With just two weeks to go until Booking shuts down RateIntelligence forever, hoteliers are in need of a reliable alternative.
NB: This is an article from HQ revenue
What was RateIntelligence, and how did hoteliers benefit from it? We will compare the free rate manager to a paid solution and focus on the key differentiators. Hotel managers can gauge the benefits as they consider how to move forward after the BookingSuite product shuts down in November 2020.
Despite Booking discontinuing RateIntelligence, there is a fair amount of discussion on its message boards about it. The consensus is that the tool was fine for making last-minute pricing changes but less helpful in assisting forward-looking strategies.
Every hotelier who still relies on RateIntelligence for competitor insights will want to consider this special six-week extended trial offer from HQ revenue:
Test our reliable market monitoring solution until 31 December 2020 for free to know where you stand among your competition. Sign up for your personalized demo.
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Hoteliers used the tool to compare competitor rates on Booking to their own over the next 365 days. This information helped them price inventory on the online travel agency (OTA). Access to the data was free, and the benefit was simple. It meant hoteliers could cut down on manual research and get a basic overview of their competition.
Turn a limitation into an opportunity
Hoteliers using RateIntelligence could determine only their Booking.com channel distribution, which created a bit of a problem.
Limited to Single-Channel Information
This information gap was akin to tunnel vision, a tendency to focus on a single objective. Such a strategic misstep for independent hotels in competitive locations could leave money on the table. They would not know if parity on other channels was an issue.
Let’s imagine a three-star hotel with 25-45 rooms facing at least six immediate competitors. Given the challenging times, it looks to maximize room profitability. Room rates have to be consistent across all channels, including OTAs, meta sites, and—if connected—GDS (Global Distribution System).
Level Up with A True Market Overview
A paid rate shopper upgrade like Market Intelligence is recommendable. Hoteliers using this substitute means they can find potential pricing anomalies on up to 22 available channels. Twenty-two!
They can access the analytics tool from any web browser and obtain a market overview that would help them make the right pricing decisions when it matters most. Monitoring and improving their position in a competitive landscape is possible, given high-quality information on the market, competition, and operations.
Comparing both rate shoppers
Let’s get down to the heart of the matter and list the key differences between both solutions.
Logged into RateIntelligence, hoteliers would choose Booking.com customers as competitors (max. 10) and match room types for each one-by-one. They could change the comp-set twice a month.
With Market Intelligence, hotel managers can select up to six competitors at a time and adjust the competitor set as often as needed to suit different strategies. Also, matching multiple room types is possible with unique naming and drag-and-drop.
RateIntelligence showed the median price of a comp set and only the lowest available rate (LAR).
With Market Intelligence, there is an exact comparison to each competitor’s rate and the median. It’s possible to see LAR or focus on either BAR (Best Available Rate) or APR (Advanced Purchase Rate).
From a drop-down menu, it was possible to filter by one individual room type at a time.
By upgrading you can filter shopped rates instantly by:
- Room types – in any possible combination
- Length of Stay – rates shopped via dynamic LOS
- Room occupancy up to six guests
- Weekend or weekday filter presets
- Customer loyalty programs from Booking or Expedia
- Meal plans included
Working with operational data
Lacking integration with a hotel’s Property Management System (PMS) prevented RateIntelligence from showing hoteliers up-to-date occupancy numbers to gauge whether pricing changes made sense.
Market Intelligence puts occupancy data front and center. When upcoming arrival dates show low or high occupancy, having operational data will inform the pricing strategy that hoteliers set for themselves. Even more so next to accurate competitor rates on multiple online channels. The tool also integrates with over 50 PMS providers.
What is next for hoteliers?
Hoteliers that relied on RateIntelligence will want to consider upgrading to HQ revenue Market Intelligence to add significant features and an accurate market overview to support their daily hotel business. Want to stay competitive across the web and make pricing decisions with confidence?
Registering for your free demo will set you on a path of being a step ahead of your competition. Keep access to reliable and up-to-date information—don’t let Booking shut you out of valuable hotel market insights.
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The post Hotels Are You Ready? Only 2 Weeks Until Booking Shuts RateIntelligence appeared first on Revenue Hub.