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Author: Antara De

Maximizing Revenue- Unveiling the Power of Pricing Optimization in Hotel Channel Management

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Maximizing Network - RateTiger

In the dynamic realm of hospitality, where each room promises a unique experience, hotels aspire not merely to accommodate but to excel in the pulse of the hospitality industry, where every unoccupied room symbolizes both profit and distinction, a secret ingredient emerges, elevating a hotel’s success from the commonplace to the extraordinary – the enchantment of pricing optimization.

In this blog, we explore the significance of pricing strategies and how hotels can optimize these strategies to maximize revenue.

Understanding Hotel Channel Management:

Hotel channel management is a vital strategy in the hospitality industry, involving the strategic distribution of a hotel’s room inventory across diverse online and offline channels to expand reach and drive revenue.

This distribution strategy encompasses platforms like online travel agencies (OTAs), direct hotel websites, and global distribution systems (GDS).

RateTiger Channel Manager plays a crucial role in this process, offering real-time inventory management, centralized control, and automated rate adjustments. It provides detailed analytics on channel performance, ensuring hotels can allocate resources effectively. RateTiger also monitors rate parity, maintains consistency across channels, and integrates seamlessly with Property Management Systems (PMS) for enhanced operational efficiency. This comprehensive approach empowers hoteliers to optimize revenue, streamline operations, and stay competitive in the dynamic hospitality market.

The Importance of Pricing Optimization:

Pricing optimization is essential for the success of hotels in the competitive hospitality industry. Beyond merely setting room rates, it thoroughly analyses market trends, competitors’ pricing, and guest behaviour.

RateTiger offers a similar product called RateShopper, which plays a crucial role by providing real-time insights into these factors. It enables hotels to adjust strategically, capitalize on demand peaks, and tailor pricing strategies for traveller segments.

The benefits of embracing pricing optimization are undeniable:

  • Increased revenue: The bottom line matters, and pricing optimization can lead to significant revenue growth by maximizing occupancy rates and optimizing room rates.
  • Reduced discounting: Prices will not drop to fill rooms. Pricing optimization helps avoid unnecessary discounting, protecting your brand image and profitability.
  • Competitive edge: In a crowded market, standing out is crucial. Pricing optimization gives you the agility to react quickly to competitor pricing changes and stay ahead of the curve.
  • Improved operational efficiency: With dynamic pricing, you spend less time manually adjusting rates and focusing more on what you do best – creating exceptional guest experiences.

Conclusion:

In today’s travel landscape, where choices abound, pricing optimization in hotel channel management is a potent tool for maximizing revenue. A strategic, data-driven approach enables hotels to navigate market complexities, respond dynamically to changes, and secure a competitive edge. As technology evolves, embracing innovative pricing solutions becomes imperative for hotels aiming to thrive in the ever-changing hospitality landscape.

Ready to harness the power of pricing optimization in your hotel channel management? Connect with our experts at sales@erevmax.com, invest in the right technology, and don’t hesitate to experiment. The right pricing strategy in hospitality can unlock a harmonious chorus of revenue and guest satisfaction.

 
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Navigating the Dynamic Landscape of RateTiger’s Revenue Management

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Navigating the Dynamic Landscape of RateTiger Revenue Management

Welcome to the world of hospitality, where RateTiger, a pioneer in hotel channel management solutions, plays a pivotal role in supporting properties to thrive and generate profits.

RateTiger significantly aids properties in adapting and achieving success. Whether navigating market changes or meeting client requirements, RateTiger ensures properties remain strong and prosperous in a constantly evolving landscape.

The insights provided by RateTiger offer a compelling view into the transformative trends observed between 2022 and 2023. These insights showcase how RateTiger has been instrumental in guiding properties toward success in the dynamic hospitality industry.

Growth in Reservation Commitments

During this time frame, there was a noticeable increase and flexibility in the number of reservations made. It all started on a positive note and maintained consistent growth each month. Each period had its own story, showing how things changed in the market and among customers. The trend shows how RateTiger stood steadfast in this dynamic industry with its efficient hotel solutions to maintain its credibility across the globe.

We noticed some ups and downs that gave us a clear picture of how demand changed and how people reacted. If we check the month of January, there is a 58.63% growth of reservation from 2022, but in the same timeframe, in May, there is only 8.19%. Interestingly, there were significant increases around the middle of the year, especially in August, possibly due to more people travelling or seasonal changes in what customers wanted.

Insights from Property Onboarding Dynamics

At the same time, there were noticeable changes in how properties integrated with our system. This aspect of the story highlighted the adaptation and utilization of RateTiger by properties. In the month of February 2023(762.5%), properties showed higher enthusiasm as they began using our product to efficiently update rates and manage inventory across various online sales channels, facilitating smooth reservations into their PMS.

In the month of August, there was a significant uptick in properties(100%) joining our platform, indicating a purposeful shift. This surge indicated that properties were actively adopting the RateTiger Channel Manager, signifying the industry’s proactive approach to embracing tools for its growth and success.

Insights and Strategic Adaptation

In this tale of growth and adjustment, the value of adaptability and strategic decision-making shines through. Integrating RateTiger emerged as a key factor, guiding properties to thrive amid shifting landscapes.

Properties could proactively modify their marketing and pricing strategies with RateTiger’s BAR-level feature. This flexible feature enabled properties to seize opportunities during peak consumer activity, securing a competitive advantage in the market.

Conclusion

These insights unveil a journey of adaptability and growth within the hospitality industry. RateTiger proved instrumental in empowering properties to navigate evolving market dynamics successfully. By leveraging RateTiger and adeptly responding to changing consumer demands, properties gained a competitive edge, ensuring resilience and success in a dynamic marketplace. Beyond its channel management prowess, RateTiger offers a treasure trove of insights, meticulously gathered and analyzed to illuminate transformative trends shaping the hospitality landscape. By harnessing the power of data, RateTiger equips hotels with the knowledge and foresight to make informed decisions, anticipate market shifts, and stay ahead of the curve.

Are you using the right Hotel Channel Manager to streamline your daily operations and help you boost online revenue?

If not, then drop us a line at sales@erevmax.com

 
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Expedia Group Mobile Promotion Setup Guide

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Mobile promotion - Expedia

In today’s digital age, mobile devices have become integral to our lives, especially for travelers seeking convenience and easy booking. Expedia Group, a prominent player in the travel industry, has witnessed a significant uptick in mobile bookings, with an incredible 54% of their travelers utilizing mobile devices*. To tap into this burgeoning market, it’s crucial to set up mobile promotions effectively on Expedia Group. Let’s explore the effective option to enhance your presence on Expedia Group’s mobile platform. 

Promo API Integration  

If you’re looking for a seamless approach to setting up and managing mobile promotions on Expedia Group, integrating with the Promo API through RateTiger is the way to go. Follow these simple steps to get started: 

  1. Log in to RateTiger account and navigate to the promotion management section. Choose the promotion type you wish to create, manage, or deactivate. 
  1. Specify the target audience for your promotion by selecting mobile device users. 
  1. Set the relevant parameters for the promotion, including booking dates, discounts, or any other restrictions. Once all details are defined, submit your promotion, and it will be activated for mobile users on Expedia Group. 

Get Started Today! 

Don’t miss out on the opportunity to capture the attention of Expedia Group’s vast mobile user base.

Log in to RateTiger now and embark on a journey to create enticing mobile-only promotions for Expedia Group travelers. By employing these options, you can enhance your visibility and drive bookings among the growing community of mobile-centric travelers. 

*Based on Expedia Group internal data, 2023 

 
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Strategic Management of Occupancy: Leveraging RateTiger for Overbookings and Cancellations

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Strategic Management Overbookings and Cancellations

The hospitality industry is a complex ecosystem where managing occupancy rates is constantly challenging. Overbookings and cancellations are two significant hurdles that hotels face in their quest to maintain optimal occupancy levels. RateTiger offers robust solutions to address these challenges, providing a strategic approach to maximize room bookings while minimizing potential revenue loss.

Understanding Overbookings and Cancellations

Overbookings occur when a hotel accepts more reservations than the actual number of available rooms. This strategy is often used to offset the anticipated no-shows or last-minute cancellations. However, excessive overbooking can lead to guest dissatisfaction and operational complications.

Cancellations represent a different challenge. They impact revenue forecasts and directly affect occupancy rates. Effective management of cancellations is crucial to prevent revenue loss and ensure a balanced occupancy level.

Leveraging RateTiger for Strategic Solutions

Real-time Data Insights: RateTiger Channel Manager provides invaluable real-time data on market trends, competitor pricing, and demand forecasts. This data empowers hoteliers to make informed decisions, adjusting rates dynamically to optimize occupancy.

Competitor Analysis and Rate Shopping: By analyzing competitor rates and understanding market demand, RateTiger Shopper assists hoteliers in setting competitive prices, preventing overbookings, and attracting more bookings.

Overbooking Prevention Strategies: RateTiger Booking Engine allows hoteliers to set precise controls to prevent excessive overbookings.

Dynamic Pricing Strategies: Utilizing RateTiger Channel Manager’s dynamic pricing capabilities allows hoteliers to adjust rates based on demand fluctuations, maximizing revenue and occupancy.

Best Practices for Strategic Utilization

  • Data-Driven Decisions: Rely on real-time data insights RateTiger Channel Manager provides for informed decision-making.
  • Flexible Pricing Strategies: Implement adaptive pricing strategies to respond to market changes and guest behaviour.
  • Overbooking Controls: Utilize RateTiger Channel Manager to set limits that balance maximizing occupancy and minimizing risks.

By leveraging RateTiger Channel Manager, Booking Engine & Rate Shopper, hotels can navigate challenges and maintain a balanced approach to maximize occupancy while minimizing revenue loss.

 
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RateTiger Channel Manager and Booking Engine: The Secret to Johnwood Hotel by Bolton’s Revenue Growth

Press Release
Johnwood Hotel by Bolton

Nigeria, 16 October 2023

Boosting hotel business and managing brand reputation

Johnwood Hotel by Bolton, a 5-star property in Nigeria, has been leveraging RateTiger solutions, including RateTiger Channel Manager, to ensure rates and availability are synchronized across all sales channels. Additionally, they utilize the Booking Engine to keep brand.com updated with real-time inventory and rates. Using RateTiger solutions not only streamlines brand management but also enhances business productivity. Reservations from multiple sales channels are seamlessly integrated into the hotel’s PMS through the 2-way connect, enabling effective implementation of online revenue strategies.

Step into the lap of luxury at Johnwood Hotel by Bolton, a prestigious 5-star hotel in the heart of Abuja, Nigeria. Just a 35-minute drive from Nnamdi Azikiwe International Airport, this architectural masterpiece seamlessly blends elegance and convenience. The hotel offers 124 fully decorated rooms, suites, and apartments, all exuding contemporary design and an artistic ambience, inviting guests into a world of comfort and luxury. 

Johnwood Hotel by Bolton promises exceptional service and an immersive experience for the senses.

For over 5 months, Johnwood Hotel by Bolton has effectively utilized RateTiger Channel Manager and Booking Engine, resulting in a significant 40% increase in online bookings. This strategic implementation has boosted the hotel’s business operations and improved brand management. In comparison, the hotel has already witnessed a marked improvement in global visibility.  

“We have been utilizing RateTiger products for over 5 months. They have proven indispensable in boosting our hotel’s business and effectively managing our brand. The ease and efficiency it brings have significantly contributed to our success. The support from team RateTiger, especially Debadyuti Ghosh, has been outstanding, earning an impressive 80% approval rating. Their prompt and dedicated assistance has been crucial in streamlining our operations, further solidifying our trust in RateTiger’s capabilities. I highly recommend RateTiger solutions to fellow hotels, aiming to alleviate the complexities of brand management and improve overall business productivity. Their contributions have been instrumental, accounting for 85% of our successful business strategies. Well done, Team RateTiger!” – Remarked Mr. Franca Okonkwo, Assistant Business Development Manager at Johnwood Hotel by Bolton 

 
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Tips and Tricks for Optimizing Your Hotel’s Channel Manager Setup

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Tips and Tricks of Hotel Channel Manager Setup

Hotel Channel Manager is a software tool designed to enhance a hotel’s online presence, optimize operational efficiency, and boost revenue and pricing strategies by managing listings on various online travel agencies (OTAs) and other distribution platforms. It can save hoteliers significant time and effort and help them improve their visibility and bookings.

This blog will explore valuable tips and tricks to help you make the most of your hotel’s Channel Manager. Whether you’re new to channel management or looking to fine-tune your existing setup, these insights will prove valuable. However, to get the most out of your Channel Manager, it is essential to set it up correctly and optimize it regularly. Here are some tips and tricks:

1. Choose the Right Channel Manager

Selecting the right Channel Manager is the foundation of your success. Consider factors such as the ease of integration with your property management system (PMS), compatibility with the online travel agencies (OTAs) you intend to work with, and the level of support and training the provider offers. A robust Channel Manager will simplify the management of multiple channels and reduce the risk of overbookings. Recommending the RateTiger Channel Manager solution for several compelling reasons. It offers a range of features to help hotels efficiently manage their online presence and maximize revenue. With RateTiger Channel Manager, you can ensure real-time inventory synchronization and rates across all channels, reducing the risk of overbookings and rate disparities. It offers a user-friendly and intuitive interface, simplifying the process for your staff to handle and oversee your distribution strategy efficiently.

2. Set Competitive Rates

To maintain competitiveness, your rates on your Channel Manager need to align with those of your competitors. Various tools like rate parity tools and OTA Metasearch Engines can help you research your competitors’ rates. Additionally, RateTiger offers Rate Shopper tools, which are software solutions designed to assist you in monitoring and analyzing your competitors’ rates in real-time. These tools provide valuable insights into how your rates compare to those of other hotels in your area, enabling you to adjust your pricing strategy accordingly. Utilizing a Rate Shopper tool allows you to stay competitive in the dynamic hospitality market, attract more guests, and optimize your revenue.

3. Optimize Content and Visuals

Attractive visuals and compelling content are essential for drawing in potential guests. Ensure that your listings on OTAs are rich in high-quality images, accurate descriptions, and up-to-date information about your hotel’s amenities, services, and local attractions. Consistency across platforms is critical.

4. Use Rate Plans and Restrictions

Rate plans and restrictions are essential tools that can help you maximize your revenue while avoiding overbooking. For instance, you can create different rate plans for various guest segments, such as business travelers, leisure travelers, and groups. Furthermore, you can implement restrictions to manage room availability on particular dates or enforce minimum night stays for guests.

RateTiger Shopper is a valuable tool for simplifying and monitoring your competitors’ pricing strategies. This tool lets you make real-time rate adjustments to ensure your hotel remains competitive. By leveraging RateTiger Shopper, you can make informed pricing decisions crucial for maximizing your hotel’s revenue.

5. Monitor Your Channel Manager’s Performance

After configuring your Channel Manager, it is crucial to conduct regular performance monitoring. This practice will enable you to discern which channels deliver satisfactory results and which require enhancements. You can use your Channel Manager’s reporting tools to track your bookings, revenue, and other vital metrics. With RateTiger’s Channel Manager, you can efficiently manage all channels from one platform, benefiting from its 2-way XML connectivity with over 400+ OTAs.

6. Invest in Analytics and Reporting

Leverage your Channel Manager’s reporting and analytics features to gain insights into your hotel’s performance. Analyze booking patterns, revenue trends, and the effectiveness of different marketing channels. Use these insights to make data-driven decisions and adjust your strategy as needed.

RateTiger Insider Tips:

  • Use a property management system (PMS). A PMS software solution helps hotels manage their operations, including inventory and rates. If you have a PMS, you can integrate it with your Channel Manager to automate updating your list and rates across all channels.
  • Use a pricing tool. A pricing tool can help you set competitive rates to maximize your revenue. Pricing tools consider factors such as competitors’ rates, historical demand, and upcoming events.
  • Run promotions. Promotions can attract more bookings and increase your revenue. You can use your Channel Manager to create and manage promotions.
  • Track your results. It is essential to track your results regularly to see what is working and what is not. You can use your Channel Manager’s reporting tools to track your bookings, revenue, and other vital metrics.

Conclusion

Ensuring the optimal configuration of your hotel’s Channel Manager is a continuous endeavor that demands detailed attention and a willingness to adjust to evolving market dynamics. By choosing the right Channel Manager, maintaining accurate inventory, and staying informed about industry trends, you can maximize your hotel’s online presence, increase bookings, and boost revenue. By employing these helpful strategies and techniques, you can fine-tune your hotel’s Channel Manager setup and fully leverage the capabilities of this potent tool.

 
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RateTiger Helps Cantonal Hotel by Warwick Riyadh to Optimize Revenue

Press Release
PR Banner-Warwick Hotel

Riyadh, 27 September 2023

Boost reservations by more than 60% from OTAs with RateTiger Channel Manager

Cantonal Hotel by Warwick Riyadh has found a reliable and innovative partner in RateTiger, a leading provider of hotel revenue management solutions. This brand new 4-star international hotel has been using RateTiger Channel Manager for the last nine months to efficiently update rates and manage inventory across various online sales channels, enabling seamless reservations into their PMS.

Cantonal Hotel by Warwick Riyadh is a luxurious retreat in the heart of the bustling city. It offers spacious, elegant rooms, a rooftop restaurant with stunning city views, and exceptional care. This is the perfect place to enjoy a lavish stay in Riyadh.

This brand-new luxury property witnesses more than 60% occupancy growth by leveraging RateTiger Channel Manager. Over these nine months, this property has increased its visibility with RateTiger by using 2-way XML communication with OTAs and specialized channels to promote additional bookings.

According to research by Knight Frank, the Middle East’s travel and tourism sector has experienced remarkable growth, with a 46.9% increase in its contribution to GDP in 2023, the highest of any region globally. This has led to an increase in direct bookings for hotels in the region. Cantonal Hotel by Warwick Riyadh is well-positioned to capture this demand with RateTiger’s integrated technology solution, which provides the hotel with all the tools it needs to manage reservations, rates, and inventory across all channels, including its direct brand website and OTA channels.

“We have been consistently impressed with RateTiger Channel Manager’s ability to help us manage real-time extranet availability, seamless PMS updates for online reservations, and the flexibility to adjust rates in line with market demand in our online sales channels. RateTiger makes this easy and helps us to stay flexible. It also automates our availability and reservation system, which saves our time and allows us to focus on providing a great guest experience and running our hotel efficiently. We are thrilled to announce that we have increased occupancy growth by 60% by leveraging RateTiger.”– Remarked Mr Saqib Hussain, Revenue/Reservation Manager at Cantonal Hotel by Warwick Riyadh.

“Team RateTiger, especially Ms. Swati and Mr. Ayman, has provided outstanding, hands-on support and quickly helped us to solve problems with the RateTiger solutions. Their seamless and interactive training about RateTiger solutions helped us to get started efficiently. We rate their service 9.9 out of 10.” – Summed up Mr Saqib.

 
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Boost International Booking with Country Rates on Booking.com

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Country Rates on B.com

As the trend of global travel gains momentum, there’s a remarkable opportunity to capitalize on the increasing number of international guests. Whether you are interested in entering emerging markets, enticing visitors from specific countries, or growing your revenue by offering targeted discounts, the solution, known as Country Rates, is here to cater to your needs.

Why Country Rates?

The Country Rate stands out as one of the most impactful pricing solutions for your property. This specialized tool enables your property to extend specific pricing to guests from designated countries and regions.

Notably, nearly 70% of the initial summer searches on the Booking.com platform are focused on international accommodations.

Properties can capitalize on this heightened demand and ensure revenue by providing targeted discounts to international travelers, who tend to book earlier and exhibit fewer cancellations.

How do Country Rates work?

Country Rate is a feature used by hotels to establish specific room rates tailored to different countries. It serves as a means to provide special pricing or discounted rates to guests from targeted markets.

The discounted rate is exclusively visible to users accessing the Booking.com platform from the countries or regions properties have chosen to focus on. While a minimum discount of 5% is mandatory, properties possess the option to offer a more substantial discount if they wish.

This discount is applicable to all rooms and rate plans within a property, and it synergizes with discounts associated with the Genius program, as well as any other promotions they have configured (except for the Mobile Rates or Limited Time Deal).

Properties retain the capability to allocate up to 30 blackout days per calendar year, during which the discount will not be applicable.

Country Rate’s Global Validity

It’s important to be aware that country rates might not be accessible in specific countries due to prevailing legal or commercial constraints. Kindly take into consideration this limitation when considering the implementation of country rates for your property’s pricing strategy.

What are the Advantages of Offering Country Rates?

  • Secure revenue by targeting international travelers
  • International customers tend to book early and cancel less.
  • Sell your rooms in advance by offering special prices during the festive season.
  • Boost your visibility on Booking.com.

Offering Country Rates on Booking.com provides an array of benefits, including assured revenue, improved booking patterns, and amplified visibility, all of which contribute to a more strategic and successful approach to your property management.

Navigating to the Promotions tab, you can seamlessly establish Country Rates on Booking.com from your RateTiger Dashboard.

Read here to learn about Country Rates and how to set them to your existing room rate plan.

 
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