Rate Intelligence For Hotel: What It Is & Benefits
For successful revenue management, many hoteliers are recently utilizing rate intelligence for the hotel to leverage their pricing strategy.
Such software acts as a catalyst in hotel revenue management strategies with its updated and fast automated process of providing current price trends.
This further aids in the formation of a customer-centric pricing strategy that leverages profit generation while keeping the occupancy rate high.
If you are new to the term, we will help you understand what hotel rate intelligence is, how it works, and why it is important.
What Is Hotel Rate Intelligence?
Hotel Rate Intelligence refers to technology that helps analyze hotel pricing trends, current market conditions, and local competitor rates in an automated way.
Hotel pricing intelligence technology reduces the manual efforts and time put into the process of deducing important information through multiple sources.
They present the data in actionable formats and help revenue managers to optimize their pricing strategy accordingly.
Hotel rate intelligence briefs allow hoteliers to maximize their profits and multiply revenue generation by providing them with a thorough insight into the current real-time price trends in the local market.
How Do Rate Intelligence Tools Work?
Rate Intelligence Tools usually pluck out essential, real-time information from over hundreds of online sources and come up with the most relevant results based on a query.
They are automated in nature and run quickly in seconds to save you time and cost. Check out the top 11 paid and free hotel rate shopping tools to understand which suits best your business strategy.
Hotel competitive pricing intelligence technology helps hoteliers efficiently enhance the process of collecting price-related data by reducing manual time and effort.
Usually, they effectively choose the real-time price trends and current market conditions while keeping your competitors as a base and in your local area to keep the data relatable and valuable.
After getting this information, hoteliers can adjust their prices and operations accordingly to gain a competitive edge.
As we all know the power of historical price data in the hotel industry, these rate intelligence softwares effectively take note of both historical and current hotel pricing data sets to provide an action plan to its users.
What Are The Benefits Of Hotel Rate Intelligence In The Hospitality Industry?
Rate intelligence in hotels is helping the hotel business to take new highest. Here are the 5 strong reasons why it is important for hoteliers to invest in hotel rate intelligence solutions.
1. Dynamic Pricing Strategies in Hotel
Rate intelligence technology helps hotel managers to create a dynamic pricing strategy for their hotel based on the current market conditions so as to maximize venue generation.
This technology is also very effective in Revenue Management Strategies and can provide leverage to the hoteliers to earn high profits.
2. Demand Forecasting
Hotels work on the basis of demand in the market on a large scale.
Thus, it is important for hotel managers to understand the upcoming expected demand to anticipate their business functions.
Rate intelligence technology helps them get data of past and current market trends which helps them predict upcoming demand in the market.
By providing a wider outlook while displaying historical price data from other nearby hotels, they also give you an insight into other pricing strategies. Moreover, you can get international and local price intelligence to dominate your targeted market.
Also, through this, you can understand how much your customers are willing to pay for their room.
3. Rate Parity Monitoring
Hotel price intelligence technology allows you to conduct a Hotel Competitive Analysis on different OTAs to ensure rate parity in hotels.
It is important to understand that there must be a consistency of prices across all distribution channels including your website.
This provides a positive impact on customers, whether they are booking from you directly or OTA rates ( rates on online travel agency platforms).
Hotel rate intelligence technology collects information about your rates from different channels and conveniently displays them to make the process much easier.
4. Tracking Performance
Apart from just providing you with the current pricing data, hotel pricing intelligence also plays a great role in hotel price tracking.
Using rate and occupancy rates from competitors, you can compare your metrics with your competitors.
This will help you to effectively track your performance from time to time.
Also, by leveraging rate intelligence for your hotel you get a chance to improve your business operations by keeping track of your operations.
How Makcorp Hotel Pricing API Can Help You Get a Competitive Edge
Makcorps hotel price API is a useful smart solution that any hotel business owner can utilize to get a competitive edge.
It provides a hotel price comparison API that tracks more than 200 OTA platforms in a single get request.
You can now efficiently access the pricing of all the hotels in any city around the globe.
Also, it helps you to compare prices so that you can effectively optimize your pricing strategy to attain a competitive advantage.
It is a smart solution that effectively minimizes manual efforts while replacing them with automated technology.
The data provided by Makcorps hotel search API is reliable and efficient so that you do not lag behind in any case.
Also Read: Why Hoteliers Needs To Invest In API For Their Business Growth?
How Much Does Hotel Rate Intelligence Cost?
The pricing of hotel rate intelligence solutions varies from individual software programs that you choose for your business.
Often, the overall cost depends on how big your competitor set is and what type of market intelligence data you need access to.
You must choose software that aligns well with your overall business strategy so that you can get the most out of the price intelligence solutions.
A majority of rate intelligence solutions that you see online provide a trial run to help you understand how it works and whether it will suit your business or not.
You can sign up for these trials to understand which tool is suitable.
Although, it is better to choose competitive pricing intelligence for hotels to get a deep insight into your competitor’s pricing strategy in the nearby areas.
Frequently Asked Questions By Hoteliers?
What Is A Hotel Group Rate Intelligence Report?
Hotel group rate intelligence reports provide you with a recap of group pricing for a hotel and a competitive set for a specific piece of business.
The hotel rate intelligence report reviews the pricing of all the properties for the same piece of business and recaps the pricing quoted for room rates as well as rates for breakfast, lunch, dinner, etc.
What Is Hotel Competitive Group Rate Intelligence?
Hotel competitive group rate intelligence allows you to see how your hotel is positioned when customers are considering multiple options.
It compares your rates with your nearby competitors forming a group so as to provide you with a real competitive analysis.
Any concessions the competitive set offers are outlined so that you can quickly determine how other properties form their pricing and business strategy.
Conclusion:
Incorporating hotel rate intelligence data into your analytics is a useful technique that can leverage your entire business operations.
The insides in the real-time situation can give you a competitive advantage while providing a command over revenue generation.
The dynamic pricing strategy formed with the help of an automated price intelligence solution can help revenue managers to take a leap over their competitors.
These tools when integrated with other key business areas can benefit a lot from custom rate analytics.
Also, rate intelligence for hotels allows you to do real-time hotel rate monitoring, and keeping a track of one’s own performance will provide a chance to business owners to transform their ways.
