STAAH Blog
  • Home
  • MANAGEMENT
    • What is the optimal distribution mix in…

      How to target Corporate Clients to your…

      GDS – is it relevant for you…

      Hotel budgets: things to keep in mind…

      Hotel revenue management: trends in a post…

  • Marketing
    • 7Ps of Hotel Marketing

      7 Awesome Video Marketing Ideas For Hotels

      Content Marketing Tools for Hoteliers To Try

      Top voucher mistakes hoteliers make and how…

      Hotel marketing | 11 Tips to Kickstart…

  • Tips & Trends
    • STAAH ReviewMinder Playbook

      Unlock the Power of Guest Feedback with…

      How to create a unique Airbnb listing…

      Why do Hoteliers Need An Online Reputation…

      Fun facts about GDS

  • News
    • The Big Connect Kolkata & Udaipur –…

      Meet The Team: Jai Motihar Head Business…

      STAAH Reveals The Top Online Booking Channels…

      The Expert Guide to Drive More Direct…

      Thoughtful Thursday: Important Update for Malaysian Hoteliers…

  • Vacation Rentals
    • 7 Tips & Tricks To Make Your…

      Facebook Marketing Tips For Your Vacation Rental…

      Why Guest Screening is important for Vacation…

      Digital marketing for hotels & vacation rentals…

      Don’t let energy bills soak up your…

  • Success Stories
    • Philippines hospitality marketing group chooses STAAH to…

      Malaysian resort reports a 90% increase in…

      STAAH ticks all boxes for Amritara Hotels

      AMI Suites reports a 303% year-on-year increase…

      juSTa Hotels & Resorts reaching the next…

  • Resources
    • All BLAAH BLAAH @STAAH e-Books Podcast Testimonials Webinars

      STAAH GDS Playbook

      The Expert Guide to Drive More Direct…

      STAAH Get Google Playbook

      STAAH Webinar Sell More Rooms with Google…

      BLAAH BLAAH @STAAH with Dia Mirza

      BLAAH BLAAH @STAAH with Avijit Arya and…

      BLAAH BLAAH @STAAH with Mauro Risch

      BLAAH BLAAH @STAAH with Tunku Iskandar

      STAAH GDS Playbook

      The Expert Guide to Drive More Direct…

      STAAH Get Google Playbook

      STAAH E-Guide: A-go-to-Communication Guide for Vacation Rentals

      BLAAH BLAAH @STAAH with Suwamana Wahyu Putra…

      BLAAH BLAAH @STAAH With Matthias Dybing And…

      BLAAH BLAAH @STAAH with Vikramjit Singh and…

      BLAAH BLAAH @STAAH with Suhail Kannampilly and…

      D Elegance Hotel Johor Malaysia STAAH Testimonial

      Plume Villas New Zealand STAAH Testimonial

      Tunamaya Beach & Spa Desaru Malaysia STAAH…

      de Laxston Hotel Indonesia STAAH Testimonial

      STAAH Webinar Sell More Rooms with Google…

      STAAH Webinar Sell More Rooms with Google…

      STAAH Webinar How to Sell More Rooms…

      STAAH PRODUCT MASTERCLASS – SERIES 2 REVENUE…

  • Free Demo
LATEST
STAAH ReviewMinder Playbook
Unlock the Power of Guest Feedback with STAAH...
Philippines hospitality marketing group chooses STAAH to grow...
How to create a unique Airbnb listing to...
Why do Hoteliers Need An Online Reputation Management...

STAAH Blog

  • Home
  • MANAGEMENT
    • What is the optimal distribution mix in…

      How to target Corporate Clients to your…

      GDS – is it relevant for you…

      Hotel budgets: things to keep in mind…

      Hotel revenue management: trends in a post…

  • Marketing
    • 7Ps of Hotel Marketing

      7 Awesome Video Marketing Ideas For Hotels

      Content Marketing Tools for Hoteliers To Try

      Top voucher mistakes hoteliers make and how…

      Hotel marketing | 11 Tips to Kickstart…

  • Tips & Trends
    • STAAH ReviewMinder Playbook

      Unlock the Power of Guest Feedback with…

      How to create a unique Airbnb listing…

      Why do Hoteliers Need An Online Reputation…

      Fun facts about GDS

  • News
    • The Big Connect Kolkata & Udaipur –…

      Meet The Team: Jai Motihar Head Business…

      STAAH Reveals The Top Online Booking Channels…

      The Expert Guide to Drive More Direct…

      Thoughtful Thursday: Important Update for Malaysian Hoteliers…

  • Vacation Rentals
    • 7 Tips & Tricks To Make Your…

      Facebook Marketing Tips For Your Vacation Rental…

      Why Guest Screening is important for Vacation…

      Digital marketing for hotels & vacation rentals…

      Don’t let energy bills soak up your…

  • Success Stories
    • Philippines hospitality marketing group chooses STAAH to…

      Malaysian resort reports a 90% increase in…

      STAAH ticks all boxes for Amritara Hotels

      AMI Suites reports a 303% year-on-year increase…

      juSTa Hotels & Resorts reaching the next…

  • Resources
    • All BLAAH BLAAH @STAAH e-Books Podcast Testimonials Webinars

      STAAH GDS Playbook

      The Expert Guide to Drive More Direct…

      STAAH Get Google Playbook

      STAAH Webinar Sell More Rooms with Google…

      BLAAH BLAAH @STAAH with Dia Mirza

      BLAAH BLAAH @STAAH with Avijit Arya and…

      BLAAH BLAAH @STAAH with Mauro Risch

      BLAAH BLAAH @STAAH with Tunku Iskandar

      STAAH GDS Playbook

      The Expert Guide to Drive More Direct…

      STAAH Get Google Playbook

      STAAH E-Guide: A-go-to-Communication Guide for Vacation Rentals

      BLAAH BLAAH @STAAH with Suwamana Wahyu Putra…

      BLAAH BLAAH @STAAH With Matthias Dybing And…

      BLAAH BLAAH @STAAH with Vikramjit Singh and…

      BLAAH BLAAH @STAAH with Suhail Kannampilly and…

      D Elegance Hotel Johor Malaysia STAAH Testimonial

      Plume Villas New Zealand STAAH Testimonial

      Tunamaya Beach & Spa Desaru Malaysia STAAH…

      de Laxston Hotel Indonesia STAAH Testimonial

      STAAH Webinar Sell More Rooms with Google…

      STAAH Webinar Sell More Rooms with Google…

      STAAH Webinar How to Sell More Rooms…

      STAAH PRODUCT MASTERCLASS – SERIES 2 REVENUE…

  • Free Demo

Goodbye historical data! Say hello to a new era of revenue management…

28 April 2021
New Hotel Revenue Management 2021 pricing strategies

COVID-19 changed everything, including revenue management strategies. No longer just a trend analysis of past data, revenue management today is about how “real-time” your pricing is.


A year of dramatic change to the travel and hotel-scape…

We don’t need to repeat what a game-changer last year was. Hoteliers are now driven as much by government travel policies and health guidelines, as demand for travel to define their pricing. In many markets, availability has become a non-issue due to drastically reduced travellers in the market.

For many vacation rentals and hoteliers that previously relied on international travel, audience profile has dramatically changed to target domestic travellers and staycationers. Corporate and MICE travel is almost non-existent, and it is leisure travel that rules the roost.

Booking windows have changed due to uncertainly of travel and when the next lockdown will be announced. Bookings are left to the last minute and even then, travellers are looking for flexibility to cancel.

Price plays a big role as consumers are conscious of fragile economies and becoming conservative. That said, value is keenly sought in everything – the more for less idea sounds inviting.

Look around you and you will notice that your competitor set has changed too. Suddenly more properties, even the big guys, are vying for the attention of the little travellers. Search for apartments and vacation rentals is rising as travellers seek to escape to their own private haven without risking a stay in places where accommodation is shared.

Where does this leave revenue management?

New Hotel Revenue Management 2021 pricing strategies

Previously, smart property management companies would adjust their prices based on seasons and use historical data from a data provider or their portfolio data to mark up prices based on the previous year’s economic growth.

However, a lot changed around us. Demand and supply are a bit of a guessing game and historical data no longer applies. You could perhaps understand some underlying trends from past data, but it is certainly not the only thing your pricing needs to be based on.

With COVID-19, revenue management has entered a new era of dynamism in rate management. You need a proactive model, closely monitoring what is converting and what is happening in the market to inform your pricing.

Some tips to survive and thrive in the new era of revenue management…

1.    Look for new data sources.

Hotel Revenue Management

With historical and seasonal data becoming less than useful, look at other sources to help you get the right pulse of the market. Look at search data – from OTAs and Google – to see where travellers are looking to go, when they plan to travel, length of stay and type of accommodation sought. Another place to look at is flight data – which destinations are travellers looking to visit, and which destinations are most travellers arriving from to your location.

2.    Dynamic pricing

STAAH Dynamic Pricing

.

A Booking Engine is more important now than ever before as it combines historical and real-time data to generate pricing recommendations. Make sure you invest in the right tools to guide your dynamic pricing strategy – automation is critical to success.

3.    Be flexible.

In your cancellation policy. Be flexible also in your strategy; every day is a new day. Be ready to change.

4.    Dynamic competitor set.

Don’t limit yourself to a static group of pre-COVID competitors. Assess rates of all types of properties around you. You’ll notice more hoteliers and vacation rental owners in your comp set than ever before. Even this comp set keeps changing as properties make rapid pricing changes to adjust to a changing market.

5.    Incentivise, don’t cut price.

5. Incentivise, don’t cut priceDropping your rates is not the only way to fill the rooms. Show consumers the value of your offer by adding services that make the higher rates more appealing (without it costing you a lot!). For instance, you can provide complimentary breakfast or free stay for kids sharing the room. Or a discount on a guest’s next booking with you.


Critical for success of your revenue strategy now is being able to forecast demand and quickly action insights and learnings into actionable tasks. The right tools and a dedicated revenue management team will go a long way in helping you keep your finder on the pulse of the market and respond with real-time pricing strategies. 

Goodbye historical data! Say hello to a new era of revenue management… was last modified: June 21st, 2022 by Nashi Dasgupta

Related Articles

Awesome Upselling Platforms You Can Start Using...

Basic Mobile SEO for Beginners

Want to increase your hotel’s revenue? Focus...

What Commercial Properties Can You Learn From...

STAAH Products

Channel Manager
Booking Engine
Instantsite Website
Gift Voucher Engine
Review Minder

About Us
  • About Us
  • Blog
  • Login
  • News
  • Contact Us
  • Careers
Integrations
  • Online Travel Agencies
  • Property Management Systems
  • Payment Gateways
  • Internet Booking Engines
  • Global Distribution Systems
  • SuNEW
Solutions
  • Hotel Channel Manager
  • Hotel Booking Engine
  • Instant Hotel Websites
  • Gift Voucher System
  • Review Management System
Get In Touch

Sales Enquiries: sales@staah.com

Customer Support: support@staah.com

Billing: accounts@staah.com

Careers: people@staah.com

Help Centre

Commission Savings Calculator
Truspilot - STAAH Capterra - STAAH Top Rated - Channel Management Software PCI-DSS
Fernmark Logo

Instant Channel Manager Mobile App

Instant Channel Manager Mobile App Instant Channel Manager Mobile App

Max Channel Manager Mobile App

Max Channel Manager Mobile App Max Channel Manager Mobile App

Reputation Manager Mobile App

Reputation Manager Mobile App Reputation Manager Mobile App

© Copyright. All Rights Reserved. STAAH Limited | Privacy Policy | Cookies Policy