Ensuring the growth of your hotel business is only possible when you start maximizing and understanding the opportunities that will help enhance the revenue. With the costs of the hotel processes increasing, it becomes necessary to tap into every chance of income.
One of the most common mistakes is to completely rely on OTAs. At MetaHotels, we guide you to drive maximum profits through direct booking and the right strategy.
We assist you in discovering areas where you need to put more effort and avoid common mistakes that could hamper your business growth.
Manual rate setting has been a process of the past and it has been used vehemently because it was the only option in the past. The process has now been overtaken by the automatic setting of prices and which helps save a lot of time for hoteliers. And this becomes even more crucial when you have two or more types of rooms, and it becomes difficult to understand the market and then set the prices. This is a tiresome process and hence there is a high chance of you quoting a cheaper price for your property in a season time.
The price shift in the market should be in consideration at all times. The best way to enhance this is by employing a good revenue management system or RMS. But it might not be ideal to entrust them completely with fixing rates. You have to make sure that your RMS updates with the demands and fluctuations projected in the market. If your RMS is not equipped to do so, it becomes again an opportunity to miss out on revenue maximization.
It is necessary to decide your prices on the basis of three factors: pick-up rates, on-the-book business or compset prices. But it will not be fitting to limit just to these. The other data that will help fix your prices can be flight search volume, search pressure, source market behavior, etc. These data can be quite a difficult task to configure but considering them will be the best way to get an in-depth idea of the market growth.
Not tracking down the competitor’s prices is one of the biggest mistakes a hotelier does in his business. It is necessary to keep a balance of not going too fixative on the fluctuations of the competitor’s prices. Keeping a close watch on their rate shifts is necessary to make sure that you are not under-quoting or over quoting yourself.
It goes without saying that as a hotelier you should be aware of the changes in the general demand pattern. Checking demand patterns has to be performed on a frequent basis like the demands on a weekday, demand on special days or weekends, demand on the types of guests, etc.
Flexibility has to be key when it comes to determining the prices of your rooms. A rigid pricing structure can be only beneficial if you are setting the prices in a manual setup. If the revenue management system is set up on the basis of demand fluctuations, you will be able to quote your rooms at the right price structures during peak seasons and off seasons.
MetaHotels are mindful of these reasons that bring down the chances of hoteliers setting the best possible prices for their business. Our booking engine is one of the best in the world and believes in helping hotel businesses to make the most revenue out of their business.