Before using Rate Insight, collecting and collating data was a tedious manual task. Sometimes our information was already outdated by the time we used it to make decisions. As we researched BI tools that could help us solve this problem, we found several that supplied a lot of relevant information but displayed it in a way that made it hard to process.
Rate Insight stood out from the very beginning thanks to both its accurate live data and how well it’s presented. The colour-coded dashboard makes it extremely easy to spot where we are ahead of or behind our compset and how demand for each property is developing. Even a quick glance is enough to understand which dates need attention and which action to take.
This ease of use has another benefit for us. Rate Insight requires hardly any staff training. It’s so straightforward that our revenue managers can get the most out of it from the moment they first log in.
"Rate Insight supplies reliable live compset and market information for the next 365 days at the click of a button, 24/7."
The hotels in our portfolio operate in a variety of different markets. Since we were looking for a single solution to roll out at all our properties, we needed a tool that worked in various kinds of competitive landscapes. Rate Insight has proven to be such a tool. It supplies live compset and market information for the next 365 days for our hotels at the click of a button, 24/7.
Our properties that operate in a highly dynamic environment benefit from having instant access to this live data. Now, they can check Rate Insight anytime to get a full and accurate picture of the market, their current positioning and how it may have shifted since the last check. Our hotels running in slower-moving markets take advantage of Rate Insight’s long-term outlook to shape their pricing strategy well in advance and catch new demand trends early on.
“Rate Insight stands out from other BI tools because of its accurate live data and how well it’s presented. ”
Rate Insight makes it very easy to monitor our competition. Instead of just seeing a single rate for a standard room, I can check prices for various room categories or length-of-stay restrictions 365 days into the future. This gives me an accurate picture of the market overall as well as how my individual competitors are doing. In just a few clicks, I can even change my main compset in Rate Insight to get extra information on other hotels nearby. As a result, it has become much easier for us to make pricing decisions that position our properties the way we want. These comprehensive compset insights have been especially valuable during the volatile months of the COVID-19 pandemic. We can’t fully rely on our revenue management system’s forecasts and rate suggestions right now since they’re based largely on historical data.
We get a much better picture of the market by checking what our competitors are doing via Rate Insight. We can even tell if they’re expecting demand to pick up on certain dates. This allows us to consider adjusting our rates accordingly to ensure we maintain our positioning and maximize bookings and revenue whenever possible.
“Combining the use of Rate Insight with our other sales and marketing efforts results in a 20-30% increase in room sales on average for our hotel partners. ”
Using Rate Insight gives us access to the information we need, at the moment we need it, in a clean and easy-to-read format. The way the information is presented is critical in terms of taking quick, effective action. Instead of spending hours collecting and arranging our data before we can make decisions, one look at the clearly laid out and colour-coded dashboard reveals the latest demand shifts and revenue opportunities.
Now that we can get and act on these insights so much faster, we’ve stopped leaving money on the table and seize every chance to drive revenue. Combined with our other sales and marketing efforts, this results in a 20-30% increase in room sales on average for our hotel partners.
“Rate Insight is so straightforward that our revenue managers can get the most out of it from the moment they first log in.”
On top of supporting our efforts to boost revenue, Rate Insight also helps us manage costs. In the past, we had one revenue manager looking after four hotels. We’ve been able to double that since Rate Insight saves us so much time on data collection and collation. Now, each revenue manager has a portfolio of eight properties and this department’s costs are down by 50%. For DOT Hotels, the investment in this tool has more than paid for itself.
Using Rate Insight has also played a part in making communication with our hotel’s owners more effective. Whenever they have questions about our most recent pricing or distribution decisions, we can pull up the Rate Insight dashboard and use it to back up our choices. Our partners appreciate the clearly presented, straightforward data because it makes it easier to understand the reasons behind our decisions.
“I’m very happy with the personalised support our team has received so far, and I know we can always count on OTA Insight’s team if something comes up.”
Since Rate Insight is so easy to use, we barely even need to contact our account manager. But when we do have a question, be it about the data or a specific function, we can reach out and know we will get friendly, effective assistance in no time at all. I’m very happy with the personalised support our team has received so far, and I know we can always count on OTA Insight if something comes up.
Revenue management is an absolute must if you want your property to reach its full revenue potential and be successful. A BI tool that shows live competitor information in a clear and easy-to-read format is a key to achieving this. For that, I recommend revenue professionals should stop shopping around and start using Rate Insight. I wouldn’t want to go back to working without it. Even in unpredictable markets, it gives the fastest, most straightforward access to the live competitor information needed for timely, data-driven pricing and distribution decisions.