RevControl's Rate Buckets: your key to efficient revenue management
Whether you're a revenue manager or a hotel owner, the responsibility of driving revenue to its fullest potential rests on your shoulders. This involves not only optimizing room prices but also minimizing costs. Strategic choices are necessary, including forming partnerships with OTA’s (Online Travel Agencies).
The pivotal point with OTA’s is their indispensable role in your operation. OTA’s like Booking.com have built such a formidable brand that countless guests initiate and finalize their accommodation search on these platforms. Booking.com invests billions annually in marketing, an investment that independent hotels and small chains can't match. Furthermore, Booking.com offers a lowest price guarantee and the ability to meticulously compare accommodations. These benefits, coupled with Booking's extensive reach, ensure that your property captures the attention of guests you might otherwise not reach. Unfortunately, this comes with (high) commission costs that eat into your profits. Wouldn't it be incredible to exert some control over these commission costs and thus expand your profit margins?
This question preoccupied our current Sales Manager Robin Sleegers, when he began as an intern at RevControl in 2017. During that time, complaints about OTA contracts and pricing agreements were recurrent. After thorough research and close collaboration with our developers, he devised a unique feature: Rate Buckets.
RevControl's Rate Buckets allow you to automate the opening and closing of distribution channels based on your "Business on the Books" or anticipated occupancy rates. This feature empowers you to maintain control over your distribution costs and thereby optimize your revenue.
When setting up Rate Buckets, you can effortlessly define rate groups and establish rules for when they should be opened or closed. For instance, if "Business on the Books" reaches a certain level, a specific rate group can automatically close, and if it falls below, the rate group opens.
Through this automated approach, the Rate Buckets feature assists you in efficiently managing your distribution costs. By automatically opening and closing rate groups, you can ensure that your rates are disseminated through the most cost-effective channels, thereby minimizing your distribution expenses.
Manually tracking bookings from external channels and your own occupancy rates is time-consuming and prone to errors. This is why we are so proud of our unique Rate Buckets feature. As the only revenue management system offering you control over (high) commission costs from OTA’s and other channels, we enable you to not only maximize your revenue but also manage your costs.
In summary, RevControl's unique Rate Buckets feature is an indispensable tool for any revenue manager or hotel owner seeking to optimize their revenue. By automatically opening and closing rate groups based on "Business on the Books" or anticipated occupancy, you can retain control over your distribution costs, save time, and ensure your rates are always optimized for maximum revenue.
Upgrade your RevControl installation today and elevate your hotel's revenue management to the next level.
