We were at the 10th HSMA Hotelcamp
The themes discussed were once again very different:
- personal management
- reception service
- pricing pressure
- from guest to fan - marketing strategy
In detail we would like to discuss the following points: revenue management, price war and digitisation. In the first session regarding digitisation, they discussed about the question revenue manager versus revenue management software (RMS). All the participants were almost enthusiastic about the topic, as most of them were faced with this decision. It was clear to everyone that in the age of the online sales, it is no longer possible to ignore the revenue management. For any hotel, big or small, located in the city or in a holiday resort, it is profitable to work with a RMS as a support. As a support, because the strategy and the collected data from the RMS must be interpreted by a person. The software offers the required analyses, KPI and price recommendations, and relieves the person responsible for pricing of the time-consuming research and calculation of relevant data. Working with a RMS is useful in order to implement professionally the “revenue management” strategy, which in the long term will be the greatest resource for the business result.
In the second session regarding price war in the hotel sector, the focus was on individual hotels. For them is becoming more and more difficult to compete with large hotel companies in the price dumping. Price dumping is a controversial price measure or price method used by a company in which the classic commercial calculation is not applied. The aim of this strategy is to increase market shares or even to displace other competitors. Hoteliers are thereby forced to drastic price reductions in order to cushion falling overnight stays and occupancy problems. The reasons behind this drastic price reduction are on one hand the transparency on the web and on the other the “bargain hunters” - guests, whose booking habit is becoming more and more short-term. The overall opinion of the participants was that individual hotels can arrange their room prices autonomously and self-confidently through a well-thought-out revenue management.
Would you like a guided tour of our RMS RateBoard? Then write to info(at)rateboard.io. We will be happy to show you how you can benefit from the RMS and what advantages it offers you.
Maybe we will be around and we can meet in person. Take a look HERE at our upcoming events.
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