Optimizing pricing and distribution strategies to maximize revenue has never been considered an easy task for hoteliers. In fact, over time it has become increasingly difficult to navigate all the complex factors at play.

Whether it’s competitor activity, event scheduling, airline behavior, guest trends, or other shifts in the market, opportunities are coming and going at an extremely fast pace. This means that hoteliers who are not set up to identify changes in supply and demand, or adapt strategies on the run, will never see potential revenue transformed into a real bottom-line result. However, with the travel industry continuing to grow it’s crucial to tackle these challenges.

The most successful hoteliers are those that are able to access accurate data, when they need it, and take strategic actions quickly. The cherry on top is being able to execute without an undue amount of effort, such as digging through data or manually updating multiple channel extranets.

SiteMinder delivers dynamic new capability

To ensure that hoteliers don’t miss out on valuable revenue opportunities, SiteMinder has released Dynamic Revenue Plus - giving users the ability to tap into real-time market data and make meaningful adjustments to both short and long term strategies.

The new offering delivers on the compelling need for hoteliers to understand what is happening in their local market, and be able to act on the information they gain.

It does so via:

• Dynamic pricing - Taking the guesswork out with powerful, data-driven pricing recommendations
• Real-time updates and actions - Providing alerts that monitor changes and opportunities in the market
• Local market intelligence - Delivering comprehensive performance data and insights

            “For the first time, SiteMinder will now provide sophisticated pricing recommendations,” explained Product Manager, James Cooper-Stanbury.

“Through a first of its kind partnership with IDeaS, a global leader in revenue management, we will provide real-time pricing recommendations underpinned by the hotel’s reservations, competitor movements and complex market dynamics.”

This will provide an optimized rate for each room type mapped to a hotel's best available rate or other rate plan of their choice for the next 365 days. This can either be reviewed and applied manually, or automatically applied the moment that new information is calculated.

            “This is then seamlessly distributed to all connected channels without requiring additional complex connectivity configurations, allowing hoteliers to act in just seconds, not days,” explained James.

A fully integrated revenue-driving solution

SiteMinder’s Dynamic Revenue Plus is not a single feature or product, but rather it’s a suite of revenue-driving capabilities that work across SiteMinder’s platform.

It has the power to deliver local market insights, send alerts, make pricing recommendations, create performance reports, display key metrics, and execute updates automatically. Fully functional via SiteMinder’s mobile app, Dynamic Revenue Plus can be utilized by hoteliers at any time, wherever they are.

            “It allows hoteliers to stay ahead of the game with clearer data and quicker decision-making,” said James. “We take care of the complexity, while the hotelier can simply focus on taking the best actions to maximize revenue for their business.”

It’s not simply about seeing an opportunity pop up and jumping on it either. The data accessible to hoteliers will leave them better equipped to make long term forecasts and build stronger marketing strategies - ultimately optimising the overall revenue management of the business.

Dynamic Revenue Plus can be added onto any existing SiteMinder plan and interested hoteliers are urged to request a call from SiteMinder’s team to begin their setup.