Understanding Your Market: Start by analyzing your market trends, including peak and off-peak seasons, local events, and competitor pricing.
Investing in the Right Tools: Invest in software that helps with dynamic pricing. Options for small hotels include:
- Revenue Management Systems (RMS): These systems use algorithms to analyze market data and suggest optimal pricing. One of our favorit RMS is RoomPriceGenie with very intuitive interface and great support.
- Property Management Systems (PMS): Systems like Cloudbeds and Hotelogix offer integrated dynamic pricing features.
- Channel Managers: Tools like SiteMinder ensure your adjusted prices are updated across all booking channels.