Rate Wise is well known for our cloud-based RMS; however we also provide a Revenue Management Consultancy service with both short and long-term contract options available. Contracts can be as short as 3 months.
Our team of revenue management consultants work with both independent and branded properties and have a proven track record of increasing room revenue and RevPAR while also decreasing costs connected to rooms sales for our partner properties.
We understand the challenges facing owners and management teams in hotels, with high team turnover continuing to be an issue. We can instantly help ease the pressure on a day-to-day basis: not only do we advise and support team members, but we can also implement any changes if needed. Our consultancy team will work alongside your team putting procedures in place to drive room sales, reduce costs and analyse performance, giving feedback and putting an action plan in place that we can help implement.
The benefits of a Rate Wise Consultancy contract include:
A DEDICATED MANAGER AND STRATEGIST
When you sign up to work with our Consultancy team you will be assigned your own dedicated account manager who will get to work straight away. This team member will work closely with your team and be available daily for advice and assistance. Our team members will be offering suggestions to drive the business forward.
MONTHLY REVENUE REPORT (MRR)
Once your consultant has familiarised themselves with your property there will be a monthly call to review and analyse your previous months performance and forecast for future months. Our target is to help you achieve your forecast or budget for the current month, every month. On the call we will review your business mix and performance as well as OTA and own website performance. If available your STR report will also be reviewed and analysed. Both parties agree on and set clear goals for the month ahead.
SYSTEMS REVIEW AND BEST PRACTICE
We will carry out an audit of the systems and integrations you are using at your front desk to ensure you are getting the maximum performance from them. Our team are experts when it comes to some channel managers and are happy to assist your team to make sure your channel manager is working best for you.
We will also review how you track your business in your PMS: tracking of your market segments and booking sources is essential and is only effective if entered correctly. We will review your segmentation to ensure you are getting the best information possible to make better decisions.
OTA MANAGEMENT (ONLINE TRAVEL AGENTS)
If needed, we will help increase your online exposure by reviewing and adding your property to new OTA’s and mapping them through your channel manager and/or PMS.
REDUCE DISTRIBUTION COSTS
We can review your commission levels charged by each OTA and what opt-ins your hotel has been signed up to, ensuring that you are paying the least amount of commission where possible and driving your ADR. We will also put policies in place to ensure your brand website is more favourable as a booking method.
IMPLEMENTATION OF A “BOOK DIRECT” POLICY
We all know Direct is Best! If you don’t already have a policy in place, we will help you to build one to drive direct business to your own website. If you do have one in place your consultant will work with you to help drive more traffic to the property’s own website. If FITs or OTAs are undercutting your best available rate and giving you parity issues, we can put measures in place to help prevent this.
DAILY RATE REVIEW AND BUSINESS ANALYSIS REPORTS
Our team will perform a daily review of your business on the books, pacing and pick-up for the coming 365 days. Based on this data we will use the Rate Wise RMS to push* rate suggestions to your OTA’s and brand website for the coming year. Our software is included in your consultancy contract and can be connected to your channel manager or PMS offering you a seamless one-stop process for your revenue management practices. One click of a button and all your rate suggestions will be pushed out live to your OTA’s. Our reporting is factual and removes the guesswork and helps us – along with the property’s team – make better, faster, more accurate decisions.
Included in our software is a competitor shopper report to give you a guide as to how your main competition is also performing in the market.
*Dependent on the systems and integrations in place.
If you are using tools such as STR, we will happily review them and report back on their findings, implementing a strategy to help drive your property’s performance.
SELL OUT EFFICIENCY REPORTING
How efficient is your property at filling your rooms? Do you analyse this cost to your business on a monthly basis? As part of our monthly conference calls included in the MRR, we can help you put measures in place to achieve 100% where possible.
MENTORING AND TRAINING
We’re always on hand to offer support, guidance and best practice advice. Having specialists at your fingertips means that we are mentoring and empowering your team to make effective decisions as we guide them through the systems they are using on a daily basis.
Our revenue consultants have worked in the field of revenue management for many years and have worked across multiple types of hotels and businesses. We offer best-practice advice, and we continue to upskill our team with new trends coming down the track by attending courses, webinars, forums and exhibitions. All new trends will be reviewed and discussed with our partners once we feel there is merit to them.
As mentioned at the start of this blog we truly understand the pressures hotels are facing with staff shortages and untrained team members. One of the huge benefits of working with a resource like our Revenue Management Consultants is consistency… we can ensure that while your front desk and reservations departments are under pressure, we will continue to implement a revenue management strategy for your property that is driving your hotels performance. We can ensure that your brand website is the most favourable booking method and make sure that your systems are monitored and fine-tuned when needed. We can ensure your reporting is accurate and up to date. We can help identify weaknesses and along with your team put procedures in place to remove these.