Give your Business the Right Strategy for Profit Maximization with ResAvenue's Revenue Management

25 July, 2022

Growing consumer preferences and demand for unique hotel experiences, has urged thousands of hotel businesses to re-evaluate their revenue strategies. For giving your business an optimum pricing approach and a powerful revenue generation plan, ResAvenue suggests the integration of its Revenue Management feature rich platform that works impressively for your hotel, in the shortest possible budget and time constraint. Serving as a business partner for decades with end-to-end reservation technology, ResAvenue has assisted hoteliers in enhancing their revenue by strides, turning out a significant boost in the industry where today we find revenue opportunities becoming scarce.

A revenue strategy that works well with your business model needs advanced planning and forethought. However, it can be simplified by focusing on essentials such as checking the guest preference i.e. selecting the type of rates that your guests might be looking for. As we all know, a certain type of audience may be accustomed to a specific pricing pattern, which if altered my cause abandonment or opting out by the guest. On the other hand, some guests could be interested in checking how their daily cost has come down with the number of days they have chosen to stay. However, some would like to go with a standard fixed pricing model throughout their stay. The hotelier can choose a pricing strategy accordingly.

• A daily pricing strategy would be more suitable to one-night stay guests such as airport transient guests. However, for vacation based guests a flexible pricing strategy which is focused on the length of the stay may be adopted.
• Overbooking and Inventory controls such as hurdle rate (commonly referred to as Last Room Value or LRV) where the discounts offered to the guests are restricted depending on their status of loyalty or length of their stay.
• Managing Market Data is another vital aspect of optimizing your revenue strategy. A hotel business can have a better edge over competitors by implementing an effective pricing policy through competitor analysis and monitoring.
• Each hotel will have its own positive or negative reviews across various online channels. Guest reviews therefore play a critical role in determining the reputation of your business which indirectly contributes to the revenue generation.
• Demand forecasting is also another effective method of determining a revenue strategy for the business.

Revenue Management is a powerful tool for hoteliers to manage their rates, availability and distribution effectively while streamlining operations and maximizing earnings. Through our advanced booking engine and revenue management platform we provide our hoteliers, solutions to adopt flexible pricing strategies, manage competitor and market data, accommodate guest reviews, adopt demand forecasting, and apply inventory controls. Besides, our data-driven strategies aim to provide a timely and cost-effective solution to hoteliers enabling them to make critical decisions based on their business earnings. We also engage the hotelier in keeping himself updated with the current market so that the right product is sold to the right customer at the right time through the required adjustments in products.

ResAvenue's Revenue Management streamlines your hotel's operations and boosts your earnings through management of rates, availability and distribution.