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Author: Antara De

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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Discover Mobile Rates on Booking.com for Increase Bookings

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Mobile Rates on B.com-Aug

The Mobile Rate is an exceptional performer among various successful pricing products. This highly effective tool is designed to cater to mobile device users, allowing properties to offer discounted rates. Embracing this feature showcases its relevance in today’s mobile-centric booking trend. In the booming mobile market, leveraging the Mobile Rate is important for business growth and a competitive edge.

Over half (59%) of all reservations on Booking.com originate from mobile devices; capturing this market is vital for business growth. Mobile-friendly strategies like the Mobile Rate can boost reservations and ensure success in the evolving travel landscape.

How do Mobile Rates Work?

  • Mobile Rates: Discounts are visible on Booking.com mobile app or site.
  • A minimum 10% discount is required, but properties can offer mobile users a more considerable discount.
  • The discount applies to all rooms and rate plans, including the Genius program and other promotions (except Country Rate or Limited Time Deal).
  • Up to 30 blackout days per year, with no discount on those days.

Benefits of Mobile Rate

On average, properties that offer a Mobile Rate see:

  • 3% more click-throughs from search results
  • 24% more customers making an attempt to book
  • 22% more bookings from mobile customers

Mobile Rates effectively target and attract a growing segment of travelers. Properties must have this option to avoid losing out on significant demand.

If you do not have a Mobile Rate on Booking.com yet, you can easily create one from your RateTiger dashboard.

For more information and step-by-step setup instructions, refer to this detailed article.

Contact us to fulfil your connectivity requirements and maximize your online earnings.

 
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Muscat Express Hotel Achieves Remarkable Revenue Growth with RateTiger’s BAR Level Feature

Press Release
Muscat Express Hotel

Oman, 16 August 2023

Recommends RateTiger Channel Manager for revenue management

Oman-based Muscat Express Hotel has experienced remarkable revenue growth by leveraging RateTiger Channel Manager and its innovative BAR Level feature. This groundbreaking feature has revolutionized the hotel’s revenue management strategy, leading to impressive results and positioning Muscat Express Hotel as a leader in the industry.  

This hotel is delighted to welcome guests to a world of luxury and unparalleled hospitality in the heart of Muscat, Oman. It offers a haven of luxury and comfort for both business and leisure travelers seeking a memorable stay. This 3-star hotel showcases a collection of elegant and spacious rooms and suites well designed to provide ultimate comfort and relaxation.  

Over the past year, the hotel has leveraged the benefits of RateTiger Channel Manager to streamline rate, inventory, and restriction management across all connected channels. This innovative solution allows the hotel to control its online presence through a centralized dashboard efficiently. Especially RateTiger’s BAR Level feature has become the cornerstone of this 3-star hotel’s revenue management approach. The hotel has optimized pricing strategies and maximizes revenue potential by dynamically adjusting room rates based on real-time market demand, competitor rates, and other crucial factors. 

Moreover, the seamless integration of RateTiger Channel Manager with the PMS has streamlined operations and eliminated manual errors. By updating rates and inventory across various distribution channels simultaneously, Muscat Express Hotel ensures consistency and accuracy, saving valuable time for the reservation team. Leveraging this feature, the hotel can now set rates dynamically to capitalize on peak demand periods and adjust them during low-demand periods to attract more bookings. This flexibility has proven to be a game-changer for the hotel’s success. 

The positive impact of the BAR Level feature on Muscat Express Hotel’s revenue has been remarkable. The hotel’s RevPAR has experienced significant growth, while direct bookings have surged, reducing reliance on OTAs. 

“We have witnessed an increase in revenue since using this feature. Our reservation team sometimes hesitates to make rate changes, particularly during late hours, but with the automated system following instructions and logic, we can make confident decisions that benefit our business. The feature has significantly reduced our manual effort. Proper rate management maximizes revenue and helps us maintain our reputation. In our 3-star hotel with limited human resources, the feature has minimized the workload. What used to take us 3 to 4 hours to manage prices now only takes 15 to 20 minutes.” Commented Mr Judson George, General Manager of Muscat Hotel, on the BAR level feature of RateTiger Channel Manager.

Check out the video where Mr Judson George, General Manager of Muscat Hotel, shares his experience of using RateTiger products and support.

 
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Embracing the Power of Dynamic Pricing to the Hotel Industry through BAR Level Feature

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BAR Level Feature

In this highly competitive landscape, hospitality businesses must constantly innovate and embrace cutting-edge technologies to meet the ever-changing needs and expectations of modern travelers. One of the most effective strategies embraced by modern hotels is dynamic pricing. This innovative approach has revolutionized how hotels determine their rates, allowing them to optimize revenue while delivering value to guests. According to booking.com, 43% of travelers will use virtual reality to inspire their vacation choices. Additionally, recent statistics indicate that the global hospitality market is witnessing rapid technological advancements, making it imperative for hotels to adopt innovative strategies.

In this blog post, we will introduce a new feature of RateTiger Channel Manager that allows you to create a customized pricing strategy tailored to your hotel’s occupancy levels, ensuring the perfect balance between supply and demand. With the system, it can effortlessly maintain specific pricing models during high and low seasons, weekdays, weekends, and more!

What is Dynamic Pricing?

Dynamic pricing refers to flexibly adjusting prices based on various factors such as demand, market conditions, and customer behavior. Instead of relying on static prices, hotels using dynamic pricing use advanced algorithms and data analysis to set the best possible prices for their rooms.

Through Bar level pricing, hotels use sophisticated algorithms and data analysis to set prices for each room type independently. This level of granularity allows hotels to optimize revenue by tailoring prices to individual segments of their customer base rather than offering uniform rates across the entire inventory.

RateTiger Channel Manager’s innovative BAR Level feature takes this concept further by setting prices based on specific room types or rate categories within a hotel’s inventory. This level of granularity allows hotels to maximize revenue by precisely targeting different segments of their customer base.

Advantages for Hotels:

  • Streamlined Pricing Strategy: Predefining prices and rules based on occupancy levels simplifies the pricing process, ensuring rates are automatically triggered when occupancy meets criteria.
  • Automated Rate Triggers: Prices are adjusted automatically based on occupancy, allowing hotels to respond swiftly to fluctuations in demand and optimize revenue during peak and off-peak periods.
  • Revenue Optimization: Dynamic pricing captures the true value of each room type, maximizing profitability and revenue potential for hotels.
  • Flexibility and Adaptability: Bar-level pricing provides the flexibility to adapt rates based on market conditions and competition, helping hotels stay agile and competitive.
  • Data-Driven Decision Making: Bar Level pricing relies on data analysis, enabling informed decisions based on market trends and customer behavior.
  • Enhanced Revenue Management: The automated nature of bar-level pricing reduces human errors in pricing decisions, leading to more efficient revenue management.

Benefits for Guests:

  • Fair Pricing: Guests pay prices that accurately reflect the value of their chosen room, ensuring fairness in the booking process.
  • Enhanced Experience: Guests can find options that align with their preferences and budgets, leading to a more personalized and satisfying stay.
  • Attractive Discounts: Dynamic pricing allows hotels to offer attractive discounts during off-peak periods, giving guests better rates for their accommodations.
  • Affordable Options: Flexibility in pricing enables guests to access high-quality accommodation at more affordable prices, maximizing the value they receive.
  • Increased Availability: As hotels adapt to changing market conditions with dynamic pricing, guests have a higher chance of finding availability even during busy periods, improving their chances of securing desired bookings.

Conclusion:

BAR Level feature has become essential for hotels to thrive in today’s competitive landscape. By embracing this innovative approach, hotels can optimize their revenue, respond swiftly to market changes, and deliver value to their guests.

To know more about this feature, request/book a demo with our industry experts at sales@erevmax.com.

 
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The Art of Hotel Room Pricing: Strategies for Sustainable Profitability 

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RateShopper

Hotel room pricing is one of the most essential but crucial aspects of Hotel Management. It is vital because you need to find the right balance between providing a luxurious experience and keeping your hotel affordable for your guests. In this blog, we will talk about why a hotel room pricing strategy is important, the steps of implementing it, and how it helps increase hotel revenue.  

Importance of Hotel Room Pricing 

Hotel room pricing is essential for hotels as it directly impacts revenue, profitability, and market position. A well-executed pricing strategy allows hotels to maximize its revenue by attracting guests. Additionally, pricing decisions contribute to a hotel’s market positioning, helping to establish its brand perception and differentiate itself from competitors. By leveraging a proper pricing strategy, hotels can achieve sustainable profitability and deliver value to the guests.  

Essential Steps to Implementing Pricing Strategy

Developing an effective pricing strategy is important for hotels to optimize revenue and attract the right target audience. Before setting a hotel’s room price, some points should keep in mind like 

  • Gain a deep understanding of your target audience 
  • Analyze your competitor hotels’ room pricing 
  • Understand your guests’ expectations 

When you know all the answers, it will be easier to set the best room price for your hotel and make maximum revenue from it.  

Pricing Strategies for Hotels to Increase Revenue

Revenue Growth

Competitor Based Pricing:

Looking at your competitors is a reliable way to measure your performance and market trends. By monitoring and analyzing competitors’ pricing strategies, hotels can gain valuable insights into the market and adjust their rates to remain competitive. However, it’s essential to note that competitor-based pricing should not be the sole determining factor. Hotels must consider their own costs, profitability goals, unique selling points, and target audience preferences to balance competitiveness and profitability. 

Occupancy-Based Pricing:   

Occupancy-based pricing is a dynamic pricing strategy where room rates are adjusted based on the occupancy levels of a hotel. This approach allows hotels to optimize revenue by aligning pricing with demand fluctuations. By leveraging the principles of supply and demand, rates can be increased during high occupancy periods to capture guests’ willingness to pay a premium. Conversely, rates can be adjusted during low occupancy periods to attract bookings and maintain occupancy levels. This approach helps hotels optimize revenue, manage inventory effectively, and stay competitive. By closely monitoring occupancy rates and implementing real-time pricing adjustments, hotels can maximize profitability. 

Seasonal Pricing:

This is an important factor to consider for setting the prices of the rooms available during holidays or any popular events time. Hotels can optimize revenue by capitalizing on high-demand periods while remaining competitive during slower seasons.  

Upselling and Cross-Selling:

Implement strategies to upsell and cross-sell room upgrades or additional services to guests. Offer options such as premium room categories, add-on services like airport transfers or dining experiences, and promotions to enhance the guest experience while increasing revenue per guest.

Rate-parity Strategy:

Rate-parity strategy refers to a pricing approach where a hotel maintains consistent room rates across all distribution channels, including its website, online travel agencies (OTAs), and other third-party platforms. Rate parity aims to ensure that the hotel offers the same rates for the same room type and dates, regardless of the booking channel. By implementing rate parity, hotels can maintain transparency, avoid potential conflicts with distribution partners, and provide a consistent pricing experience for guests across all booking channels. 

Effective pricing strategies are essential for hotels to achieve sustainable profitability and maximize revenue. By combining data-driven insights, competitor analysis, rate parity, etc., hotels can optimize revenue, enhance guest satisfaction, and establish a strong market position in the competitive hotel industry. In this scenario, Rate Shopper plays an important role for hotels. It is a powerful product that empowers hotels to stay ahead of the competition by providing valuable insights into market trends and competitor rates. By utilizing this product effectively, many of our customers optimize their pricing strategies, enhance revenue performance, and drive sustainable profitability.  

If you have any further questions or require assistance with pricing strategies for your hotel business, we encourage you to reach out to our sales experts. They are available to provide guidance and support in setting up the optimal pricing structure for your needs. You can leave your inquiries here; our team will happily address them. 

 
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RateTiger Again Recognised as a Premier Connectivity Partner by Booking.com

Press Release
Premier Connectivity Partner

Orlando / London, 25 July 2023

Year after year RateTiger is recognized for its excellence

Once again, RateTiger by eRevMax, a top hotel connectivity distribution provider has been recognized as a Premier Connectivity Partner by Booking.com.

Premier partners are recognized for offering the most advanced systems with the widest range of products and services, along with a high connection quality. Achieving this status highlights RateTiger’s commitment towards product, technology, connectivity, support, and new feature addition for the hotel clients. It reflects RateTiger’s commitment to delivering a first-class experience through cutting-edge technology, which positively impacts both the customers and accommodation providers.

“We are excited that we have been designated as Booking.com’s Premier Connectivity Partner for 2023. This prestigious recognition reflects our commitment towards excellence in our product features, innovation, and our relentless dedication to providing strategic solutions to our wonderful clients. We are happy to deepen our collaboration with Booking.com and look forward to creating even greater value together in the hospitality industry. This achievement serves as a testament to our talented team’s hard work and expertise, and we remain steadfast in our mission to empower hotels with cutting-edge technology that enhances guest experiences and drives business success. Together with Booking.com, we will continue to shape the future of hospitality, one seamless connection at a time.” said Caroline Faries, Strategic Account Director – RateTiger by eRevMax.

Reece Evans, Area Manager, Connectivity Partnerships at Booking.com commented: “Rate Tiger’s commitment to delivering a first-class experience that enhances the mutual accommodation partner experience year after year is consistently strong and we’re thrilled to acknowledge that once again.”

Established in 2001, eRevMax is a pioneer in hospitality technology, especially rate shopping and channel management solutions. Being one of the first channel management companies to have established 2-way XML connectivity with Booking.com, RateTiger hotel distribution solutions have been continuously delivering seamless hotel distribution.

Serving the industry for 20+ years, RateTiger by eRevMax has a keen eye on the technology and tools used by the hotel industry. They keep enhancing their products as per trends to help hotels catch maximum online booking by assisting them in room rate, inventory and property management across 400+ OTAs, including Booking.com.

For marketing related queries, contact us at marketing@erevmax.com

About Booking.com: 

Part of Booking Holdings Inc. (NASDAQ: BKNG), Booking.com’s mission is to make it easier for everyone to experience the world. By investing in the technology that helps take the friction out of travel, Booking.com’s marketplace seamlessly connects millions of travelers with memorable experiences every day. For more information, follow @bookingcom on social media or visit globalnews.booking.com.

 
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