While the summer offers great opportunities for hotels to increase their bookings, the real challenge is maximizing the revenue you make from each room no matter the market conditions.
The best revenue management tools, like Revenue Management LIVE! included with the Visual Matrix Property Management System (PMS), make the job easy by doing most of the work for you.
For example, VM Revenue Management LIVE! protects you from selling out a day in advance before you have the chance to raise or lower rates based on occupancy and booking window, close or open rate levels, or set a CTA. Instead, it will do these things for you, automatically, every time a reservation is made by you, by central reservations, or by a channel manager.
You also have the flexibility to go beyond the automatic functions with key information it provides you, including competitor rates, historical data, pacing, trending, alerts for high occupancy, and competitor rate variances.
The Benefits of Using Revenue Management LIVE! in the Summer
First, you get real-time data insights to make better decisions during a busy travel season. By analyzing up-to-date information on market demand, booking patterns, and competitor rates, you can more easily adjust your pricing strategies accordingly to optimize your revenue and maximize bookings.
Second, you get dynamic pricing capabilities to deal with fluctuating demand and varying market conditions. You can implement flexible and responsive pricing strategies that align with market dynamics. Plus, you can also set pricing rules, automate rate adjustments, and leverage demand forecasting to capture demand surges and maximize revenue during peak periods throughout the summer.
Third, you get rate optimization and inventory control to effectively manage inventory and optimize your rates during the summer. The software uses advanced algorithms and analytics to help you identify revenue opportunities throughout the summer, set optimal rates based on factors like demand, occupancy, and market trends, and control availability to drive bookings – all while avoiding overbooking situations.
For more information on maximizing your revenue 365 days a year, contact us today and schedule a 15-minute demo. Revenue Management LIVE! works on its own, in conjunction with Best Rev, or a third-party revenue management system.