Rate Shopping

Check the public rates of your competition, at least once a week. What are their revenue management strategies? What is the probability that they will decrease or increase their rates on a specific period? Make sure you know what rates your competition is selling at…
Also, check periodically pricing by LOS i.e. 2 nights stay by arrival day, 3 nights stay by arrival day etc.
hotel-rate-shopping-rmb

hotel_rate_shopping_2

Identify opportunities when you can follow up the market as shown in the above example!

 

You may decide to subscribe to a Rate Shopping Tool (below an example from RateTiger Shopper).

 

ratetiger shopper-a

For more information on how to implement yield strategies in your hotel click here: hotel revenue management consulting.

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About the Author: Patrick Landman

As CEO and Founder of XOTELS, Patrick Landman has made it his mission to turn hotels and resorts into local market leaders. XOTELS´ diverse expertise and deep-knowledge across revenue management consulting, hotel management, and hotel consulting, enables us to drive results for independent boutique hotels, luxury resorts, and innovative lodging concepts. Below you will find opinion articles written by Patrick Landman.