Revenue Management consultancy
The concept of revenue management has not changed. It is still about selling the right room to the right client at the right moment at the right price through the right channel. While accommodation providers understand the concept fully, a lack of time, resources and strategy often means this critical function can become secondary to operational issues.
The Rate Wise team have extensive experience in the hotel industry. We understand the challenges faced by many owners and operators in managing their day to day business. Operational distractions can prevent you from focusing on the most profitable area of your business – your rooms.
Our revenue consultants have a proven track record in increasing bedroom revenue for our clients. Our team will help you uncover the hidden revenue potential of your hotel, serviced apartments or hostel. Through best practice methodologies, strategic techniques and in-depth knowledge of online distribution, we will
Our consultancy service focuses on many areas of your business including setting a rate strategy, implementing a book direct policy, a review of your distribution strategy to reduce costs and drive REVPAR, OTA account management and a review of your Front Office Systems to streamline your processes. Our service includes a monthly call which includes a detailed report on your property’s performance, and goals set and achieved each month.
rate and distribution strategy
In conjunction with your team, we will devise a rate & distribution strategy that is unique for your property. Initially we will take a deep dive into your past performance, while also reviewing industry benchmarking reports, OTA performance and your brand.com performance. From that starting point we will put together a plan that will clearly define how to best distribute your room stock in order to maximise revenue.
Book Direct Strategy
Unfortunately, a hotel will never have the budgets to out-rank or out-bid the OTA giants such as booking.com or Expedia. However, there are ways we can leverage the power of their billboard effect and convert an OTA looker into a direct booker.
Your hotel website is the lowest cost channel and should be positioned as the primary way to book. We believe that it plays a fundamental role in the revenue management picture.
While it’s crucial to have the pricing right, it’s equally important to entice customers with attractive packages within the correct booking window and monitor their progress.
We will implement policies to ensure that OTAs and Wholesalers are not undercutting your official website.
OTA Account Management
While hoteliers can become disgruntled at the high commissions charged by OTAs, it’s important to remember that OTAs can put your hotel at the fingertips of audiences you could not reach as a stand-alone hotel. Cumulatively, they spend millions
We will complete a full health check of your existing OTA listings and review the rate plans and packages you have available. We will review your property description, photos and reviews. Based on our findings, we can decide how best to distribute your room stock in order to maximise potential. We have established relationships with all the major OTAs and can offer advice on their ever-demanding requests for rate parity, additional inventory and promotional programmes.
While we recognise the importance of the OTAs, our revenue management team know exactly when to turn the tap on and off. Our detailed analysis of your booking pace and pick up trends will alert you when OTA allocations should be reduced or closed out.
Systems Support and Set Up
Understanding how systems can communicate effectively to make rate and reservation management less time consuming can be a mine field for hotels.
We can help you integrate your PMS, Chanel Manager and RMS system so you can save on time and be more efficient. We can help you navigate this complex area and offer practical advice on what’s right for your property. No two hotels are the same and each property needs to select the optimum solution for their business.
We have vast experience working with property management systems including Hotsoft, Opera, Amadeus PMPRO, Protel and Guestline to name a few. We also work with an extensive list of channel managers including Room Cloud, Cubilis, Siteminder, Availpro, Accubook and Yield Planet.
Revenue Management Software
Our cloud based revenue management software allows you to manage your day to day revenue tasks. With an easy to use dashboard, and sophisticated analytical tools our software lets you make smart decisions fast.