As we start to make our way into the low season, it’s often the time we start looking at our rates, supplies, and renovations we want to make. As we evaluate rates, many innkeepers will start using yield or revenue management to make sure they’re maximizing their rates appropriately.
But, if you prefer a more comprehensive view of rates and what your competitors are doing, you may be interested in Booking.com’s BookingSuite RateIntelligence tool. There are already plenty of benefits of listing your inventory on Booking.com but this new free feature (if you sign up prior to September 30) offers the ability to see five of your competitors’ rates and their median rates on a calendar display so you can better forecast rates or adjust yours accordingly. The calendar also shows a daily demand index from Booking.com’s market demand data. This tool allows you to plan about a year out, 360 days to be exact.
Photo Credit: Booking.com
The tool also lets you visualize your prices and competitors’ rates over time with the price evolution graph and includes the rate shopper grid to easily compare your rates with the competition. Competitors must be Booking.com customers.
The data RateIntelligence is showing is Cloud-based and rates for the next two weeks are updated hourly to provide reliable and up to date rates. You’ll also get daily email reports on rates and changes to make the right adjustments at the right time.
Rate Intelligence is free for users if you sign up before September 30!
If you’re ready to sign up, log into your Booking.com account and click on the “Property Info” tab next to the home icon. On the left-side menu, click on “BookingSuite Products.” Under the revenue management section, click the button that says “see products.” Here you’ll find the Rate Intelligence offer and click the “find out more” button to unlock the feature. You’ll just have to put in some information on the PMS you’re using and any channel manager information. You’ll receive a verification email when the process is complete.