If you have ever dealt with revenue management before, you sure know what a challenging job this could be. Several online travel agents (OTAs), a significant number of direct bookings from your own website and a busy call center to handle telephone and email reservations. If you often accommodate groups and you operate in an area with a lot of events and severe competition, this only adds stress to your everyday life. There are periods of high and low demand, sudden occupancy drops caused by group cancellation and many other factors that require you to be alert and flexible, always ready with a new deal; to constantly monitor your availability, to watch your competitors and adjust your rates.
Occupancy adaptable rates
For busy revenue managers like you, Clock PMS has introduced the occupancy adaptable rates. You will again use your expertise but only to reflect the sales patterns you already know in your advanced rate settings. Once you create the rates in the advanced rate management module, the system will automatically track your occupancy and adjust your rates in the property management system and from there - everywhere they are published and used: your sales office, your website, the online channels you are connected to.
Here is how precisely this feature helps you manage your rates and optimise your revenue:
- Monitor the occupancy level. Your inventory is sold over different sales channels but Clock PMS synchronises all of them so that you have a clear picture of your availability at any moment. When you accommodate events and groups, Clock PMS lets you create room blocks. These are visible in your occupancy forecast and you have the handy block pick up report to monitor and handle them. All this means that whenever a room or a whole block is sold or cancelled, the inventory is updated and the property management system knows exactly how many rooms you have for each date.
- Sell each room at the best possible price. In the old days, you as a revenue manager, had to constantly monitor the availability date by date, predict all periods with high or low demand and react immediately whenever there is a significant change in your occupancy like it happens with groups. Now, with Clock PMS you still need your knowledge and experience to set the correct ratios , but you "tell" the hotel management system how to do the job for you in the future.You just set your occupancy adaptable rates once and let the software do the rest by keeping the rate levels adequate to the current occupancy at any single moment and after every change in the situation.
- Set special rates for days with traditionally specific demand. Of course, there are days in the year when you know far in advance that there will be higher or lower demand. You can create special dates in your rate plan and keep your pricing independent from your occupancy for those particular days.
- Update your rates across all your sales channels in real time. Here comes the great advantage. Once you set your occupancy adaptable rates, the system starts monitoring your occupancy and adjusting your rates based on its levels across all sales channels you use.
- Use derived rates for the setup. If you decide to use another advanced functionality of Clock PMS - the derived rates - then you will only have to update one basic rate every time you need to change your pricing policy. All rates derived from that basic one will automatically be updated, too. This saves you tons of time and efforts and makes the revenue management process much faster and straightforward. With this process optimisation, you can update your rates more frequently, be more competitive on every sales channel and still save more time for other important tasks you have to deal with.
Read also the detailed explanation on how to proceed with the occupancy adaptable rates.