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Dynamic pricing is vital for hotel success today, but only some operators can see beyond the guestroom when applying this technology. Many factors impacting guestroom dynamic pricing, like seasonality and occupancy, also play a role when optimizing event revenue. Using advanced revenue management technology, hotels can accurately adjust rates for events in real-time as group business fluctuates from month to month. Modern revenue management technology allows operators to take a similar approach to their guestroom operations strategy when improving event revenue without concern they are missing out on potential group revenue.
Group business has traditionally been built from steep discounts and block rates, which help drive group bookings and indicate potential demand before an event. Revenue management technology can recommend ideal rates for each group offering without compromising returns—and often automatically. This allows groups to be more than a means to drive up the value of adjacent bookings made near an event and a reliable source of booking revenue.
Hotels need access to accurate demand forecasting technology to tap into these capabilities. This technology enables them to segment guests into groups based on capacity, amenities and other attributes. Hotels must also monitor their competitors’ rates as accurately as possible and adjust rates based on booking lead times. These capabilities require a united data strategy and a tech stack capable of trading information between departments. Additionally, hotels must have access to robust data visualization capabilities, allowing operators to quickly identify actionable trends before confidently making decisions.
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