As a hotel or revenue manager, you need access to a range of hotel software solutions for managing everything from your bookings to your F&B revenue streams, sustainability practices, and online reputation. Building the right tech stack can help you automate and streamline your processes so that you have easy access to all the data you need to manage your business and promote revenue growth and total profitability.
Here are 5 essential hotel software tools that you need in order to build an effective revenue management tech stack.
Online Reputation Management tools
Reputation has never been so important. These days, before most customers make a booking, they look online for assurance that a hotel delivers on its promise, and they will get a positive guest experience for their money. If a hotel receives negative reviews on a regular basis, then customers will be very unlikely to make a reservation. Instead, they will search for nearby hotels with better reputations. In fact, reputation is so powerful that it has the potential to make or break your business. That’s why it’s so important to have access to the right reputation management tools to monitor the reviews that guests leave online. By acting on the feedback you collect you can make positive changes and improve your brand reputation.
BEONx’s Hotel Quality Index™ (HQI™) enables you to monitor your hotel’s quality/price positioning in the market, taking into account your online reputation. You can use the system to collect daily feedback on your online reviews and ratings and calculate a quality score for your hotel. That way, you can measure the value perception of your hotel and services and calculate your level of consumer trust. This is all highly valuable information that you can use to identify recommended pricing strategies that will attract more guests to your hotel and boost your total revenue streams.
Direct booking growth tools
Direct booking growth tools help you boost your direct channels and cut distribution costs. The right hotel software solution can help you build your online presence and reduce your reliance on third-party OTAs.
For instance, you can use these tools to digitalise the guest experience and attract more high-value guests to your hotel. You can also use direct booking growth tools to enhance the appeal of your website so that more customers are encouraged to book directly with you instead of opting for an OTA. Examples of this include real-time price comparison widgets or pop-ups for promoting your ancillary services as extra perks. Another great solution is adding a chatbot to your site so that site visitors get the opportunity to ask questions before making a booking.
All these solutions can help you personalise your booking experience, build consumer trust, and communicate the added value that you can offer direct bookers.
F&B revenue systems
A robust F&B revenue system can help you build dynamic pricing and menu engineering strategies that boost the revenue that you generate from your ancillary services. That way, you can develop a total profitability approach to revenue management that optimises your streams and secures your position as a relevant player in the future of hospitality.
For instance, you can use this type of hotel software tool to:
- Maintain a database of guest preferences.
- Create detailed guest profiles.
- Monitor purchasing habits.
- Track inventory levels.
- Manage staffing requirements in line with anticipated demand.
- Optimise your table turnover rate.
- Integrate F&B data with your existing tech stack (PMS, CRM, central reservation system, etc.)
All this provides you with valuable insights that can help you convert your F&B services into powerful drivers of revenue growth.
Sustainability management systems
A sustainability management system is a form of hotel software used to manage all your sustainability initiatives and green policies. You can use this tool to measure your impact on the environment and create benchmarks to improve your environmental performance. All this is important for reducing the carbon footprint of your business and making a positive impact on the planet. However, it’s also a powerful lever for enhancing your guest experience.
Why? Because consumers are becoming increasingly aware of the impact of climate change. They are now looking for brands that promote social and environmental responsibility and follow ethical and sustainable business practices.
The right sustainability hotel software can help you track your carbon footprint, monitor and reduce your water and energy usage, and improve your sustainability reporting capabilities. All this is highly valuable for guests and investors alike. Plus, with quickly evolving legislation in this area, sustainability will soon be the norm. It’s best to get a head start now and develop your unique value as a sustainable and ethical hotel.
Profitability management platform
Finally, perhaps the most essential hotel software solution that you need in your business is a profitability management platform. In fact, this tool is fast becoming the revenue optimisation software most used by hoteliers.
A profitability management platform collects all the data gathered by your various hotel software tools and displays it through a centralised interface. This gives you easy and intuitive access to all your descriptive, prescriptive, and predictive data analytics so that you can design and implement actionable strategies for revenue growth. This is what’s known as a total profitability approach to revenue management.
With total profitability, the focus is on enhancing your guest experience so that you can develop enhanced revenue streams at each touchpoint in the guest journey, boosting your overall profit. With a total profitability management platform like BEONx’s hotel software solution, you can identify which touchpoints in your guest journey you need to improve and where there are additional opportunities to generate revenue. That way, you can design more effective and appealing revenue streams that enable you to better target high-value guests and achieve long-term sustainable profitability.