Table of Contents
An Introduction to PriceAdvisor
Before we dive into how you can best use PriceAdvisor, let’s backtrack a little. For anyone not familiar with it, PriceAdvisor is a dynamic pricing tool created by Amenitiz.
Dynamic pricing tools are algorithms utilized by businesses to adjust prices in real-time based on various factors such as demand, time of booking, competitor pricing, and other market conditions. These tools leverage big data analytics and machine learning techniques to optimize pricing strategies, aiming to maximize revenue and profitability.
They are a recent addition to the hospitality sector but they are still incredibly useful. Here, they play a crucial role in managing room rates for hotels, resorts, vacation rentals, and other accommodations. By analyzing historical booking data, seasonal trends, competitors prices, local events, and even weather forecasts, these tools can determine the optimal price point for each room at any given time.
For example, during peak travel seasons, the tool might recommend higher prices to capitalize on increased demand. Conversely, during off-peak periods or when occupancy rates are low, prices may be lowered to stimulate demand and fill empty rooms. All in all, they help ease the decision process for property owners.
PriceAdvisor will help you understand which price will work best for your property, depending on the current situation as well as the rack rates set by competitors around you. It will offer live advice on which prices suits your specific situation better, depending on location, competition, context, events, etc.
Even better, you can apply the new pricing directly without having to log into every platform to switch around your prices. You will be just one click away from the perfect pricing.
Implement Strategic Positioning with Enhanced OTA Visibility
Strategic positioning goes beyond setting competitive prices; it’s about ensuring your property is more discoverable to potential guests. PriceAdvisor significantly influences this by updating prices on OTAs (Online Travel Agencies), thus improving your ranking and positioning. Indeed, frequent price updates allow you to rank better in OTAs.
This heightened visibility on OTA platforms means your property becomes more accessible to a wider audience, increasing the likelihood of bookings. By utilizing PriceAdvisor’s data-driven recommendations, you can ensure that your pricing not only attracts guests but also enhances your property’s presence on key booking sites.
The best part? You don’t even have to lift a finger. When checking PriceAdvisor’s recommended price, you just need to click on apply and the new pricing will get implemented everywhere. No need to double check or even ensure that you haven’t forgotten something.
No need to pull your hair out over your pricing strategy anymore, PriceAdvisor will do it for you, faster than ever before. We will do all the heavy lifting, combining and analyzing data in real time so you don’t have to.
Centralized Decision-Making Directly from Your Calendar
PriceAdvisor emphasizes ease and efficiency in daily operations. Highlighting its centralized approach, it allows hoteliers to view and implement price suggestions directly from their calendar, without the need to navigate through different windows.
This centralization is a game-changer, enabling you to make informed pricing decisions seamlessly as part of your routine management tasks. PriceAdvisor integrates into the heart of your daily operations, offering a straightforward way to adapt pricing strategies on the fly, ensuring you’re always competitive.
Because PriceAdvisor is an Amenitiz tool, you don’t need to log into another account to handle your pricing strategy, it’s all accessible right away. Thanks to that, you can seamlessly switch from your PMS to your Channel Manager to PriceAdvisor in just one click and update all your price without having to switch tabs.
Time-Saving Updates Across All Channels
The next advantage of using PriceAdvisor is its ability to centralize competitor prices from online channels in one comprehensive view. More significantly, it empowers hoteliers to update their prices and positioning across all channels where they are listed with a single click.
This unparalleled efficiency not only saves valuable time but also eliminates the complexity of managing multiple OTA interfaces. By streamlining this process, PriceAdvisor ensures that your pricing strategy is consistent and coherent across all platforms, enhancing your competitive edge.
It takes a lot of time to scout the competition’s pricing and compare it to your own, all while bearing in mind the context (weather, holidays, demand, occupancy rate). It’s easy to make a mistake or jump to conclusions. Being competitive, especially on pricing is extremely important and it’s why relying on the right tool can be a tremendous help.
With PriceAdvisor, you don’t need to spend hours in every OTA looking up every price around your property. You just need to open Amenitiz and adapt your pricing directly, whenever you want!
Get Personal with Pricing Thanks to Custom Rules Setting
PriceAdvisor’s custom rules setting feature offers an unmatched level of personalization in pricing strategy. It’s like having an intelligent assistant that makes data-driven suggestions based on your preferences and rules, even when you don’t have the time to review them yourself.
This functionality respects your unique approach to pricing, automatically adjusting rates in anticipation of market trends, and warning you of upcoming holidays, and other significant events. With PriceAdvisor, you maintain full control over your pricing strategy, ensuring that it reflects your property’s specific needs and goals.
You can customize rules and choose your preferred calendar view, to ensure that you are only seeing what you want to see as well as getting useful feedback from PriceAdvisor. You can even set a minimum night rate so you don’t get suggestions lower than your rack rate. You can also ensure that the pricing suggestions are not too aggressive for your business model by setting a minimum price for your rack rate.
This is a tool tailored to your property and your needs, offering you the highest quality of data so you can make an informed decision without compromising your overall management strategy.
Enjoy Enhanced Competitor Monitoring
Addressing the feedback on competitor monitoring, PriceAdvisor’s capabilities extend to analyzing multiple competitors simultaneously, including those from different locations. This comprehensive overview ensures that you’re not just comparing prices with your immediate neighbors but also with properties in other areas that could influence your market position.
Even if you have properties all over the country, we can track multiple locations at once and help you stay on top of your game everywhere.
PriceAdvisor enables hoteliers to make more informed decisions, ensuring their pricing strategy is robust and responsive to the wider market dynamics. Checking on your competition is important and helps foster a healthy pricing strategy, however it can be complicated to really understand which competitor should be the focus.
Thanks to PriceAdvisor, you can select several competitors and have a broader view of the competitive landscape, ensuring a more accurate price suggestion
PriceAdvisor by Amenitiz is more than just a dynamic pricing tool; it’s a comprehensive solution designed to empower hoteliers with the insights and capabilities needed to thrive in a competitive market. From enhancing your property’s visibility on OTAs to offering personalized pricing strategies, PriceAdvisor is equipped to transform your pricing approach.
By integrating these changes into your operations, you can ensure that your property is not only competitive but also perfectly positioned to attract and retain guests. Experience the full potential of PriceAdvisor by requesting a demo today and take the first step towards revolutionizing your pricing strategy and operational efficiency.
FAQ
What is PriceAdvisor by Amenitiz?
PriceAdvisor is a dynamic pricing tool designed by Amenitiz to help hoteliers optimize their pricing strategies. It offers features like competitor monitoring, strategic positioning, effortless decision-making, time-saving updates, and custom rules setting.
How does PriceAdvisor enhance competitor monitoring?
PriceAdvisor offers advanced competitor monitoring by aggregating prices from multiple competitors across different locations in one intuitive interface. This allows hoteliers to have a comprehensive understanding of the market landscape, ensuring that their pricing strategy is not only competitive but also informed by broader market trends and dynamics.
Can PriceAdvisor simplify the decision-making process?
Yes, PriceAdvisor offers clear, data-driven precise price suggestions that can be easily implemented, simplifying the decision-making process for hoteliers. Not only does it offer suggestions based on data, but it also allows you to easily implement those prices on all platforms.
How does PriceAdvisor save time in updating prices?
PriceAdvisor enables hoteliers to update prices across all online channels and OTAs with just three clicks, saving valuable time and ensuring pricing consistency while keeping the direct sale channel more competitive. Updating your pricing strategy has never been quicker!
Is it possible to set custom pricing rules with PriceAdvisor?
Yes, PriceAdvisor allows the customization of pricing rules, including setting minimum night rates and choosing preferred calendar views, ensuring the right price is set at the right time.
