Ágnes Kovács-Muhel and the team at Panoráma Hotel Noszvaj have been using our automated room pricing service for over a month - she shared her experiences with us.
Setting the right prices is always a time-consuming task.
"We took over the hotel operation in 2019. After the opening, we worked with traditional pricing methods. We started implementing dynamic pricing with the help of an external service provider following the first shutdown due to COVID. Within a short period of time, it became evident how the dynamic adjustment of prices can impact revenue and the importance of a strong online presence in the realm of online bookings.
However, finding a compromise between maximizing revenue and maintaining a reasonable hotel operation is challenging. The use of a channel manager has simplified and expedited the pricing process. Nevertheless, achieving appropriate pricing still proves to be a time-consuming and labor-intensive task. Whether considering external experts or adequately trained in-house staff, it may not be feasible for a smaller establishment in terms of cost management."
More and more hotels are dynamically pricing, making it increasingly difficult to achieve good pricing.
"In my experience with self-managed pricing, I have found that conducting competitive analysis, monitoring, and analyzing changes in occupancy and revenue requires a significant amount of time. Gathering prices periodically from various booking systems, comparing them with those of competing hotels, considering our own occupancy, and calculating prices based on these factors, while also establishing a complex discount system, involves a multi-faceted task and introduces numerous possibilities for errors when analyzing multiple Excel spreadsheets together.
As more hotels similar to ours adopt dynamic pricing, we have also realized the need for more frequent price monitoring, which often exceeds the time available to us."
David and Tamas – the experts of RoomRaiser – don't just think in numbers; they help shape pricing based on various perspectives.
"I was informed about the possibility of RoomRaiser by our account manager from Previo (PMS). With their assistance, I had the opportunity to get to know Dávid and Tamás and the RoomRaiser system. From the very beginning, I felt that we connected well.
I really appreciated that both of them come from a hotel background, so they consider not only prices and numbers but also take into account the unique characteristics of our hotel and our operational considerations. They tailored the system specifically to our hotel based on these factors. Their suggestions were constructive in identifying our competitors."
Quick parameterization and seamless integration with our current hotel management system.
"The setup process was simple and fast: after an online meeting, we had to answer a short questionnaire, and Dávid and his team requested a few reports that could be extracted from our PMS. They then established the free connection between Previo and RoomRaiser, and through a free consultation, they helped us identify our real competitors and set up the parameters that determine pricing.
After that, we received the login details, and within a few days, we were able to fine-tune the pricing together.
We were able to use the system for free and without any obligations for one month, and only after that did the paid period begin."
The system is easy to use, and I can modify the rates to be adjusted with just a few clicks.
"I have been using the system for a month, and based on my experience, it is user-friendly. The information is presented in an easily manageable and transparent format within a spreadsheet. With just one click, I can generate a list of all suggested timeframes for rate modifications.
During the implementation process, we had continuous coordination. After providing a few hotel indicators and statistical data, I received a fully functional system almost instantly. Whenever I have questions or concerns during its usage, I receive prompt responses and solutions."
Increased revenue, less work - at a low cost!
"The usage fee for the system is significantly more favorable than previous offers. It offers excellent value for money, as for a few euros per room per month, I can reprice the hotel at any time with just a click of a button, even for the entire upcoming year. This can save me several hours of work every day, and dynamic pricing itself can result in 20-30% more revenue, which should not be left 'on the table.'"
Who is RoomRaiser recommended for?
"I recommend the RoomRaiser system for smaller and mid-sized hotels that do not have a dedicated Revenue Manager but sell through online travel agencies (OTAs) and primarily view these platforms as distribution channels. I also confidently recommend it to those new to revenue management and dynamic pricing and looking to familiarize themselves with these practices."
Summary - How does our service work:
Panoráma Hotel Noszvaj is a perfect example of how the RoomRaiser service can assist in achieving professional Revenue Management and dynamic pricing.
Different hotels have different needs, and we have developed our solutions accordingly so that everyone can choose what works best for them. These include:
1. Digital Service
Who do we recommend it to?
- Those who are familiar with the fundamentals of modern Revenue Management and may already be using dynamic pricing but have limited capacity to spend hours each day calculating the right prices.
What does the service entail?
- Through an online platform, RoomRaiser provides continuously recalculated price recommendations to the hotel based on internal data, competitor data, and other demand-influencing factors.
How does it work?
- After a brief online discussion, the hotel fills out a questionnaire. We connect their property management system (PMS) with the RoomRaiser system and, through a free consultation, set up competitors and pricing parameters. Then, the price service is ready to go!
2. Audit
Who do we recommend it to?
- Those who want to outsource pricing-related tasks and/or receive an external expert assessment and recommendations regarding their sales and Revenue Management activities.
What does the service entail?
- After discussions and data provision, the RoomRaiser experts compile a report within 1-2 weeks. This report summarizes the current state of sales, strengths, areas for improvement, and the hotel's potential, and provides specific suggestions.
3. Outsourced Revenue Management Service
Who do we recommend it to?
- Those who lack the professional knowledge and/or capacity to engage in modern Revenue Management activities at their hotel.
What does the service entail?
- Following our Audit service, the professional team at RoomRaiser, in line with the jointly developed strategy, completely takes over the Revenue Management and pricing activities of the hotel. They utilize their expert team and proprietary software to manage these aspects effectively.
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