Our properties are leaders in terms of RevPAR in some of India’s main metropolitan areas. However, there was room for improvement in terms of ARR. One of the main challenges in achieving that was monitoring the market and quickly reacting to changes in demand and compset rates. That used to be hard for us because we relied on mostly manual processes. This was tedious for the team and despite their hard work, we couldn’t get the comprehensive market overview we needed for fast, data-driven pricing decisions.
When I first saw Rate Insight in action, I was immediately convinced to give it a try. I was impressed by the intuitive dashboard that reveals comprehensive market and competitor information in a few clicks. The platform is easy to use, and it takes over the most laborious parts of market analysis. That leaves us more time for the fun part of the job - using our data to stay ahead of the competition.
"I was impressed by the intuitive dashboard that reveals comprehensive market and competitor information in a few clicks."
Rate Insight allows us to look at our hotels’ positioning in a whole new way. Now, we can monitor how each property compares to its compset on several levels, both for the short and medium term. On top of basic room rates, we can assess factors such as length of stay restrictions, cancellation policies, room type supplements, and even rate parity. To top it off, we can explore primary and secondary compsets separately.
That opens up new opportunities for analysis which we didn’t have in the past. Consequently, we now have a much deeper understanding of how our offering measures up to the competition. This is particularly helpful during these times of low and volatile demand where every chance to generate revenue counts.
The data Rate Insight provides is relevant and accessible to our sales, marketing, and revenue teams. This has allowed us to break up silos between these departments and improve collaboration among them. As a result, everyone’s on the same page and we can work together more effectively on our commercial strategies and decisions.
Now, one look at the dashboard is enough for our teams to understand demand and competition at any date in the future. Together they can quickly analyse incoming requests and make suitable quotes based on current trends and the results we want to achieve. This agile process allows for the quick decisions needed to be successful in our dynamic markets.
"With Rate Insight we can monitor how each property compares to its compset on several levels, both for the short and medium term."
"Rate Insight allowed us to break up silos between the commercial departments and improve collaboration among them."
I highly recommend a business intelligence platform like Rate Insight for a hotel’s commercial teams. It’s user-friendly and provides the relevant, accurate data you need to make well-informed pricing decisions. That will help you drive more revenue and enhance your organisation’s overall results.