Make the Most of Your Hotel Services to Maximize Revenue
There is a need to quantify as much data as possible and process it in order to obtain real-time market intelligence on the decisions we make.
RMS technology emerged from the need to react to the dynamic market changes with the objective of increasing sales and optimizing the costs of managing online distribution in the hotel sector. Fierce competition and a market with a need for interpreting large amounts of data are the perfect breeding ground for innovative projects based on customer profitability.
For this reason, there is a need for analyzing the services offered by a hotel in an objective way and see how those services compare to other competitors in the market. It is necessary to be able to quantify and process the largest amount of data to be able to implement real-time market intelligence in decision-making.
As part of the Beonprice, hemos creado un concepto rompedor y disruptivo, se trata del índice BQI® (Beonprice Quality Index), cuya función es medir la calidad de los servicios que ofrece el hotel en función de sus segmentos de cliente, conociendo la relación calidad-precio más óptima de su set competitivo con el fin de obtener en cada momento el mejor net RevPAR in every moment.
It is the only index in the hospitality sector that quantifies the integral quality of a hotel so that hoteliers can know their competitive positioning and price elasticity in the market according to each segment.
For example, if a traveler searches for a hotel on the Internet to spend the weekend in Madrid and 3 hotels fit the traveler´s estimated price range and have similar ratings, the traveler would end up opting for the hotel that takes into account the segment he fits into (couple, family, friends, etc.) and best suits his need; regardless of whether the hotel is a bit more expensive, the traveler will prioritize those services that are most important for that trip.
What makes BQI so special?
As you can imagine, this technology and the response it offers to hoteliers must be backed by data proven to be reliable. The index prioritizes the requirements that any segment of travelers can have. The BQI takes into account more than 21 objective parameters: location, hotel services, catering, room characteristics, etc., in addition to, online reputation by customer segment.
El BQI structures fundamental information based on the traveler and the traveler’s perception when booking a room to propose the optimal price for each room type and for each type of customer previously identified.
¿Qué valor aporta el BQI en nuestro día a día?
The BQI synthesizes booking behavior, and takes into account the quality expectation of the hotel before and after the reservation is made. From the hotel´s point of view, it is possible to know at every moment where the hotel stands compared to its competitors. Hotels can see what rates their competitors have or if their competitors have availability for certain dates. In this way, by studying client behavior, it is easier to find ways to differentiate a hotel´s products/services and compare similar hotel characteristics that can be distributed in each moment.
¿Qué evolución se espera con el BQI en la gestión del Revenue Management?
The market is constantly evolving and bringing about technological improvements via systems with smaller and smaller margins of error that will bring us closer to the objective equation formed by the customer, the market and the competition. Learning to coexist with the information generated by the hotel in relation to price, demand and results not only concerns the Revenue Management, sino que estos valores podrán ser utilizados por departamentos como, por ejemplo, el de Marketing. De esta forma, se podrá saber en qué momentos será necesario realizar campañas sobre un pronóstico a la bajada de la demanda.
The BQI, the market´s most pioneering and innovative index, will continue innovating the way it calculates the price elasticity of demand so that hotels can achieve a much more precise recommendation and an increased net RevPAR.
As RMS evolve, they bring innovative concepts like BQI that allow hotels to market their services to specific customers considering making a reservation at the best prices possible; in other words, they offer «personalized pricing» tailored to each client.
For this reason, Beonprice has made a strong commitment to include the quality of establishments and Guest Intelligence as fundamental criteria to determine the optimal price by room type, market and nights of stay, to maximize hotel revenue.
Are you ready to implement the BQI in your Revenue Management strategy?