It is becoming increasingly common for companies in different sectors such as hotels, car hire or restaurants to have a revenue manager, or to hire a consultancy firm to lead them in strategies to maximise their income.
However, there are still many companies that do not consider this option. Sometimes due to a lack of budget to deal with it, sometimes because they are people who have been managing companies for a long time and do not see the need for it. Either because they believe that the way they use it is the right way, or simply because they are unfamiliar with these techniques, which are relatively new.
Lack of analysis or erroneous analysis not only affects revenues directly, but also detracts from the opportunity to understand customer behaviour, which is essential for setting targets. This lack of knowledge and lack of analysis is the reason why some establishments still have static or seasonal prices.
Turbosuite was born as a solution to the lack of comprehensive revenue management systems on the market. Discovering the limitations of the available systems, they decided to rethink and integrate new revenue rules. It is the first tailor-made SaaS for hotels and vacation rentals that increases not only occupancy but also revenue using big data and artificial intelligence.
This type of technology completely changes the paradigm in tourism revenue management, as for many years revenue management has been done on the basis of comparing prices of a competitive set of 10 establishments in the city. However, for the study of the competition, Turbosuite analyses all the information of the city. That's 2 million pieces of data per day.
The algorithm then takes into account up to 116 differential factors to determine the most appropriate price (amenities, reviews, cancellation rate, conversion, etc.).
In addition, the system studies the quantity and quality of the establishment's bookings, analysing the number, average price, revenue, average occupancy and anticipation. This makes it easier to know when to offer promotions in the sales channels.
Once the price recommendation has been established, Turbosuite sends agencies up to 60 different prices for different clients. This allows for micro-segmentation and the identification of niche markets. The profile of each group of buyers can be classified and the most accurate pricing and distribution strategy can be created, thus increasing profitability.
This improves the creation of the conversion funnel, using a pricing and content strategy that is more appropriate for each segment. In addition, with better insights, more effective predictions are made for the future, obtaining greater solvency and credibility in the income statement. In conclusion, revenue will be better the more segments are identified.
Finally, Turbosuite automatically calculates the revenue forecast for the coming year, taking into account historical data as well as forecasts of occupancy, prices and elasticity of future demand throughout the destination.
Tourist homes and hotels using Turbosuite have been rewarded with an increase in revenue of more than 37% and have significantly improved their visibility. In addition, its clients save 15 hours of work per week for every 10 units managed. Turbosuite is currently the leader in Spain and Latin America, and has just opened an office in the USA. In its first year and a half it has already managed more than 4,100 properties in 12 countries through its offices in Spain, Argentina, Ecuador, Mexico and the USA.
So if you are a hotelier o Property Manager go to www.turbosuite.com
Published on 10.08.22