How To Use Dynamic Pricing To Improve Your Hotel’s Revenue

 

Hoteliers have just started to realize the importance of revenue management in their operations. Hotel owners have until now resisted the fact that revenue management can increase occupancy and is crucial for business development. But recent advancements in software and cloud computing have made revenue management a part of an extensive labyrinth that forms the core of operations in modern hospitality businesses.

I am referring to Property Management System (PMS), which include revenue management features that enable the hotel to organize their finances and automate accounting and administrative tasks. This is changing the way operations are managed in the hospitality industry. Owners are now more involved in their hotels and have started taking on active roles in administration duties.


Importance Of Revenue Management Solutions

Dynamic Pricing

Booking trends of travellers vary according to several factors including the economy, region, season and so on. This is why dynamic pricing is essential for setting the optimum rate for the room after every check-out. Having the Pricepoint RMS solution not only helps determine the best rate to sell the room but also enables the hotel administration to plan ahead by optimizing their workforce according to the demand and avoiding over-staffing.   

Attracting the ideal guest

Property Management Systems allow hotels to list their business on several OTA platforms. This makes their listing visible to potential guests who are looking for hotels in a specific area or within a certain budget. This helps the hotel attract guests who are more likely to be satisfied with their stay and maybe return to the establishment in the future. Pricepoint’s Revenue Management Systems play a crucial part in determining the buying traits of guests, which can be used to streamline the service to suit their preferences. This also increases customer satisfaction and improves customer relations.

Improves branding

Proper utilization of the potential of revenue management can influence the hotel’s bottom line. Better pricing improves revenue and PMS plays a part in improving the customer experience, which improves the hotel’s overall brand image and better relations with guests can build a strong customer base.





Location: 4530 Av. de Melrose, Montréal, QC H4A 2S9, Canada

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