Developed by Duetto, Open Pricing transformed revenue management in the hotel industry.
Open Pricing enables hotels to optimize pricing for each segment, channel, and room type. This allows hotels to target the right customer with the right product at the right time and at the right price through the right channel.
Open Pricing puts your guests in control, testing their price sensitivity by presenting all available options. Instead of closing out room types and saying “no” to the guest, the guest chooses to say “no” to the hotel. Your rooms remain open to reservations, but only at the rates most competitive and most profitable to you.
Hotels worldwide have embraced Open Pricing and we hear from many of them in our eBook How Hotels Use Open Pricing to Optimize Revenue. Download now to read about how full-service, boutique, independent, resorts, midscale, limited-service, and casino resort properties dynamically price their rooms.
As the market changes, and the way guests research and book hotels adapts, how hotels price rooms also needs to evolve.
In early 2023, we announced Duetto Advance. Delivering Dynamic Optimization, Advance continues the innovation of Open Pricing.
Dynamic Optimization takes Open Pricing to a new level.
Duetto Advance combines real-time market data with streaming analytics for continuous pricing optimization. With third-party data updated every 20 minutes, Duetto Advance ensures immediate response to market-driving changes to maximize profitability.
- Price in real-time with Dynamic Optimization, continually flexing prices in line with changing market demand, up or down, delivering true real-time rate optimization.
- Access to real-time data and automation features gives you more control over your pricing strategy, allowing you to respond quickly to market changes.
- Duetto Advance ensures your hotels are always offering the best rates possible as Duetto’s machine learning algorithms analyze market data and make real-time adjustments to prices.
Coupled with event-related market intelligence, Duetto Advance further enables revenue teams to be proactive about pricing strategies in their markets, taking calculated decisions on pricing and restrictions, and optimizing operations.
These data sets, combined with historical and forward-looking data from the PMS, booking engine, and web traffic data, mean that Duetto Advance can identify and react to situations where there is a sudden change in demand, whether this results in an opportunity to quickly raise prices to capture the profit opportunity or pull back rates when unexpected events, such as a concert canceling, mean demand drops off.
The Future of Hotel Pricing
We believe the future of hotel revenue management also includes Personalized Pricing.
This requires hotels to truly know their guests and to understand their behavior from looking to booking, through stay and post-stay.
Through our work with the casinos segment, we support casino resorts in tailoring offerings to the individual guest, based on a thorough understanding of their lifetime customer value to the property.
For example, our casino customers provide a daily export of their customers’ gaming spend data enabling segment-specific rates via an integrated PMS interface. The targeted, relevant offers not only increase customer loyalty but increase revenue, taking into account customer value and property spend.
We are working on innovations to deliver even more bespoke offers to the guest, enhancing both the hotel’s total profitability and guest satisfaction.
However, this is a team sport. The key to driving personalization is (1) understanding the guest’s behavior, (2) serving a personalized package, and (3) delivering an offer that surpasses expectations.
We hope you will join us on this journey.
Discover how Open Pricing is driving revenue at hotels running on Duetto. Check out the many case studies in our latest eBook, How Hotels Use Open Pricing to Optimize Revenue. Download now.