Introducing SmartPricing by Amenitiz
25 Oct, 2022
We at Amenitiz are proud to present your newest essential tool. With SmartPricing by Amenitiz, knowing the optimum price at which to sell your rooms is about to get easier.
Meet every hotelier’s new tech partner. Its aim is to take a load off you when it comes to the complex business of developing a pricing strategy.
SmartPricing will do most of the heavy lifting for you.
By proposing the best prices for each of your rooms, according to your past demand and future trends.
This brand-new tool lives within the all-in-one solution platform developed by Amenitiz. By listening carefully to our clients’ needs we developed a formula that works like a skilled advisor to you. It updates itself daily, is accessible and user-friendly and it puts you squarely back in the driving seat when it comes to pricing your rooms.
Try it out for yourself by booking a free demo.
What is Revenue Management?
The practice of Revenue Management was first used on a large scale by American Airlines CEO Robert Crandall in the 1970s. Stories of Crandall’s thriftiness are the stuff of industry legend at this point. He once bragged he saved his company $40,000 dollars one year by removing an olive from the standard on-board salad.
It was, however, his solution to his ‘perishable inventory problems’ that really made waves. That should have gained him a plaque in the proverbial hospitality hall of fame.
On its most basic level, the aim of any kind of revenue management strategy is to not let anything go to waste. An empty seat on an airborne plane was to Crandall what a spoiled bag of carrots would be to a green-grocer. In other words, wasted product equals losing opportunities to make a profit.
Crandall’s revolution was to play with prices and marketing strategies based on past data and future trends. The end result was like our friend the green-grocer reducing the price of carrots by half on their last sellable day, but with aeroplane tickets. It meant the monetisation of what for years had been written off as a straight-up loss. What’s more – it’s now standard practice across multiple industries.
Hotel Revenue Management first took off after a meeting between Crandall and Bill Marriott, then the executive Chairman of the Marriott International hotel group. Crandall shared his solution to the perishable inventory problem and Marriott adopted the same method. It makes perfect sense when you think about it.
An empty seat on an aeroplane that’s taken off and a vacant room in a hotel on a night that’s almost past might seem like very different things. They look identical on an accountant’s ledger.
Why are we introducing SmartPricing by Amenitiz?
Setting the prices for your hotel’s rooms following revenue management strategies and best practices can be a complicated task. It invariably requires an expert who regularly inputs data onto a spreadsheet and works with some elaborate formulas to calculate the best pricing options.
Although SmartPricing has a complex algorithm doing the maths in the background, it’s user-friendly layout allows you to see, at a glance, when you should raise or lower your prices to increase your revenues.
How to use SmartPricing
You’ll be amazed at how simple it is. Have a quick look at this video to see how it works.
One of its most amazing features is that it enables full autonomy to hoteliers, who have absolute control over whether to accept the suggested price or not.
Sometimes the tool will advise raising the price and other times it will suggest a reduction. For example, on past dates when you didn’t have reservations, the tool will calculate a lower price at which the room would still be profitable and more likely to be reserved. This way you can increase your occupancy rate and benefit. A room left unoccupied is money lost forever. Same as an empty seat on a plane.
Benefits of SmartPricing
A quick recap:
Own your pricing strategy. Choose the price that best suits you. SmartPricing is not an autopilot mode, it is a tool that will suggest a price, leaving the final decision in your hands.
Easy to use. So easy I will leave it at that.
Two ways to select the tool’s optimised price, either manually, one by one. Or bulk selecting and adapting all your prices in a single click.
You can book a free demo to try out this game-changing function that will help you boost your profit while staying in control.
SmartPricing will take a variety of factors into consideration in order to calculate the best prices at which to sell each of your rooms in order to maximise your gains. It is a tailor-made pricing calculator you can trust.
Say goodbye to spending sleepless nights in front of spreadsheets or paying good money to external consultants, and allow SmartPricing to help you make the most of your rooms while saving time and money in the process.
Stay ahead of your game. Choose the right prices. Choose SmartPricing.
25 Oct, 2022
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