Optimising rates ensures the maximum revenue and therefore profit for your properties. We have been using PriceLabs for a little while now, and have found its dynamic pricing to significantly increase revenue beyond static (standard rate) pricing. In the PriceLabs Setup section, we take you through the process of getting PriceLabs setup and optimised for your properties.
However, revenue management is about much more than just adjusting rates. Also important are any factors which could stop people booking with you, such as harsh cancellation policies, late check-in times or lack of facilities. Which of these factors might put people off will generally depend on the policies of your competitors, as this is who your potential guests will be comparing with. In the Competitor Analysis section, we help you to build a competitive set (“CompSet”), take you through a process to compare your policies, facilities and amenities against your CompSet to see where you might be losing bookings.
While PriceLabs is useful software, you can’t just set it up and leave it running. In the Rates Reviews section, we show you the process you can use to regularly check, tweak and optimise your rates in a minimal amount of time.