How to Track the Price of Existing Hotel Reservations you Already Sold
As consumers and businesses, we have become used to comparing prices prior to making a buying decision. However, when selling hotels, there is a less-known trick to help your company increase hotel booking profitability by 36% for existing hotel reservations you ALREADY sold. In this post, we will teach you how to track the price of existing hotel reservations you ALREADY sold to your customers.
Why track prices after you sold the hotel and not before?
It´s common practice to check prices on multiple providers prior to booking a hotel and selling it to your customer. However, people don´t realize that hotel prices tend to change AFTER you sell the hotel. Not once, not twice, but 22 times from the moment you sell the hotel until the last date of free cancellation. So even if you booked the best price at the moment you made the reservation, you didn´t necessarily get the best price.
Track prices manually or automatically?
Theoretically, travel companies can monitor and reprice their reservations manually. But, it´s much more complicated and expensive then it sounds. You will end up investing a lot of money and human resources in 24/7 price monitoring for all your hotel reservations across different providers.
Even then, you will only be monitoring prices on your existing suppliers. An average travel company may work with 5-15 hotel suppliers, but there are hundreds of hotel suppliers worldwide, and you could be missing out on some amazing margins limiting yourself to monitoring prices only your existing providers.
Not to mention you will still incur many human errors and inconsistencies that are caused when trying to map the same rooms across different providers. Comparing the room types over multiple suppliers can result in a list of hundreds of different names for the exact same room which makes this manual room mapping inefficient and nearly impossible. Manual room mapping is a complete headache.
However, you can automate this process with an artificial intelligence driven solution that can help you do all the work, automatically and risk free with no-hassle.
Pruvo Revenue Maker is an AI-driven solution that imports your existing hotel reservations automatically, monitors their price 24/7, and helps you increase hotel booking profitability by 36% by re-booking those reservation once their net price drops.
Why opt for Pruvo Revenue Maker?
Now that we have established that it makes more sense to track the price of existing hotel reservations you already sold via an automated solution, here are some reasons why to choose Pruvo Revenue Maker
Increase profitability and sales - Pruvo Revenue Maker is the only solution that not only increases hotel booking profitability but also generates new hotel sales
AI- Driven Room Mapping Algorithm - Pruvo´s room mapping algorithm is capable of not only comparing the same room over different providers but also finds upgraded rooms (at a lower cost) for your customer.
Fully Customizable - your business is too valuable to give you a "one size fits all" solution. For that reason, we tailor the solution to your specific needs, for example, you can decide which providers you want Pruvo to track and which you don't, choose between multiple re-booking methods, set a max cap on the amount of re-bookings per each reservation and much more.
Lightening Fast Integration - Pruvo recognized that travel companies tend to have "development bottle necks" due to their limited IT capacity. For that reason, Pruvo is aggressively partnering up with IT platforms such as DCS Plus, TravelgateX, Parsec and IT4T Solutions, in order to eliminate all integration time on behalf of the travel seller. This list of companies is growing on a weekly basis which consequently grants hundreds of travel companies around the world immediate access to Pruvo Revenue Maker. Speed up integration time by using one of our partner IT platforms.
Multilingual 24/7 Customer Support - Pruvo Revenue Maker is available in 9 languages and is available for any customer inquiries around the clock.
So stop leaving money on the table and start using Pruvo Revenue Maker Today!