Wherever you are in the travel cycle, you will navigate blindly without real-time and accurate data. By getting comprehensive and detailed information about your own business, your competitors, your region and the hospitality industry in general, you can see your way ahead, develop strategies and increase your revenue steadily. The keyword on the road to this goal is “rate”. Rate analysis is crucial for properties of all sizes, from corporate chain hotels to independent small ones.
Examining your historical rate and availability, comparing yourself with competing hotels and to do all these on the basis of travel agencies is a very important and effective method for you to get ahead of your competitors in your market and manage your revenue. While large-scale hotels can reserve a team or person only for rate analysis, in small and boutique hotels a single person can take on many responsibilities. All of this may seem like another reason for stress for some of us in this dynamic industry which is changing instantly. But don’t worry! Creating a rate strategy with comprehensive and detailed rate comparison activities actually takes time and effort for hotels of all sizes. Here comes into play the rate comparison platforms.
The benefits of a rate comparison platform are endless. Above all, it allows you to understand your own hotel. By examining the historical data, you can understand at which times of the year your hotel receives the most bookings and at what times of the year it does not meet your revenue expectations. By analyzing the demand correctly, you can effectively create your hotel’s rate strategy for the next year.
The biggest advantage of getting comprehensive data on anything is, of course, being able to make comparisons. Being able to view the rates of rival hotels in your area gives you an extremely valuable perspective. Thus, you can get ahead of your competitors with small adjustments to your own rates and direct the demand to your hotel.
With instant information about your own hotel and your competitors, you can achieve much more than increasing your revenue in the short term. One of the most important features of rate comparison platforms is that they can present you with detailed reports of this instant information. You can check the average sales rate and occupancy of your hotel on the same date last year compared to this year. Thus, you can determine your business’s rate cycle over one year and make your forward-looking plannings.
You can successfully create your instant or periodical rate strategy and increase your revenue with rate analysis. However, this is not enough for the travel industry. Rate comparison platforms give you a great advantage in the constantly changing industry. You can follow the trends in your market by monitoring the rates of your hotel and competing hotels on travel agencies. So you can position yourself accordingly and not be affected by surprises.
With the right rate comparison platform, you can manage your rates smartly and always be one step ahead of your competitors. RateFor, now part of the HotelRunner platform, can offer you all these and much more.
Contact us now and we will help you increase your revenue!