Hotel Revenue Management Systems 101 with ZEN
November 11, 2021
Article by Ayna Gonzales
Automatically adapt your hotel room rates to real-time changes in demand, inventory, and market trends.
Coming up with the most attractive hotel room rates used to be an expensive, time-consuming, and tedious job. Pricing experts and data analysts had to review mountains of data just to arrive at a specific number before a small (but significant) change in market trends had them scrambling to start over again with new rates.
Well, that was before. Times have changed and so have industry standards. No more manually inputting data into spreadsheets or logbooks. It’s all about Revenue Management Systems now.
So, what IS a Revenue Management System?
A Revenue Management System (RMS) is a software that collates data from historical records, current demand and supply, market trends, customer behavior, and competitors and comes up with the most attractive hotel room rates for every customer, in every booking channel. It also adjusts prices in accordance with real-time changes in the market to always stay profitable.
Think of a Revenue Management System as your traditional pricing experts and financial analysts rolled into a responsive and proactive, AI-operated software that customizes hotel room prices for every potential guest whenever and from wherever they book.
It’s a fully automated system that simultaneously gathers, interprets, and applies information to your pricing matrix and provides relevant reports and feedback about customer response and room rate performance.
Schedule your FREE Demo today.
Let’s talk about ZEN RMS and what it can do for your hotel
ZEN RMS (Revenue Management Software) has all the typical features of an RMS plus extra highlights that provide you with more sophisticated pricing methods and channel integrations to help you increase your hotel occupancy and maximize your revenue.
1. Dynamic Pricing
Dynamic Pricing or Auto Pricing is the product of 6 years’ worth of research and analysis of ZEN Hospitality Solution’s in-house pricing experts. It’s a feature that combines an AI-operated algorithm with a specific set of parameters you can customize to create the perfect prices for your customers in every booking channel.
It’s designed to adjust prices with real-time fluctuations in market trends and customer demands and calculates the best possible room rates to maximize revenue per room.
Read more about Dynamic Pricing here: Automated Dynamic Pricing: ZEN eManager’s Feature That Helps You Increase Revenue With Minimum Efforts
2. Performance Dashboard
Get a bird’s eye view of how your rooms are performing and how much revenue you’re earning. Our performance dashboard is an easy-to-understand report that gives you relevant information to spot trends, opportunities, and weak points in your pricing strategy so you can make the best decisions regarding sales, operations, and marketing.
Keep track of your daily performance and respond to crucial changes in the market with timely promotions and offers that can help you sell more rooms in an efficient and effective manner.
3. Integrate with the most popular OTAs
Booking through Online Travel Agencies (OTAs) is the norm now. And comparing prices of the same room across different OTAs has become the standard for smart consumers. Our ZEN RMS seamlessly integrates with the top OTAs no matter which channel your potential guest is booking through so your rooms will always reflect the most attractive prices.
There’s no need for you to manually change and monitor each one –ZEN RMS does it for you.
If you’re interested in increasing your occupancy by at least 30% AND maximizing your daily revenue, it’s time for you to check out ZEN RMS.
Learn more about ZEN RMS and schedule a FREE demo of the software with one of our pricing experts.
Frequently Asked Questions:
Q: What is a hotel revenue management system?
A: A hotel revenue management system is a software that integrates data from the hotel market, competitors, historical records, and current demand to create the best possible hotel room rates for every guest, room type, and booking channel.
Q: Do hotels use revenue management?
A: Most, if not all, big hotel chains currently use their own revenue management systems. However, small- and medium-sized hotels can also benefit from having an RMS to help them increase average room occupancy and maximize their revenue per room.
Q: How important is a revenue management system for a hotel?
A: An RMS is hugely beneficial to hotels because it automatically gathers, analyzes, and applies pricing data to your listings without the need for daily human management. It can adjust prices and respond faster to real-time changes in the market so your rates will always be competitive and timely.
Schedule your FREE demo today.
Article by Ayna Gonzales