For those operating in the hotel industry, maximising the revenue is the primary goal, and achieving this goal requires the right pricing strategy. RateGain, a leader in providing travel technology and hospitality solutions, launched a solution called “Optima” in October 2016. It is a solution that offers comprehensive rate-intelligence to hotel operators by tracking more than 600+ OTAs, meta-search sites, mobile apps and brand sites, and manage more than 900,000+ rooms’ type data.
Optima has the ability to provide real-time competitor's rates to hotel operators at just one click. It strengthens the workings, thus helping the hotel operators to stay on top of market trends and position themselves considering all aspects that affect performances. Moreover, Optima also assists in enabling hotel rate shopping for multiple channels, which is beneficial for hotel operators to reach the right customer at the right time using the right price.
Optima hands with all the pricing points hotel operators need in order to take every decision, saving the hotel operators the pain of guesswork and time spent in mining various market insights. The availability of the competitor’s rate, which would get reflected in the calendar in less than 60 seconds, would serve as an essential input for the hotel operators while developing an effective pricing strategy.
Optima assists hotel operators in the following ways:
● A single view to tally hotels market position v/s competition across all the properties.
● Identify the minimum length of stay restrictions applied by any of the hotel's competitors across all channels.
● Help hotel operators to achieve accuracy and productivity by allowing them to refresh and receive real-time competitor rates in just 1 minute
● Provides a market compression indicator which highlights dates that can yield better results due to supply in the market going down and much more made available in an excel format as well for a consolidated view across properties.
● Track mobile-only promotional rates defined by the competitors
● Track intraday rate and rate plan changes by hotels in real-time using the recently launched MarketDRONE feature on a device of hotel operator’s choice.
● Advanced rule-based tracking of specific promotions, freebies the competition might be bundling with the room
● The software is now also available in German and Japanese with 24X7 local language support.
In a short time, Optima has marked itself as a market leader in developing pricing strategies in the hotel industry and provide valuable insights to hotel operators across all properties and channels.
Without real-time data, and hotel revenue management software, hotel operators won’t notice competitor rate changes, or by the time they do, it will be too late to respond in a way that maximizes their hotel’s revenue. Having real-time data allows the hotel operators to assess the level of live demand in the market so that they can react faster, and in a more accurate manner – whether it’s increasing their property rates or lowering the rates and putting promotions.