Getting into hotel rate shopping and market monitoring? It's an investment you won't regret making.
Keep in mind the following key ideas when searching for a good rate shopper tool for your hotel or hostel.
Table of contents:
1. Integrate with your PMS provider
How important is data? It's the key aspect to consider, so you will want to bring your hotel data to the forefront.
Consider a rate shopping tool that integrates with your PMS (Property Management System) to ensure a seamless data transfer.
If you're looking to perform an accurate market analysis, you need to have a comprehensive view of your market, including your very own data.
Keeping your data at the forefront will mean upgrading from a superficial view to a complete picture of what your competitors are doing (like how they're pricing rooms).
Comparing the tool's market data to your property's occupancy and rates will give you enough in-depth knowledge to make smart decisions when it comes to dynamic pricing, for example.
2. Getting accurate data is everything
First, make sure your rate shopper tool pulls data from a high number of sources.
The more data it draws in, the higher the overall accuracy. And accuracy is crucial when planning a successful revenue strategy.
What is accurate data?
HQ revenue gathers real-time data from more than 20 OTAs, Brand.com, Metasearch, and GDS. After all, what's the point of having a rate-shopper if it can't provide you with sufficient data?
Finally, if you have been working without real-time data until now, it's time for a much-needed change. Having reliable data always updated in real-time will save you the stress of running after ever-changing rates across tools and platforms.
3. Can price recommendations save the day?
Price recommendations are a very sought-after add-on, but are they always a guarantee for pricing best practices?
Some hoteliers prefer this feature to save time, while others prefer to rely on data alone; it's up to you to decide what works best.
Keep in mind that in a dynamic market like hospitality, strategy and timing are everything. If you decide to choose a tool that offers price recommendations, review the following with a keen eye:
What kind of data, time frame, and criteria does the tool's suggestion take into account?
4. Go for unique in a rate shopper's feature set
Call it your ace in the hole, competitive edge, or superpower; what matters is finding a rate shopper software with a unique feature that will put you ahead of your competition.
Something that other solutions are lacking and will make a difference to your strategy.
In this regard, HQ revenue Market Intelligence is the advanced market monitoring solution that boasts a handy feature on mapping room types.
What is room type mapping?
Room type mapping lets you categorize room types with different names, making it easier to compare them to your competitors.
It's a little feature, but one that remains popular among revenue managers.
