We will sit together and try to evaluate all the competitive hotels and understand historical experiences with pricing strategies the hotel had used and outcome. This will help us understand your completion in depth.
We will be going through all the pricing strategies your competition has been using and try to understand the nature of market we are competing in.
We will be going through all the distribution channels your competition is using and try to understand their distribution strategy.
Now that we will be well versed of our competition, we will be in a good position to make pricing strategy of our own and will be working closely with the hotel to draw out the final pricing strategy.
For this, we will require the hotel to give us their historical data of previous years through which we will be figuring out all the booking trends in the market.
Now according to trends and data, we will be segmenting the market of the hotel and will make a forecasting report of the same for our follow-up.
Now that we will have all the required data and strategy, we will be in a good position to make rate strategy sheet and this will be created every month. This is just a strategy sheet rates can differ to live situation of the hotel.
Now that the rates are ready its time that we should upload them on different channels. We will be handling all your channels using a channel manager. Now we need to understand why a channel manager is important for hotels. (LINK to a blog.)
Now we all know this is like a battleground where the situation changes in no time. Hence, we should be always ready to change our strategy and rates at any point in time. Don’t worry we will be always alert and ready to shoot new strategies in no time.