In this series, we are focusing on easy recommendations that you can leverage for driving more demand to your property through Booking.com.
In the fourth part of this series, we will discuss Non-refundable Rates and how you can benefit from it.
According to a recent survey done by Booking.com, the two most important considerations for making new bookings are flexible cancellation policies and competitive pricing offers. In the third part of the series, we discussed the benefits of Flexible Rate Plans. However, for 40% of travelers, pricing is a major factor, and this is where non-refundable rate comes into play.
Benefits of Non-refundable Rate
Non-refundable rate typically offers lower rates than fully flexible rates and are quite popular with travelers with fixed plans. Hotels often offer non-refundable rates to secure guaranteed bookings and revenue.
According to Booking.com data, hotels who offer this Rate Plan reduce cancellations by an average of at least 9% and have experienced overall booking boost by up to 5%.
Booking.com recommends participating hotels to combine at least two of three rate plans: Free Cancellation, Non-Refundable and Early Booker. Data shows that hotels who have efficiently used all three have seen a 5% increase in bookings, an 11% increase in visibility and a 9% reduction in cancellations.
Hotels can activate the Non-refundable rate plan from their RateTiger dashboard, by simply selecting the option from the promotion tab. They can also monitor and modify all existing campaigns on Booking.com from the View and Apply Promotion Module on RateTiger.
One of the biggest international travel trade fairs, FITUR, took place from January 30 to February 3, 2013 in Madrid. It continues to be a global meeting point for travel professionals and it being the 33rd edition speaks about the popularity of the event.
Team eRevMax was happy to be back at FITUR, as it really is one of the key shows to meet Spanish and international hoteliers. The company’s stand saw RateTiger Spanish clients turning up in droves to speak to the Sales and Account Managers.
“We heard a lot of positive news and some excellent feedback. In addition, we had many new visitors keen to find out about RTSuite 3.0 and how it differentiates in the marketplace; well really quite simply — a) integrated product for both channel management and pricing; b) automated inventory distribution; c) full service account management; d) greater product flexibility,” said Ryan Haynes, VP Marketing.
He further added, “FITUR did have less exhibitors this year and at times there was a lull, there didn’t seem to be much discussion on the state of the Spanish economy, but this is now old news. Instead everyone focused on business. I’d be interested to see what FITUR can do to bring the magic back to the tradeshow.”
Automated distribution and allocation is becoming a hit with hotels – they are open to new product and ideas – hoping to overcome the current crisis. “We witnessed an increase in the enquiries – people were keen to know how it would help them in their distribution. Further I also noticed rising interest among Portuguese hoteliers this year,” says Flavio Bastos Amiel, PR Representative.
Nuria Bermejo, Service Manager thought that there were fewer stands and the attendance was low. “However I was glad to see that a lot of people came to our stand specifically to see us knowing the range RateTiger offers,” quipped Nuria.
From a sales perspective, Cristina Hernandez, Sales Manager for Spain noticed that the event was lacking in delivering for exhibitors – “The number of exhibitors are reducing year on year, however the good part was that hotels were excited to see our offerings. I was amazed to see that many small independent hotels knew exactly what they wanted and were glad to choose us.”
On Tuesday, a new, independent OTA announced a strategical alignment with RateTiger. Global Hotel Exchange, a cost free distrubution channel for hotels to launch in January, will leverage the power of global hospitality technology provider Rate Tager and eRevMax. Set to go live in January of 2012, Global Hotel Exchange (GHX) was founded by Tom Magnuson, CEO of Magnuson Hotels, the largest independent hotel group in the world. As part of the strategic move, GHX gains access to over 20% of the UK hotel market, not including the strength of Magnuson’s other 2,000 hotels in the US and across the UK. http://www.argophilia.com/news/ratetiger-effect/24140/
WTM: 2011 Money Generation Machine
Travel Daily News reported this morning, the start of this week’s World Travel Market in London, the leading worldwide travel industry event, welcomed some 183 new exhibitors for 2011. From national tourism boards, destination management companies, to technology entities and beyond, ExCeL, London is the place to be November 7 through 10. http://www.argophilia.com/news/money-generation-machine/24135/
WTM Travel and Online Technology region prepares for more visitors and buyers
Travel wholesaler JacTravel has launched a new channel management service for its hotel partners to address what it says it has identified as an important growing market. Commercial manager James Blackmore has been appointed to head up the service and partners already signed up include RateTiger, TravelClick, Figaro, and A&O Hotels and Hostels. Channel management has taken off in recent years with some firms reporting double digit growth in sales and triple digit growth in usage, according to JacTravel. Sascha Hausmann, chief executive of eRevMax, which owns RateTiger, said: “Channel management is becoming an essential technology to more efficiently and accurately manage the multiple sales channel landscape of the internet. Over the past two years we have seen an increase of over 150% of channel updates processed per month.” http://www.travolution.co.uk/articles/2011/10/14/5103/jactravel-embraces-hotel-channel-management.html
Dutch-based company Hotels Online, provider of LodgeGate Hotel Management System (PMS), has selected RTConnect, the premium XML interface, for electronic rate and inventory distribution as well as reservations delivery.
RateTiger recently completed the 2-way XML connection integration with LodgeGate and its 150+ hoteliers are currently adopting the technology to better manage sales. Over 30 properties will soon be using the enhanced service and benefit from a two-way connection to their electronic distribution network. Customers of the PMS will be able to automatically maximize their online presence while avoiding over-booking through an easy-to-use interface.
LodgeGate’s customers can now easily manage and update multiple sales channels including the Global Distribution Systems (GDS), various Online Travel Agents (OTA), e-commerce and social media. Rate and availability data already present in their PMS can now be shared automatically with RateTiger’s channelmanager. This will save time and provide opportunity to make additional money.
As part of the interface, hotels will also receive booking confirmations directly into their property management system, therefore sparing the effort of manual data entry.
eRevMax International, global software and services provider and owner of RateTiger, SimpleDistribution and Lunar Logic Polska, today celebrates its tenth corporate anniversary. The company has specialized in revenue and distribution solutions for the hospitality industry for a decade, having launched one of the very first electronic, online and hotel website room rate shopping services in early 2002.
The lead product brand, RateTiger, was one of the first to focus on bookings and revenue from the internet. The channel manager launched within a couple of months of incorporation and was built to specifications requested by hoteliers. RateTiger today is setting a standard in the online revenue maximization market with the largest and most diverse distribution network of over 700 connect channels worldwide.
“Over the last ten years, eRevMax has seen significant growth as the company has strictly adhered to the founders belief in innovative and qualitative solutions,” said Sascha Hausmann, CEO, eRevMax International, “I would attribute this success to our focus on deploying only the best high-quality technology and the dedication we’ve had from our employees over the last 10 years, especially from our founding CTO, Udai Singh Solanki. Reaching this milestone in our company’s history is a true testament to everyone who’s been involved, from the technicians to our customers – who have really helped shape the technology that it is today.”
This year also marks the expansion of eRevMax International to new territories in Australia, New Zealand, China and South Africa. Earlier in the year the company acquired Lunar Logic Polska, a Poland-based web and digital development company to spur channel management, rate shopping and strategy technologies into the next generation.
Pegasus Solutions® and RateTiger Launch Collaborative Solution with One of World’s Largest Hospitality Groups
Louvre Hotels Group, one of the largest hospitality groups in the world, has implemented ExtraConnect, an integrated central reservation and channel management system from industry leaders Pegasus Solutions and RateTiger by eRevMax International. It is the first central reservation system (CRS) to combine the next generation enterprise delivery of Pegasus’ RezView® NG with the powerful channel management capabilities of RateTiger’s leading Channel Management technology.
Hotwire.com®, a leading discount travel site, today announced the results of the July 2011 Hotwire® Hotel Rate Report. The report features the top five cities in North America where hotel rates have dropped the most and the top five cities where rates have experienced the biggest price increases. While one report guides customers to the destinations that will maximize their travel dollars, the other highlights places where using Hotwire to save money is even more essential. http://ahla.hsyndicate.com/news/4052199.html
What’s the topic that never ceases to pack a room or stir up emotion? The role of online travel agencies in hotel room distribution. Such was the case during a breakout session Tuesday at the New York University International Hospitality Industry Investment Conference that aimed to address the influence and implications of these intermediaries. But at the (literal) end of the day, panelists agreed that it has always been up to the hotel owner to choose how to get business. http://www.hotelnewsnow.com/Articles.aspx/5702/OTA-debate-stresses-better-channel-management
Australian hoteliers can now improve the management of online bookings and better target global travel markets with the arrival of integrated rate shopping, channel management and hotel and flight booking engine provider SimpleDistribution.
SimpleDistribution will remove the complexities of selling online and enhance visibility, exposure and revenue from the Internet. Before processing rate and availability updates, hotels can price shop theirs and competitors’ rates to assess optimal product prices for excellent positions across Online Travel Agents. The web-based channel manager simultaneously and in real-time updates the hotel’s selected multiple sales channels and roomtypes with rates, restrictions and room availability.
The Micro-Tripper—short-term, purely spontaneous travel enabled by the flash-sale, group buying, and private-travel sale start-ups, the new leisure travel market segment is on the rise. The new social e-commerce travel companies are not intruding upon the OTA’s business but are, in essence, capturing an undiscovered new segment of the travel market that I call the “spontaneous micro-tripper”. http://www.eyefortravel.com/news/europe/understanding-micro-tripper-trend
Indian hotel industry expected to touch Rs 230 billion by 2015: Cygnus Business Consulting and Research
RateTiger’s, RTCorp, has been recognised by the travel industry just one year after launching in the market. The rate shopping technology has been nominated for the Business Traveler Innovation Award within the Travel Management category.
RTCorp helps monitor hotel rates in the public market in both real-time and via scheduled reports. The technology sends automated alerts that filters hotel-pricing data into exception information and delivers it to the appropriate manager to action.
This helps corporate buyers, travel websites and hotel companies monitor violations or discrepancies in room rates while providing intelligent rate shopping data to better understand the market.