This spring marked a major milestone for Rainmaker with the acquisition of revcaster. The addition means Rainmaker can now claim the most comprehensive suite of profit optimization solutions available to the hospitality industry. revcaster’s flexible, cost-effective software helps hoteliers monitor rate parity, ensure pricing strategies reflect dynamic market conditions and, ultimately, help drive higher profits. This is a significant step forward for our company and offers a wealth of benefits to our clients.
revcaster collects market-specific hotel price information from hundreds of branded sites and online travel agencies and provides easy-to-use dashboards, reports and data downloads all easily configured to meet unique needs. What’s more, pricing data can be easily integrated into any leading revenue management tool or PMS.
If this sounds like a revenue manager’s dream, perhaps it’s because revcaster’s founder, Daniel Wise, is a former revenue manager himself. Drawing on that insider’s perspective, he and his team have created a hotel rate shopping product with several impressive points of difference. Here’s what sets it apart:
- An extremely intuitive user interface that requires little to no training. Hover-over, pop-up, and hot link drill-down capabilities make it easy to access a great deal of supporting detail. These include click-through on channel/source icons that take users directly to the live site to view real-time rates.
- A brand-new room category feature that allows users to map room types from their branded channel to room types on their selected OTA channels and the GDS. This feature enables the room category selection in the Channels Tab so that users can identify parity by specific room category.
- A Rate Index Calendar (pictured above) that displays daily rates indexed to comp set rates. An overlay shows events occurring on any selected day. Color coding helps users easily determine if their rate strategy is being realized and draws attention to days that have potential pricing opportunity.
- A Rate Grid loaded with insightful metrics, including a current eight-day weather forecast overlay – an ideal feature for markets in which weather can significantly impact near-term demand.
- Great flexibility – users can dynamically filter displays to isolate channels or rate types, or to rearrange the order in which their comp set appears in various displays. Users can also dynamically change the composition of their hotel’s comp set, instantly dropping and adding competitors whenever it makes sense.
- Rate Parity monitoring that clearly highlights any compliance issues and provides drill-down to underlying details.
- Volatility Chart and Rate Plot displays for those who want to dive deeper. These views allow users to easily analyze comp set rate behaviors and identify rate leaders and followers.
- A scalable, multi-property version that enables revenue managers responsible for a portfolio of properties to easily monitor all of these metrics, and focus time and energy where it can have the most impact.
- For all of its robust functionality, pricing for revcaster is typically priced far less than most other providers.
Best Western Doubles Improvement with Rate Shopping Software
Best Western International first implemented revcaster’s competitive rate shopping tools in 2012 as the economy came out of the recession and the company sought to help its properties raise rates. Since then, Best Western has seen a considerable ADR increase at its member hotels that take advantage of the tool. According to Patti Halter, CHA, director, revenue services, “We check properties that do not actively use revenue management services against revcaster. In some cases, our revenue-managed properties show double the improvement of our non-revenue-managed properties.”
She continued, “Just as important, revcaster’s comp-set pricing tools are easy to use by hotel staff with limited or little technical training.”
Best Western’s positive experience has led the company to use revcaster exclusively starting this year. The product is now installed at 2,100 Best Western hotels in North America and another 300 across the globe.
For a quick but thorough introduction to all of its features, you’ll find a series of excellent tutorials, narrated by Wise himself, on the revcaster website. I encourage you to take a few minutes and see for yourself how simple and effective this tool is. I think you’ll agree it’s a game changer.