To compete in the rapidly developing Southeast Asian market, developing a solid online revenue management strategy was necessary for Fusion Resorts. Using dynamic pricing to respond to demand and to maximise revenue potential is one of the most effective ways to achieve revenue targets in peak and off seasons.
To adapt to price changes in the market and understand competitors’ strategies, the team had to carefully monitor our six hotels’ competition by manually checking their websites as well as all leading OTAs several times a day. Although labour intensive and time-consuming, this painstaking process yielded limited amounts of information, making it harder to implement dynamic pricing and leading to a loss of opportunities.
The tools and methods we were using, got us limited data and usually only covered the near future. While that helped us manage the upcoming weeks, we were left in the dark when it came to dates three or even six months out. That put us at a disadvantage when deciding on long-term strategies.
Creating detailed reports for meetings, monitoring the market and making day-to-day decisions about rate changes was so time-consuming it left little time for other duties including developing new strategies, communicating with OTA partners, training staff and other tasks. Especially during busy times like budget season, this led to time constraints.
"Since setting up the new system, these tasks are completed an estimated 60 % faster. The team can now devote more time to training and other reservations-related jobs, which improves our response times to guest enquiries, one of our top priorities."
It was around the time I was faced with these challenges, that I heard about a new tool which would provide wide-ranging insights in real-time: OTA Insight. After having a look at the platform, I was convinced it could help our team better understand trends and developments in the online market. However, the idea was met with scepticism by individual hotels reluctant to adopt what they thought was yet another piece of complicated software.
This is why one property was selected for a trial run. Within the first few days of using Rate Insight by OTA Insight, everybody involved was impressed by the user-friendly interface, the easy-to-navigate dashboard and how quickly our team learned how to make the most of all available features.
Our team experimented with the intuitive interface, obtained comprehensive real-time data, compiled detailed reports and made important decisions in a fraction of the time previously required. Given these results, Rate Insight has now been implemented at all six Fusion properties.
I knew that once my colleagues started using the program at one resort, they would give the go-ahead for the remaining properties. It’s so easy-to-use and saves you hours of manual data collection and compilation.
Since using Rate Insight, our revenue and reservations team have drastically improved their efficiency. Tasks including verifying rate parity and fixing related issues, monitoring the competition, creating reports and, most importantly, updating online rates based on real-time data are now simpler and faster than ever.
For example, instead of spending two hours running multiple reports to compare competitors’ rates on various OTAs, it is now possible to continuously monitor the platform’s dashboard where all requested information is presented in an easy-to-analyse format.
Also, previously tedious parity checks can now be carried out quickly as OTA Insight boasts a unique feature that highlights the source of parity issues.
Since setting up the new system, these tasks are completed an estimated 60 % faster. The team can now devote more time to training and other reservations-related jobs, which improves our response times to guest enquiries, one of our top priorities.
The tool’s easy-to-use interface also makes it possible even for new and junior staff to use it without spending hours being trained. And thanks to the 24-hour live-chat available to all properties, questions and issues are resolved instantly.
OTA Insight provides comprehensive, real-time market data in a simple-to-use format. This means that the latest information from major online travel agencies as well as the competition can be checked without any delay, even during meetings.
The option to survey several online channels for varying lengths of stay, comparing to the competition set, verifying parity as well as customer reviews and ranking on the major OTAs, provides a detailed market snapshot on one single platform.
These features speed up the decision-making process and enable us to effectively use a dynamic pricing strategy. Now, we hold revenue meetings with the OTA Insight dashboard open where all necessary information is just a click away.
Over the past six months of using Rate Insight, our team has already drastically cut down on time spent manually collecting and analysing data. This streamlined process has strengthened our dynamic pricing strategy and our ability to change rates according to real-time market developments.
Using Rate Insight helps us stay one step ahead of our competitors by being dynamic in an extremely crowded market. By following this new process, we expect to see a measurable increase in our ADR and RevPAR in the coming months.
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