How To Save Time and Maximise Revenue With Rates
One of our most seasoned sales managers, Kay Gillespie, has a vast wealth of experience working with hotel property management systems. She provides an overview of how Hop can be used to create rate plans which help you save time and money running your hotel.
Below are Kay’s top tips for getting the most from Hop and ensuring you are using the property management system to maximise revenue and save time.
Set up A Base Rate
A useful tool for narrowing down your goals to ensure they’re viable is the SMART mnemonic. It’s important to get specific to understand exactly what you’re working towards and help you break down the process of hitting your targets. This is exactly what this mnemonic helps you to achieve.
Within Hop’s rates section you can set up any number of rate plans, but you can also have one base rate which all of the other rates are derived from. The benefit of this is that you only need to change one rate and the others are automatically updated too, saving you time and removing the need to update individual rates.
Use Bulk Updates
Bulk updates are also straightforward to make, whether this is for seasonal rates or individual ones. These can be done by room type or by rate plan.
Restrict & Limit Your Rates
With specific offers and cheap rates, you may wish to limit the number of rooms you sell. Hop gives you the option to set up restrictions for rates on certain dates and days of the week to limit the number that you sell. This means if you only want to sell 10 of your Valentine’s Day offers, the rate plan will not be available once this limit is reached. You can select a minimum and a maximum number of nights linked to a specific rate too.
Drive Direct Bookings
As every hotelier knows, direct bookings are gold dust. With Hop, there is the option to only show specific rates on your website and not through the online travel agents to help drive your guests to book direct.
Close Off Rates For Specific Dates
Rates can be closed to arrivals/departures for specific dates which is great. For example on Christmas Day or New Year’s day if your staffing levels are low there would be no need to prepare rooms for new guests.
Yield Management Is Your Friend
If you want to set up rules for rates this can be done in the Yield Management section. Basically it’s like putting your Channel Manager on autopilot. Rules can be applied to all rate plans or individual ones. The rules can be set up per occupancy, so say you’re sitting at 90%, simply add a rule that the rate should increase by a certain percentage or value and this is done automatically. Yield Management is a great tool for saving time if you’re constantly changing rates.
Get Guests Booking Early
There are also advanced booking rules in Yield Management to give your guests a better deal if booking so many days prior to their stay. For example, you can set up a threshold of between 40 – 80 days in advance and offer a 10% discount. This can also work for last-minute bookings with the option to increase/decrease the price either by a certain value or percentage.
With Hop, hoteliers have access to a wide range of tools which can help them save money and maximise revenue. If you would like to find out more about how our property management system can benefit your hotel, please get in touch to arrange a free demo.