GuestCentrix PMS has many features that can for example highlight the cost of guest acquisition, the cost of the housekeeping on the room, and also highlight room pick up and pace, to allow a hostel or hotel operator to easily plan their revenue strategy. Our Web Interface Manager can easily be set up to update bed & room rates based on occupancy – and rates can be increased by a % or a currency amount.
Leading hotels groups, hostels and hybid hotels using Web Interface Manager increase their RevPar by around $5k per week during busy periods but not all properties are using Revenue Management tools to their full potential.
The below blog reproduced courtesy from HostelTrends explains more…
Revenue management is finally catching on in the hostel space, and hostels who don’t use it, are practically leaving money on the table. We all know by now that you have have to change your prices frequently and share data to really get conclusive results and that you have price strategically to grow your demand, keeping a pace of bookings coming in through multiple means of distribution. But that is all looking outward and it (the market and the channels) is old news. It is time to move your strategy into something new.
You should be now looking inwards, and seeing what insights your internal data can tell you. To best illustrate this, we’ll talk about how the successful hotels organize and execute their data, I mean revenue management, to boost the most tRev.
The focus for proper revenue management is on the total guest spend or tRev, not just their price for their bed night. This includes their food and beverage (F&B) and other ancillary revenue such as travel sales and services. For hotels its the bar, restaurant, housekeeping, entertainment (spa, golf, media,etc) and yes, you will need a system that tracks that data per guest account to get the most out of RM. The best of hotels to look at in this regard would be resorts, think beach or ski, where there are tons of options for the guests to indulge. Click here for the full post on the HostelTrends site