The Magic of Setting Prices Right – and Why it Affects You
There is something special about staying at smaller hotels and B&B’s. It is the feeling of being taken care of. It is the welcoming atmosphere and the individual experience that is offered to you. It is the wonderful service you encounter; you just know that everyone is ready to help you out, trying to make your stay as pleasant as possible. Everything is more personal, people are more authentic and honest, and you can feel it when a manager or an owner runs their hotel with love and passion. We at RoomPriceGenie love boutique hotels and B&B`s.
Yet, running a smaller hotel is more challenging than ever. Times are changing and compared to a few years ago, business has changed significantly. Distribution nowadays increasingly happens through Online Travel Agencies such as booking.com and Expedia.
Technology allows hotels to make better decisions about the right marketing channels and the right pricing strategies. We see big hotel chains making use of a lot of new, expensive technologies to increase their revenue. In the meantime, private apartment owners rent out their rooms over AirBnB, an offer which becomes increasingly popular amongst young guests. These are just a few of the challenges that small hotel owners must face.
When it comes to technology, one of the areas where larger hotels had an advantage was pricing. They can afford both a full-time revenue manager and to make the investment in expensive software, giving them a major competitive advantage. But today, small hotel owners can make use of this technology as well. We at RoomPriceGenie offer a solution that helps you set the perfect price for your rooms – it is dynamic, easy and quick.
“Changing prices on a regular basis, is this really necessary?” – that’s what you might wonder. And the answer is yes. Not only the big hotels do it, car rental companies and airlines do it as well. Dynamic pricing is the future.
By managing prices, you manage your demand. And demand is vital for your business. Every room not sold is profit you are missing out on. A steady high occupancy is what keeps the business running. And setting the right price at the right time is one of the main tools that helps you be successful. You could expect this small change to increase your income by 10-15%; imagine what a difference this would make to you.
We at RoomPriceGenie offer an easy to use and affordable software solution for boutique hotels and B&B’s that will help you get on top of the game when it comes to pricing. Backed up by a complex algorithm, our software makes sure that you stay ahead of your local competition while optimizing your average room rates.
Our software combines several internal and external data sources and calculates the perfect prices on a daily basis, and can integrate with your property management system. It is our goal to help small hotel businesses to remain successful. We at RoomPriceGenie believe that these small businesses are special and a vital part in a memorable travel experience.
If you are ready to learn more about how to get your hotel ready for the future, visit www.roompricegenie.com and sign up. We are happy to offer you a copy of our book “49 Tips to Supercharge your Revenue” for free. In case you have any other questions, we would be very happy to help you out!