The rate recommendation provided by RevControl comprises two components: the occupancy based rate recommendation and the competitor based rate recommendation. The occupancy based rate recommendation represents your pricing strategy, which includes the minimum daily rate along with occupancy supplements. On the other hand, the competitor based rate recommendation relies on the competitor index. Within this index, you position your hotel among a set of competitors using various criteria. For detailed instructions, please refer to the manual for the competitor index.
Initially, RevControl always suggests utilizing the occupancy based rate recommendation. However, if this recommendation fails to align with market standards, RevControl switches to the competitor based rate recommendation. In the default settings, the switch is triggered when there is a deviation of five euros above or ten euros below the occupancy based rate recommendation in comparison to the competitor based rate recommendation. These default settings can be adjusted by contacting our Customer Success team.
The combined recommended rate represents the rate suggested by RevControl after considering both types of rates. In the rate calendar, you can access the information button for each day, which displays the specific details of the occupancy based rate and competitor based rate. The combined recommended rate is the rate that is sent to your property management system or channel manager when Auto Publish is enabled.
Furthermore, RevControl can be utilized in three different ways:
- The first method is fully manual. The Revenue Manager is responsible for manually adjusting all prices or using the "apply all recommendations" button for the upcoming 365 days.
- The second approach involves using RevControl in a fully automatic manner. In this configuration, the system will automatically update prices up to four times per hour for the upcoming 365 days. To enable automatic functionality, you can modify the auto-publish rules from 0 to 365.
- The third method of utilizing RevControl is through a hybrid approach. In this setup, the rates for the most dynamic period, such as the upcoming 14 days, are manually managed, and from day 15 onwards, the system takes over. This can be configured in the auto-publish rules by setting them from day 15 to 365.