One of the most common questions for revenue managers is how to think about events and competition. The problem with both is the ‘noise’ in this information. Some events matter for your business, but many don’t. The same applies to your competition. What does matter is your bookings. That’s the ultimate truth. Ed Sheeran coming to town or competition dropping their prices only matters if these events AFFECT YOUR demand. That’s what Pace is focusing on.
Pace analyses EVERY single booking over the last 12 months (if available) and the price it sold for. Once it’s through it’s learned a lot about your seasonality and the sequence and patterns of your bookings. The same applies to your future bookings. Pace is able to make sense of data that is impossible to analyse for a human. Sounds like magic? Well, almost! You’d be surprised by our results.
Most GM’s and Revenue Managers we speak to admit that they don’t make enough price changes. Their room prices are too static, but their environment is increasingly dynamic. In almost all of those cases, more price changes produce better results (=higher revenues). We’re more than happy to advise you on how your pricing can be more in tune with a dynamic market environment.
Pace pulls data from your Property Management System at frequent intervals. If you have a compatible Channel Manager, even better. In that case Pace can get bookings almost real-time and get you even better forecasts and optimal prices.
Yes. The old way of doing revenue management was to look at the overall demand for the property and then move the prices for all rooms in response. Pace recognises that room-types have different demand and need to be priced independently.