In today's highly competitive hotel industry, effective Revenue Management is crucial, and pricing rooms is one of the most difficult tasks for Revenue Managers. A Hotel's pricing not only reflects its hospitality and service level but also significantly impacts profitability. While many factors influence room pricing, market demand is key, and competitor pricing offers valuable insights into these demand levels.
Precium Real-Time Competitor Rate Shopping Tool not only helps hotels overcome pricing challenges with real-time competitor data across various channels but also features an integrated upcoming events calendar. This dual functionality empowers properties to optimise their pricing strategies, gain a competitive edge, and maximise RevPAR. By having both competitor insights and local event information readily available, Revenue Managers can make truly informed, data-driven decisions that increase occupancy and yield. The tool's automation of competitor rate analysis further streamlines the Revenue Management workflow, allowing staff to focus on strategic initiatives. Moreover, the built-in events calendar directly supports accurate and data-driven pricing by enabling sales teams to target the most relevant customer segments based on upcoming local Events. This proactive approach to managing demand, coupled with demand forecasting, also allows for aligning staffing with anticipated needs, ultimately improving operations and profitability.
Access up-to-the-minute competitor rates from OTAs and platforms (e.g., mobile, desktop) to react to market changes and stay competitive.
Intuitive dashboards and charts display your property's rate positioning relative to competitors, helping you adjust rates and optimise yield.
Analyse competitor rates by platform, Meal plan, LOS, Number of Pax, room type.
Configure alerts for competitor rate changes and sold-out status, and schedule automated reports for proactive revenue management.
Export rate data to Excel for further analysis.
Monitor rate parity across online channels to identify and address rate discrepancies.
Information on upcoming events facilitates accurate and Data-driven pricing strategies. This information empowers the sales team to target the most relevant customer segments effectively. To proactively manage demand, prioritise access to the most recent local event information. Demand forecasting enables you to align staffing levels with anticipated needs, resulting in streamlined operations and increased profits.
Automate the time-consuming process of Manual Competitor Rate Shopping, aligning Revenue Managers to focus on strategic Revenue Optimisation and Yield Management.
Dynamic rate adjustments based on Real-time competitor data enable properties to offer competitive rates, capture market share, and optimise online conversion rates
Replace reactive pricing with proactive, Data-driven strategies, enabling Revenue Managers to make informed decisions that Maximise Profitability and achieve Revenue goals.
By optimising pricing strategies and maximising revenue yield, Precium Competitor Rate Shopping Tool directly contributes to improved Revenue Per Available Room (RevPAR) performance.