"We've designed the Rate Optimization Service to enable hotels to get answers fast," said Linda Hatfield, vice president of product management and marketing. "A critical input to any revenue management process is to determine the room rates and rate spectrums; this service allows hoteliers to accurately arrive at these room rates taking into account the price sensitivity of demand."
"Setting the right room rates and rate spectrums is very crucial to the success of our revenue management process." said Birgit Haake, director of revenue management, Maritim Hotels. "We found the results of IDeaS' Rate Optimization Service useful and important input for us to validate our pricing strategies and how we manage various business segments."
For Rate Optimization, IDeaS collects a minimum of 12 months of historical data from a hotel to evaluate the price sensitivity of demand. Optimized rates and rate spectrums are delivered to the hotel using a results report -- an easy to understand and implement electronic report. Once the refined rate spectrum is deployed, an increase in hotel revenues across a defined rate period can be expected.
"We were chosen, due to our work with One Aldwych Hotel, as a test property for the IDeaS Rate Optimization Service and found the results very interesting," said Corin Burr, managing director, Bamboo Revenue. "The final results demonstrated that our normally uniform price differentials between room categories could be optimized much more efficiently, based on our actual performance. Additionally, we found that whilst we had prepared for the worst during the recession by increasing Best Available Rate (BAR) levels, the results showed this action was not necessary."
For more information on IDeaS' Rate Optimization Service visit IDeaS website: http://www.ideas.com/index.php/services/rate-optimization-service
To learn more about the benefits of rate optimization, please download IDeaS' latest whitepaper Rate Optimization: Enhancing Your Hotel's Pricing Strategy.
To speak face to face with an IDeaS Representative about our new Rate Optimization Service visit IDeaS at the World Travel Market 2009, Booth TT4075, November 9-12, ExCel - London, United Kingdom.
About IDeaS Revenue Optimization | IDeaS, a SAS COMPANY, is the premier provider of Pricing, Forecasting and Optimization solutions and services. IDeaS' Solutions are implemented via Software as a Service (SaaS) deployment with very little infrastructure, guaranteeing small upfront costs and easy implementation. IDeaS' Services help at all levels of a client's organization—strategic through operational— and our integrated approach differentiates IDeaS from the competition and creates the foundation for a successful partnership. Headquartered in Minneapolis, IDeaS has technology, support, sales and distribution offices in North and South America, the United Kingdom, Europe, Africa, the Middle East, Australia and Asia. For more information, visit www.ideas.com.
