I implemented Rate Insight and Market Insight soon after I took over the position of revenue manager at Four Views Hotels. Before that, I set our rates based mainly on historical data and information I gathered during manual competitor research. This approach was time-consuming and complicated. It also meant I often had to make pricing decisions without having a full overview of demand shifts and how my competitors were reacting. This made it harder to spot emerging revenue opportunities and make the most of new market developments.
Rate Insight and Market Insight were the solutions we needed. As soon as the tools were up and running, we were able to access relevant market and competitor data in real time. The platform reveals our compset’s rates, how we compare, and how demand is shaping up in the market in just a few clicks. Instead of basing pricing decisions on an incomplete or outdated snapshot, we can now leverage broad sets of live data. That allows us to make well-informed decisions faster which is crucial in today’s highly volatile markets.
"Instead of basing pricing decisions on an incomplete or outdated snapshot, Rate and Market Insight allow us to leverage broad sets of live data."
Rate Insight’s live price positioning tool allows us to always know exactly where we stand. A single click is enough to refresh it and see how we’re positioned in relation to our competitors in real time.
This has been especially helpful in the aftermath of the pandemic. Today, our market is much more volatile than before, and we have to react quickly to maintain our ideal positioning. Being able to see how we compare to the compset at all times shows us immediately when we need to adjust our rates to stay competitive. This helps us maintain our optimal positioning and ensures we don’t outprice ourselves or leave money on the table.
"With the help of real-time forward-looking data, we can quickly adapt to new market situations, seize new revenue opportunities or see where we’re currently missing out."
Apart from me, the GM also checks OTA Insight’s BI tools regularly because the platform provides a comprehensive performance overview. This makes it easy for him to see how each property is doing and how our results compare to the compset or the market overall.
I’ve also invited our Marketing Manager to use Market Insight because I think he can benefit from the forward-looking demand data. He’s interested in learning more and I’m confident we can leverage the platform to better coordinate our efforts and work more closely together in the future.
"Being able to see how we compare to the compset at all times shows us immediately when we need to adjust our rates to stay competitive."
Taking advantage of new hotel technology is more important than ever today. When we recently implemented Rate Insight and Market Insight, we immediately began reaping the rewards in terms of increased ADR, overall revenue and saved time. In that way, the solution pays for itself.
That’s why I think that everyone should give such tools a try. It’s worth it to put in the time and compare the many offers in the market, read reviews and do some trials. In my experience, once you start using Rate and Market Insight, you won’t be able to imagine going back to life without them.