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