People talk about the impact of COVID and the impact of COVID has been to accelerate trends and developments that already were already in play. And we've seen that a lot with our customers:
- The way that they look at the benchmarking of different rates and different seasons
- The way that they look at their competitor sets
- How they look at the price bandings that they're thinking about
- We've seen that the negotiated rate position has almost completely disappeared
- The move towards dynamic pricing and dynamic rate management has been coming for a while
Watch our latest Duetto Concepts Video on Flexible Revenue Management here: https://www.duettocloud.com/videos/flexible-revenue-management
When you combine that with an Open Pricing methodology that allows the hotel to impact specific room types or specific guest types in line with the strategy, rather than a very fixed forecast position, add that into very controllable automation so you can also drive routines and an AI in a helpful way for the hotel position, then you have a much more flexible and agile environment for the hotel to come back into.
What we know from COVID is that the return is not going to be a fixed point. We know that in fact, demand will come in and out. It will be up and down. Some markets will do better than others, then they will regress a bit. The seasons will affect also what happens.
Flexible Revenue Management
The ability to flexibly manage inventory in an open strategy against a variable demand is key to the success of hotels as they come back. And what we've noticed in our last two years of sales especially, is that we are having a fantastic two years of client acquisition.
And one of the reasons for that is that our platform offers this very open approach for the hotelier to be able to work with the market, and a very interactive relationship between the hotelier and their inventory, whether it's in a single property or a multi-property perspective.
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