Groups management with Beonprice RMS
by Beonprice - 18 October, 2022
Beonprice launches the new groups module, where you will be able to generate quotations in an easy, intuitive and fast way.
Managing demand from the group segment in hotels has always been a headache for revenue managers. However, it can be a good source of revenue enhancement in the hotel, if we are able to analyse the requests well and make appropriate quotations to the client and that are profitable for us.
Beonprice is launching the new groups module, where you will be able to generate quotations in an easy, intuitive and fast way. After adding a few details about the request, Beonprice will return price recommendations by space and a comprehensive analysis of the petition. Displacement, accommodation generated revenue or an updated forecast with the group value will be displayed in order to help you take optimal decisions and maximize occupancy and revenue. . Let’s see how it works:
The Groups quotation module will make easier the group quotation process and its profitability analysis. You will be able to easily decide, without making any calculation, the optimal price for each requested space and determine if it is worth taking the business or not.
From the main screen of the module you will be able to start the quotation process and have all quotations created under control thanks to the table. All quotations generated will be listed with all the basic information (company, dates, roomnights, rates, release date, etc.), so you will be able to follow up on all the requests.
For your convenience, all columns in the table can be sorted. Those columns containing a name can be sorted alphabetically, those containing numbers can be sorted from the highest to the lowest and those containing dates can be sorted from the newest to the oldest. You can also use the filters at the top to select exactly the information you need.
One of the reasons why hoteliers often refuse to work with groups is the risk of displacement of demand from other segments. Demand displacement is the profit or loss of revenue that we get by rejecting one business segment in favor of another. This profit or loss is determined by comparing the total value of the business generated by each of the two facing segments and deciding which one is more interesting in terms of revenue generation. This only occurs if we do not have sufficient availability to serve both segments and, therefore, we must choose one.
Demand displacement analysis starts from data analysis with the objective of making a demand prediction as accurate as possible. So we can identify the most profitable customers and decide what our healthy segmentation mix will be. With this we will be able to improve loyalty and increase the value of the customer’s life cycle.
In our groups module, all quotations generated will include accommodation price recommendations and an analysis of revenue, profit and forecast. Price recommendations by space and occupancy will be displayed. The recommended price is the optimum value but also a minimum and maximum price range will be given in case you need to negotiate the offered rate with the group.
This functionality also offers a graphical representation of the results and how the hotel forecast will be affected, showing:
- Generated accommodation revenue
- Revenue Displacement
- Group’s accommodation profitability
- A comparison of the forecast with and without the group value
The complete analysis provided in this module will help you make the best data-driven decision for the profitability of your business. The quotation can be saved or discarded. Both options will be saved as a new entry in the quotation list displayed in the Group Management module main screen, for further follow up.