed or will decide to close soon. We have confirmed that there is a desire to travel, but not the degree to which fear will condition that desire from now on. We decided to open up to international tourism, but we have no idea how the pandemic will continue to evolve nor, with it, the permissiveness in the countries of origin. We identified the same channels, but their real weight on total sales has varied greatly.

In other words, in the current turbulent panorama in which we find ourselves immersed, as a direct consequence of the indiscriminate stoppage of the sector, caused by Covid-19, the maps of distribution, mobility, supply and demand They have been profoundly altered. If the meticulous monitoring of our competition and the rigorous control of parity have always been fundamental, today they become even more important, and the correct choice of technology to study these variables , and its proper use, can mean the difference between save the furniture or be forced to sell it for Wallapop.

All those hoteliers who at some point have questioned the suitability of the technology they have for their establishment, asking questions such as whether it is too short or too long, whether the quality of the data it provides is stable, or simply whether they are capable of making the most of their presumed potential, they now face the moment of truth.

Have you changed your compset? Are the OTAs playing it? Do they sell below or above the market price? And assuming the answer to these three questions is yes, do you have a system that allows you to detect and correct fluctuations in relevance in real time?

With a dozen direct competitors, an endless number of room types, regimes and pensions of all colors, a wide range of distribution channels, and the need to combine all these elements with a non-negligible number of internal and external variables, the The resulting volume of data requires agility, efficiency, automation and reliability . Qualities that any revenue management system should have, to ultimately end up suggesting the optimal sales price. For today, or a year from now.

There is no room for contemplation. The figure of the revenue manager must manage to make this tool, technology in general, his best ally, and he must do it now. To do this, you will have to rely on your technology provider, whose responsibility is to provide the rod, obviously, but also to teach you how to fish. Those who manage the data must lead the way, guaranteeing its quality and usefulness, promoting its monitoring in a clear and simple way, and instructing it regarding its correct reading and interpretation. This is how we understand it, and we are proud to witness the way in which our solutions help hotels to sell more through the direct channel, but above all to materialize their revenue management and sales strategies.

In this regard, if you want to know more about how to get the most out of your Rate Shopper, we take this opportunity to invite you to sign up for our free course Fundamentals to get the most out of your Rate Shopper: Competition and Parity, which will also be our debut in the ITH Academy training platform. In it, we will cover topics such as the correct choice of the compset, a successful selection of the distribution channels to monitor, the preparation of parity and competition reports or the implementation of an automated alert system.

There are only 2 days left until the registration period closes and we didn't want to miss the opportunity to remind you that you still have time. Sign up now!