Category: Revenue Management

If you’re running a hotel or Resort, availing the service of Booking Master’s Hotel Revenue Management Software is the best business decision you can make.

Revenue management basically involves forecasting demand, setting prices, and optimizing inventory to maximize revenue and profitability. Managing the Revenue effectively helps hotels and Resorts increase their occupancy, average daily rate (ADR), and revenue per available room (RevPAR). These are the key metrics that are used to measure their financial performance.

Benefits of Booking Master’s revenue management for hotels:

Features and Benefits of Booking Master’s Revenue Management System (RMS)

Demand Forecasting

Forecasting in the hotel industry involves predicting the future demand for rooms and other hotel services. This can help the Hotelier in making informed and well-calculated decisions in terms of price of service, staff management, and marketing strategies.

Reporting Tools

Booking Master’s RMS is equipped with top-notch Reporting Tools that provide valuable insights and assist in making financial or revenue-related decisions.

Boosts Revenue and Profitability

Booking Master’s RMS optimizes prices and inventory based on demand and competition. Thus, Hotels can maximize their revenue per available room (RevPAR) and overall revenue. RMS has the ability to automatically increase a hotel’s revenue.

Improved Occupancy

Booking Master’s Revenue Management System can help hotels improve their occupancy and average daily rate (ADR). This can be done by analyzing market trends, demand patterns, and competition. Based on the analysis hotels set prices and inventory levels that are in line with their guests’ willingness and ability to pay.

As a result, hotels attract more guests and increase their occupancy. This can lead to higher RevPAR, and this is the ultimate goal of Booking Master’s Revenue Management System.

Enhanced Guest Experience

Booking Master’s Revenue Management System can help hotels enhance their guest experience. Hotels can ensure that their guests are getting the best value for their money by optimizing prices and inventory using revenue management techniques.

For instance, if a hotel is experiencing low demand, it can reduce its prices and offer attractive packages to attract guests. On the other hand, if a hotel is experiencing high demand, it can raise the prices and offer exclusive packages to meet its high-end guests. By providing customized pricing and packages as per the guests’ needs and preferences, hotels can create a memorable and enjoyable experience for their guests.

Saves precious time

With Booking Master’s Revenue Management System, the Hotelier no longer has to manually input data and track performance metrics. She can focus on other aspects of running the hotel by focussing on Business Strategy. Booking Master’s RMS provides the Hotelier with accurate and up-to-date data that can help her in making informed decisions about pricing, promotions, and more.

Market Segmentation

Booking Master’s Revenue Management System helps in Market Segmentation. Through Market Segmentation Hoteliers group travelers based on their reason for travel and hotel preferences. Using Market Segmentation Hoteliers reach specific travelers better with personalized marketing materials, targeted pricing strategies, and customer-centric services.

Note: Parameters of Market Segmentation:

• Length of stay patterns
• Weekday vs weekend business
• Booking lead time
• Pricing sensitivity
• Cancellation percentages
• No-show ratios
• ADR and RevPAR per segment

Rate level utilization

Booking Master’s Revenue Management System maximizes profits by limiting low-ADR rate plans, capping discounts, or applying selected blackout dates to specific rate plans or booking channels. 

Final Thoughts

Booking Master’s Revenue Management System is an all-in-one, easy-to-use revenue management solution for all types of Hotels and Resorts that will empower Hoteliers to quickly reach new levels of profitability. It helps in capturing the most valuable business and making an immediate positive impact on revenue and profitability.

Booking Master’s Revenue Management System delivers scientific pricing decisions at the room type and rate code level to drive optimal revenue performance.

Improve your ability to make strategic decisions in the Hotel Business and increase profits with Booking Master’s Revenue Management System.

In the Hotel Industry, Hoteliers should consider demand analytics as it is a crucial tool that can be used to determine pricing. In this context, seasonality (high and low seasons) plays a key role.  In the high seasons, due to high occupancy rates hotel room prices are not affected by the size of demand. But in low seasons, hoteliers tend to give incentives, lower prices give upgrades and upsell to overcome the drop in demand. Hence, the demand for rooms shows more responsiveness in the down-season. Other factors like the availability of rooms and the hotelier’s profit goals play a key role in this balancing act of Demand and Revenue.

Hoteliers can maximize revenue during high season by resorting to Booking Master’s Revenue Management Strategies. It’s important to take advantage of high demand, And Booking Master’s Revenue Management System can help Hoteliers with this by changing room rates based on analytics like historical data analysis, market trends, booking patterns, offering extra services and amenities, cross-selling and up-selling strategies, etc.

Revenue Management technique is used to predict consumer behavior at the micro-level. This analysis can be used to optimize pricing and maximize revenue growth based on demand.

In a nutshell, Booking Master’s Revenue Management System helps the Hotelier to sell the right Hotel Service at the right price to the right customer at the right time. Here, the Hotel Service can be anything starting from Room to Restaurant. It can be spa services, car rental services, tour guides, camping or laundry services.

Booking Master’s Revenue Management System aids in optimum utilization of the available resources, such as perishable inventory of hotel rooms depending upon the season.

This helps in generating the maximum amount of revenue from the business. It allows the management to make an informed and data-driven decision.

Other than Season, the demand for hotel rooms depends on various factors, such as the income level, preferences, and travel behavior of potential customers.

The availability and attractiveness of alternative accommodation options, such as Airbnb, and hostels also influence Demand. So, the goal is to increase demand during periods of low demand. There are various ways of doing this. Example: By attracting price-sensitive customers, such as vacationing families, with a price discount. Another revenue management tactic is to charge customers a lower rate if they stay over a longer period that also covers low-demand days. There are tons are such tactics that can be carfted for your Hotel by Booking Master based on the various parameters.

Booking Master provides simple revenue management solutions to hotels so that Hoteliers can make informed decisions and grow profits.

Every Hotel has its own strengths and weaknesses. Booking Master helps in identifying these and crafting methods that are most relevant to your needs specifically by taking a tailored approach through Revenue Management Software.

Booking Master’s Revenue Management System helps in predicting accurate demand forecasts and helps in anticipating seasonal trends and adjusting your revenue management strategy. It helps you upsell and cross-sell services effectively.

strategic marketing. The system helps you in creating Flexible Rate Structures that can help boost occupancy during the low season. It helps you in creating the right package for your guests that would entice them to choose your hotel.

Hire the best team to boost your hotel’s occupancy and maximize your revenue based on demand-supply analysis and guest behavior. Choose Booking Master’s Revenue Management System.

 

Peak season is the best for the Hotelier as there is high demand and an influx of guests. During high season, it’s quite easy to achieve full hotel occupancy. However, the Hotel’s low season is a harsh reality of the global hospitality industry when the Hotelier has to struggle with attracting guests and reaching maximum hotel occupancy. Seasonality creates demand fluctuations that could be due to natural reasons, like temperature and climate. Also, other reasons, like holidays, economy and other factors play a role in this aspect. Unfortunately, low season has a negative impact on the Hotel’s revenue and turnover. Now, the question arises: How to increase demand outside high season

• Use Booking Master to forecast low hotel occupancy periods with high accuracy.
• This gives a crystal-clear picture of accounts receivable and payable during the low season. It enables the Hotelier to meet business objectives and do an overall planning.
• Target niche markets: Focus on Millennials, backpackers and generations Z and X who travel throughout the year.
• Make Wellness/Spiritual Travel a USP of your Hotel or Resort: Spiritual travel allows people to detach from the cacophony and get re-energized both mentally and physically.
• Make your hotel pet-friendly, particularly during the low season as it will definitely help you attract customers who are otherwise reluctant to leave their pet during their trip.
• Boost your occupancy rates in the low season with attractive family package deals.
• Offer your property for corporate meetings and events during the low season.
• Offer a coworking space for self-employed people and small businesses.
• Create space for renting your property for weddings and other private events during the low season.
• Focus on Geo-Targeted Marketing to increase conversions: For instance, if your hotel is situated in a coastal area, you could target potential customers from areas with high temperatures as they want to beat the summer heat.
• Introduce new activities and offer lucrative Packages for potential guests.
• Incentives like free drinks at the bar, welcome gifts, and huge discounts can attract customers in the low season.
• Reduce room rates to attract price-sensitive customers.
• Booking Master’s revenue management system can help you reach the right guests with the right offers during the low season.
• Create engaging events for specific audiences during the low season. For instance, if you’ve decided to target retirees for a mid-week travel, you can hold an event where a local author speaks about financial planning during retirement.
• Repeat guest promotions, event hosting, dine & and stay packages, value addition through special packages, concerts or dances, Spa packages & and retreats, complimentary airport shuttle etc. have the potential to attract guests.
• Promote the low season as a benefit for the Guest. Highlight low room tariffs, great incentives, less crowds as unique selling points within your promotion.
• Avail Booking Master’s Channel Management Service: The surest way to increase occupancy during the low season.
• Temporarily increase your metasearch budget during the low season as there is a dip in occupancy at this time.
• Increase your Google search engine ranking and optimize visibility by implementing effective SEO strategies, such as keyword usage and adherence to meta description guidelines.

In a nutshell, in order to stay ahead of competitors, you have to think outside the box during the low season. You need to consistently update and improve your Hotel’s Revenue Strategy and you can do that with Booking Master.

Every hotelier faces the challenge of how to increase revenue. Engagement in day-to-day operations could make it difficult to have a bird’s eye view. Income can be generated through room sales as well as through exploring some of the best options.

Consider Upselling Options

Generating income through room sales should not be the only focus. The Hotelier should also consider other ways to increase hotel revenue. For instance:

Spa/salon services

Restaurant

Seasonal offerings

Netflix/streaming packages

Room service

Upgrade Almost Anything

Train your staff on how to implement your upgrade program.

Creative ways for upselling your guests

Offer special services on holidays, like Independence Day, Valentine’s Day, Dura Puja, Christmas etc.

Create a discounted rate structure for longer stays.

Show Guests pictures of better rooms using a tablet or iPad. It gives a much more enticing glimpse of what’s on offer.

Membership Programs

Offer membership programs that offer benefits to guests for their frequent stays and upgrades.

Direct bookings with Booking Master’s Booking Engine

Direct bookings generate the most revenue since there are no agents/distribution partners that must be paid a commission when a guest books the room directly from the Hotel’s Website. Prioritize social media strategy when focusing on increasing direct bookings.

Destination Marketing Campaign

In this, local businesses collaborate with the Hotelier to promote the region as a whole. Result: The inbound tourism markets are targeted resulting in a drive-in demand and higher revenue.

Cross-promotion

Hoteliers can promote their brand at concerts, music or art festivals, and major events.

Run a Loyalty program

This could include rewards for staying frequently/Rewards for purchasing upgrades, and finally Rewards for referring your property to friends and family members.

Revenue management

Drop room rates during the off-season in order to encourage bookings and increase the rates during a full season.

Optimise OTAs

Provide high-quality photos, engaging descriptions, and up-to-date information about your hotel’s amenities and services on platforms of Online Travel Agencies (OTAs) such as Booking.com, Expedia, and Agoda to improve your ranking on OTA search results so that your hotel is more visible to potential guests.

Consider Re-marketing

Guests nowadays explore their options by doing thorough research by visiting a number of different websites. If potential guests have visited your site and have not finalized their booking access these customers again at different websites and nudge them with offers to visit your website again to book with you.

Co-Promote

Build partnerships with local restaurants, adventure companies, adventure sports companies, car service companies, etc.

Sales and Marketing

Drive sales with amazing visual advertisements, videos, unique selling points, virtual tours of your hotel, etc. Other methods: Connect with influencers, link with local businesses, focus on creating user-generated content and reviews, humanize your Hotel brand, incorporate discounts with eye-catching promotions, offer promotions around honeymoons or anniversaries [if your Hotel is located in a romantic place], offer promotions around relaxation experiences like spa and water sports [if your Hotel is located in a coastal region], offer promotions around adventure sports like paragliding and hiking [if your Hotel is located in the lap of mountains]

Partnership promotions

Partner with other businesses, for example, restaurants, cinemas, sporting adventure, and tour guides.

Hotel Sales Software

Use technologies like Booking Master’s channel manager, online booking engine, and Revenue Manager- the sure shot way to have supernormal profits.

Booking Master’s Accounting Software saves time and money by automating financial tasks, like recording transactions, tracking payments, and generating financial statements, advanced analytics, mobile support, payroll, asset tracking, budgeting, and project accounting. Using Hotel Accounting Software cash flows are tracked across departments and the hotel’s financial position is analyzed so that the balance sheets, profit and loss, and cash flows are all up-to-date. Accounting makes budgeting, forecasting, or cost planning much more effective by ensuring profitability and helps in making data-driven decisions based on Financial Reports. 

With the use of Booking Master’s Accounting Software, the whole accounting process is automated and there is no need to hire expensive Accountants. Booking Master’s Accounting Software will maximize your hotel’s revenues through a thorough review of the budget based on real-time information and will adjust profit forecasts accordingly.

Once the burden of executing all tasks related to accounting is reduced hotel owners can focus on more important things like operations and Business.

Why use Booking Master’s Accounting Software?

Saves Time, Labour, and Money

Manual data entry could be labor-intensive as the transaction volumes increase. Also, hiring expensive Accountants could expose your business to corruption. For checks and balances, one needs to hire more trained people which will eventually increase your expenses. And even after that, your finances are prone to corruption.

Zero Errors

Manual data entry increases the likelihood of errors, with potentially serious consequences for the Hotel business. Switching to Booking Master’s Accounting Software automates and accelerates your hotel’s accounting processes, from entering transactions to creating invoices, tracking payments, and generating reports.

Generates Revenue and Grows your Business

As the Hotel Business expands, the accounting need becomes quite complicated. Manual accounting processes can be cumbersome and they can have an impact on the business growth. The Hotel/Resort might struggle to complete vital financial tasks on time, such as invoicing customers, collecting cash, paying bills, and closing the books. Booking Master’s Accounting Software allows Hotels and Resorts to be more productive with fewer staff, helping them boost business growth while reducing labor costs.

Eliminates the problem of scattered and inaccessible Data

Storing financial data in Excel, spreadsheets or paper documents leads to huge confusion and makes it hard to share information across the company’s Departments. Copying data from one source to another is labour-intensive and leads to errors. Booking Master’s Accounting Software consolidates financial data into one system so that everyone has access to a single, accurate source of information.

Helps in making Data-Driven Decisions

It’s hard for managers to get an accurate overview of what’s happening across the business when financial information is scattered across multiple spreadsheets. As a result, it is not possible to create accurate budgets and forecasts. Centralization of Financial Information along with Live Real Time Reports and Analysis, using Booking Master’s Accounting Software help Hotels and Resorts in making better-informed decisions.

Helps meet growing compliance needs

With the expansion of the Hotel/Resort Business, it becomes quite burdensome to comply with regional tax mandates, accounting standards, and other regulations. Booking Master’s Accounting Software can help overcome these challenges.

Inventory Management

Inventory & and fixed assets are critical for accounting needs. Booking Master’s Accounting Software has the ability to register fixed assets and compute depreciation for them. Important aspects of accounting include – Costs incurred on fixed assets, up-to-date track record of those assets, calculation of fair value, and the dynamics of asset management, etc.

Booking Master’s Accounting Software provides all capabilities like tagging inventory items, verification, revaluation or costing etc.

As your Hotel’s Revenue Manager Booking Master’s primary job and responsibility would revolve around maximizing your revenue through pricing and inventory management that will maximize your hotel’s profitability and meet its strategic goals.

Basically, Booking Master’s Revenue Management System will help you in,

As your Hotel’s Revenue Manager Booking Master’s primary job and responsibility would revolve around maximizing your revenue through pricing and inventory management that will maximize your hotel’s profitability and meet its strategic goals.

 “Selling the right room, to the right client, at the right moment, for the right price, through the right distribution channel, with the best cost efficiency”.

Here is an outline of Booking Master’s core Job Responsibilities & Duties

Demand Forecasting and Analysis:

We analyze historical data, market trends, and other factors to forecast future demand patterns for hotel rooms and other services. This enables you to make informed decisions about pricing adjustments, promotional campaigns, and inventory management to optimize revenue potential.

Pricing and Rate Management:

Our role includes setting and managing room rates across different market segments, distribution channels, and seasons. Booking Master analyses market demand, competitor rates, and internal factors to determine optimal pricing strategies that maximize revenue and profitability while considering customer value and market positioning.

Revenue Strategy Development:

We are responsible for developing and implementing a comprehensive revenue strategy for the hotel. This involves analyzing market trends, competitor performance, and historical data to set pricing strategies, determine room inventory allocations, and identify opportunities for revenue optimization.

Revenue Reporting and Analysis:

We generate monthly reports and analyze key performance indicators (KPIs) such as average monthly rate (ADR), occupancy rate, revenue per available room (RevPAR), and market share. This helps us monitor performance, identify trends, evaluate the effectiveness of revenue strategies, and communicate results to senior management.

Inventory and Distribution Management:

We oversee the allocation and management of room inventory across various distribution channels and market segments. This includes monitoring room availability, implementing length-of-stay restrictions, managing overbooking levels, and optimizing channel mix to maximize revenue and minimize costs.

Competitive Analysis:

Monitoring and analyzing competitor pricing, market positioning, and performance are crucial to our role. By understanding the competitive landscape, Booking Master identifies market opportunities, adjusts pricing strategies, and differentiate the hotel’s offerings to gain a competitive advantage.

Technology Utilization:

Booking Master leverages revenue management systems (RMS) and other technology tools to gather and analyze data, make pricing recommendations, and automate revenue management processes. Staying up to date with industry advancements and utilizing technology effectively helps streamline operations and enhance revenue management efficiency.

Collaboration and Communication:

We collaborate with various departments within the hotel, such as sales, marketing, and operations, to align revenue strategies and optimize revenue streams. Effective communication and coordination are essential to ensure a unified approach to revenue management and drive overall business success.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“A good reputation for yourself and your company is an invaluable asset not reflected in the balance sheets.”
-Li Ka-Shing
Online Reputation Management or ORM, of your Hotel/Property, is the process of managing and maintaining the
public perception of a brand/business online. ORM can include responding to negative comments, gaining positive
reviews, and monitoring brand mentions of your Hotel/Property on various online websites.
A good reputation can help your business thrive, whereas a bad one can impact your business severely. Thus, it’s of
utmost importance that hotel owners have a mechanism in place to not only keep track of their online reputation
but develop strategies to optimize or maintain it.

What could be the impact of a poor online reputation of a Hotel/ Property?

Poor Sales Results
In today’s world, social media and online reviews can make or break a business. Negative reviews can hurt a
company’s reputation that will in turn reflect poorly on the hotel/property’s services and products.

This eventually impacts its revenue. Businesses with a
1 to 1.5-star rating on Google earned 33% less than the average business, according to a study by Womply
Research.
Breaks Customer Trust
A negative reputation can have a domino effect on businesses. It can start with one negative review, but if not
actioned timely, it can convert into many more negative reviews.

Word of mouth is a powerful social and marketing tool, and online reviews have the same potential — positive or
negative. A study by Bright Local found that 94% of consumers reported avoiding a business based on a negative
review. Moreover, 57% of consumers will only use a business if it has four or more-star ratings. And a single
additional star rating can increase revenue by 9%.

Loss of potential as well as existing customers
Negative online reputation not only changes the mind of potential customers from choosing a particular business
but it can also lead to the loss of existing customers.
It can make it difficult for hotel/property owners to attract new customers. Potential guests may be distrustful of
trying out the Hotel/Property because they fear it won’t meet their needs or expectations. This makes it harder to
attract new clients and increase sales.

Drive customers away
If a customer takes the time to write a negative review, they are clearly upset. If a Hotel/Property doesn’t respond
to this review, it could lose the customer for good and lose potential customers in the meantime. Nine out of 10
consumers use a review site before making a purchase at a business, according to review site Trustpilot’s study.

Poor employee retention and its impact on the business
One study found that the net impact of employee turnover and retention ultimately costs businesses as much as
$1 trillion dollars annually.
Poor employee retention affects an organization’s performance, productivity, culture, profitability, and customer
satisfaction in negative ways that could be detrimental to the success of business operations in the long run.

Lower Search Engine Ranking
Customers leaving bad reviews online is common, and a few bad reviews won’t have much effect on a company’s
search engine ranking. However, if there are several bad reviews and they are more prominent, it leaves a bad
impression on both potential customers and search engine results.

Google’s SEO guidelines want to place quality businesses at the top of search results, so multiple negative reviews
will drive down the rating.

Why can’t the Hotelier handle his/her own online Reputation?
And not everyone is tech-savvy which is why it is difficult to safeguard their online reputation. An expert in the field
takes a birds-eye view to manage the online reputation of your Hotel/Property.

What are the benefits of availing – Booking Master’s ORM Service?
Reputation Monitoring

“The customer’s perception is your reality.”

Booking Master’s ORM Service manages the reputation of your Hotel/Property by scrutinizing how your
Hotel/Property is being perceived and judged by the customers online. It does so by keeping track of review sites,
posting promotional content, engaging on social media, optimizing your site for Google search, and much more.

Online Reputation Repairing

Countless individuals and companies have suffered extreme damage in the seemingly uncontrollable online world
of the Internet.

Source: TripAdvisor

The quickest way to repair a damaged reputation is by working with a Reputation Management Specialist.
Booking Master’s ORM Service Software pushes back negative search results by increasing the number of positive
ones. It does so by-
 Claiming all the business profiles and responding to reviews,
 Utilizing solid SEO techniques and strategies,
 Identifying past mentions,
 Garnering positive reviews,
 Setting up alerts for future mentions,
 Creating targeted and branded content,
 Investing in paid search ads,
 Request deletion of negative information,
 Negative URL deletion requests,
 Strategically and aggressively removing negative elements and replacing them with positives,
 Creating top-notch content,
 Responding to all reviews and mentions,
 Sending out press releases and sharing content across your social media channels,
 Regular engagement to build goodwill with your target audience
 Positive Public Relations Management etc.
The more positive information we send out into the world about your business, the more chances you have to bury any negative information.

Booking Master’s ORM Service Software offers a customized solution for every client—no one-size-fits-all
approaches here.

Reputation Building
Booking Master’s ORM Service empowers you to engage with your existing, new, and potential customers.
The real-time analytic tools of Booking Master’s ORM Service Software aggregate customer feedback and helps
hotels in identifying issues and address them as the earliest. It improves processes and puts customer satisfaction
at the top of the agenda because the well-satisfied customer will bring repeat sale that counts. In a nutshell, helps
you earn their trust by building a strong online presence, and further influences their Hotel/Property booking
decisions.
Booking Master’s ORM Service Software uses the following to build your property’s reputation:
 An online review strategy.
 Utilizing influencers with great online reputation
 Actively pursuing a business reputation
 Audience Sentiment Analysis,
 Social Listening
 Build Comprehensive Credibility
 Being responsive around-the-clock
 Proactively shape consumer perceptions
 Utilizing Media Technology etc.

Competitive Analysis
Competitive Analysis is the process of identifying competitors in your industry and researching their different
business strategies. Booking Master’s ORM Service helps you in gaining insight into their strengths, weaknesses,
differentiators, products, geography, culture, and customer reviews and marketing strategies. With competitive
analysis, you can discover where your business is doing well, where you need to improve, and which trends you
need to get ahead of. Booking Master aids helps you in doing so by:
 Analysing your competitor’s Traffic,
 Revealing rival’s organic and paid performance,
 Monitoring the website and performance of multiple competitors all at once and for actionable insights.
 Analysing competitors’ marketing mix strategies.
 Benchmarking your search ads and display creatives vs. your competitors to build successful campaigns.
 Performing a SWOT analysis.
 Guest satisfaction surveys.

Closing Remarks
The most successful companies are those that take an active say in how people think and feel about the brand. But
creating, curating, and maintaining a positive reputation for a property is no easy task and customer loyalty to a
company or brand relies more on familiarity than organic “trust.” That’s where Booking Master’s ORM Service can
prove valuable. It’s in your best interest to curate a positive reputation and make it the best it can be.