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:
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.
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.
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.
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?
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.
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.