Hey Mewsers 
How competitive are your rates really? Hotel pricing can be a powerful tool to drive revenue, build guest loyalty and put heads in beds. But it's so much more than just being cheaper than the hotel next door.
Here are 5 ways you can make your rates more competitive:
React fast to changing demand
Demand can change at a moment’s notice. Things like weather, concert announcements and market changes can make demand skyrocket. So, to maximize revenue it’s important to act fast and adjust rates.
Know when to drop rates... or not
Not all guests think the same when it comes to price. Some will book at a lower rate. Others just want the room, whatever it costs. Watch how guests respond to pricing changes and keep tabs on the competition to figure out the price elasticity of your rates. Then adjust with purpose.
"With Atomize, we went from manually updating rates once or twice a week to having rates dynamically adjusted throughout the day. It saves us so much time, and we've been able to really push the boundaries of what we thought was possible with our pricing."
Katherine Reyes General Manager
Set rates for every type of guest
Different guests have different booking habits. Look at how long your guests are staying, where they’re booking from and when they’re booking. The more you know, the smarter your pricing strategy can be. After all, a last-minute business trip shouldn’t cost the same as a long-planned family vacation.
Get to know your market
Knowing your local market is key to competitive pricing. But rather than copying your competitors’ pricing, use them as data points. Why can they charge what they do? And how do guests respond to their rates? Use this data alongside your own to set smart pricing.
Build long-term loyalty
Real loyalty comes from value. If your rates are fair and reflect the service guests receive, they’ll remember it. And as they leave glowing reviews online and talk to friends and family, your reputation will grow – a reputation that justifies a higher price tag.
It’s a lot to keep track of. But today, tools can do the heavy lifting when it comes to revenue management.
Curious about what Atomize could do for your business?
You can learn more here. Or reach out to our team and we’ll walk you through it.
Webinar: Grow Revenue with Atomize RMS
See how Atomize, a Mews company, is using powerful AI and real-time data to help hotels drive revenue in volatile market conditions.
Attend the full webinar and you could win one of 50 gift cards worth €25. Knowledge and cash? Win and win.