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10 Best Market Intelligence Software

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90
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Hotel Tech Score is a composite ranking comprising of key signals such as: user satisfaction, review quantity, review recency, and vendor submitted information to help buyers better understand their products.
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COMPANY DESCRIPTION

Comprehensive database of agency bookings on the market with TravelClick’s Agency360. Get the data you need to increase bookings, shift... read more

  • Based in
    New York (United States)
  • Founded in
  • 1317 employees on Linkedin
Optimize your hotel’s pricing strategy
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90
HT Score
Hotel Tech Score is a composite ranking comprising of key signals such as: user satisfaction, review quantity, review recency, and vendor submitted information to help buyers better understand their products.
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A comprehensive rate intelligence tool enabling hoteliers to evaluate all aspects of their market and competition through a single intuitive... read more

  • Based in
    New York (United States)
  • Founded in
  • 1317 employees on Linkedin
Gain insights into your historical and future performance compared to your competitive set, by se...
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This vendor is the most popular in the category with 53 reviews across 18 countries.
This vendor is trending with growing share of voice.
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85
HT Score
Hotel Tech Score is a composite ranking comprising of key signals such as: user satisfaction, review quantity, review recency, and vendor submitted information to help buyers better understand their products.
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COMPANY DESCRIPTION

Gain insights into your historical and future performance compared to your competitive set, by segment and channel, with TravelClick... read more

  • Based in
    New York (United States)
  • Founded in
  • 1317 employees on Linkedin
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FREE TOOL Want to find out which Rate Shoppers & Market Intelligence matches your hotel’s DNA? Take the Quiz
Online distribution, Channel management, Direct bookings, GDS, PMSCRSRMS integration, Hotel websi...
55
HT Score
Hotel Tech Score is a composite ranking comprising of key signals such as: user satisfaction, review quantity, review recency, and vendor submitted information to help buyers better understand their products.
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COMPANY DESCRIPTION

As the leading cloud platform for hotels, SiteMinder allows hotels to attract, reach and convert guests across the globe. We serve hotels of all... read more

  • Based in
    The Rocks (Australia)
  • Founded in
  • 500 employees on Linkedin
Effortlessly gather market data in real-time to make better pricing and distribution decisions.

COMPANY DESCRIPTION

  Compare Rates with Competitors Use PIE to compare rates and build rules to adjust your rates based on a wide range of criteria, including... read more

  • Based in
    San Diego (United States)
  • Founded in
  • 203 employees on Linkedin

Recent Rate Shoppers & Market Intelligence articles

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OTA Insight is a new breed of hotel tech company

by
Hotel Tech Report

Last year OTA Insight passed the 40,000-property mark and, perhaps even more impressively, the firm grew to that base in less than 7 years since its founding. The company has become so significant in the rate shopping and market intelligence space that major competitor RainMaker even recently put out a press release encouraging clients to shift from its RevCaster product and migrate on to the OTA Insight platform - not something you see every day. Sean Fitzpatrick is a relatively recent addition to the OTA Insight team, having taken the CEO role in July of 2018; however, Fitpatrick is certainly not new to hospitality technology.  Prior to his current role leading OTA Insight, Fitzpatrick spent 5 years at restaurant software provider HotSchedules where he eventually rose to the COO position in 2016. While at HotSchedules, Fitzpatrick worked with hundreds of hotel F&B outlets and therefore had significant experience in the hotel software arena prior to taking the role at OTA Insight. An examination of the HotSchedules story sheds light onto recent developments at OTA Insight.  HotSchedules began as a niche product offering, scaled rapidly then added new product lines to meet the needs of its massive client base.  HotSchedules began as a labor management system then added product lines in recruiting, inventory management, eLearning and task management software for restaurants. OTA Insight has already grown beyond its original Rate Insight product having added new product lines with its Revenue Insight business intelligence solution and Parity Insight product line to help hotels better manage distribution costs and reduce reliance on OTAs. “Our mission statement is to empower the hotel industry to make better revenue and distribution decisions.” ~Sean Fitzpatrick, CEO, OTA Insight Fitzpatrick elaborated on the OTA Insight mission: “If you break the mission down a little we provide easy-to-understand dashboards with actionable insights, powered by the freshest and highest quality data in the industry.” Perhaps the most exciting piece of the OTA Insight story is the firm’s ability to serve both brands and independents.  Historically there has been a gap between the technology used by independent and branded properties but OTA Insight has proven that these two customers aren’t mutually exclusive.  There is a new breed of hotel software company that equally serves both chains and independents and OTA Insight is leading the way. This is a critical step for the industry as it opens up markets which ultimately allows tech companies like OTA Insight to invest in innovation to levels that were previously unheard of.  We sat down with OTA Insight chief Sean Fitzpatrick to talk about his storied career in hospitality tech, discuss the future of hotel tech and vision for OTA Insight. OTA Insight CEO Sean Fitzpatrick Tell us about your career in technology prior to OTA Insight. I’ve had a passion for technology from a young age. I started coding when I was 9 or 10 years old and left school at 16 to join a start-up developing business and market intelligence products for the investment community. I was an engineer by day and studied business at night-school so it was a grueling four years but a huge learning opportunity. After qualifying from college, I decided to leave Ireland to ‘see the world’ and spent the next few years traveling and working in some amazing early stage and more established tech companies. My career in hospitality technology really started six years ago when I met the founders of HotSchedules, an Austin-based restaurant tech company. I was really inspired by their vision to disrupt an ‘old school’ industry and we scaled the business to serve over 160,000 restaurants and 3 million users. What specifically excited you about OTA Insight? It was an amazing journey with HotSchedules so when I met Adriaan, Gino and Matthias, the founders of OTA Insight, I sensed that same passion and jumped at the chance to join the OTA Insight team. Our mission statement is to empower the hotel industry to make better revenue and distribution decisions.  If you break the mission down a little we provide easy-to-understand dashboards with actionable insights, powered by the freshest and highest quality data in the industry and backed by an incredibly passionate and committed 24/7 customer care team. We serve 10 of the 10 top global brands, single property independent hoteliers and everything in between.  Last year we passed the 40,000-property mark and we have customers in 168 countries around the world but the hotel industry is vast so we've a long way to go. OTA Insight's core Rate Insight product delivers actionable intelligence in a clean and modern UX When did you first become interested in hotel software? We had thousands of hotel F&B customers at HotSchedules so I hosted a number of hotel-specific focus groups and advisory boards. This gave me a good insight into the complexity of running a successful hotel operation but also the similarities with the restaurant tech landscape - a huge industry dominated by a lot of legacy on premise or homegrown systems, crying out for the next generation of cloud providers. It’s incredibly exciting to see a new wave of innovation disrupting the industry and I feel lucky to be part of it with OTA Insight. How would you characterize the learning curve moving from restaurant tech into hotel tech? It’s a steep learning curve because there are some nuances that make hospitality technology unique from other industries. For example, it’s B2B but with a very small ‘B’ where your target users are generally time-starved and running incredibly dynamic businesses within the four walls of their hotel. The customer journey and experience needs to be near seamless or you can churn customers faster than you acquire them. I was surprised by just how data-driven the industry is, in particular the Revenue Manager community. They assimilate a huge number of data points to make very dynamic decisions that have a profound impact on their bottom line. Hospitality is first and foremost a people and service-based industry but it’s amazing how many data geeks are hiding in plain sight! What makes 'hotel tech' different than just 'tech'? The hotel industry is going through a period of huge and irreversible transformation, a lot of it being driven by competition for customers’ dollars and data. The innovation cycle may have been sparked by the OTAs but it’s increasingly driven by hoteliers who are aided by the next generation of tech providers. You hear a lot of buzzwords in the industry like ‘personalization’, ‘artificial intelligence’ or ‘open APIs’ but fundamentally hoteliers are leveraging technology to do what they’ve always done - get to know their customers intimately so they can deliver a personalized experience across the entire customer journey. ‘Tech’ in many other industries focuses on process optimization or automation often at the expense of the customer experience.  In ‘travel tech’ the customer is very much in the driving seat. Do you think it's harder for hotel tech companies to raise capital relative to general tech companies? No, in fact quite the opposite. If you look at the general criteria for tech investors - a big addressable market, historical underspending on technology and business model disruption - then the hospitality technology vertical represents a huge opportunity. However, investors are looking for the right kind of investments, i.e. companies that have a good product market fit, growing in a healthy way with a clear path to profitability. What's the single biggest opportunity that hotels are missing today? It may sound a little self-serving but there’s still a huge opportunity in data and analytics. Good data enables better marketing, better pricing and better distribution. The data analytical tools that were once the preserve of larger, more sophisticated operations are now available to independent hotels. These tools enable really impactful decisions to increase revenue and improve profits - who doesn’t want that? How will the hotel technology landscape be different in 5-years? One of the most practical, pressing challenges for the industry is data integrity and connectivity across systems and networks. There's also a lot of legacy technology to refresh, introducing additional data migration and integration headaches. Hotel systems will need to integrate to deliver on some of the more ambitious business strategies so after years of investing in tech, we're seeing hotels spend more time and energy ensuring their systems play well together. A lot of the new technology providers are committed to open APIs, so we expect to see a more open and integrated landscape over the next five years that will fuel the next wave of innovation. Do you think that branded hotels have better or worse technology than unbranded properties? It's not a case of better or worse, just different. Branded properties have access to robust technology platforms that are tried and tested at scale. Unbranded properties can benefit from technology platforms that are maybe a little more bleeding-edge. Most of the new cloud-based technology providers (like OTA Insight) are providing systems that serve the needs of both segments, so the traditional lines are blurring. What's one piece of advice you have for engineers and entrepreneurs who are interested in starting a tech company that serves hotels? It's tough to succeed in the hospitality tech business but it's an amazing industry. Have a clear mission, listen to your customers and be humble - good things will happen. What's one podcast, newsletter or book that you recommend hoteliers read if they'd like to eventually move into tech? Assuming they're jumping into a tech start-up, I'd recommend "The Hard Thing About Hard Things" by Ben Horowitz because it's full of pragmatic advice for working through the tough problems faced by most tech companies. What is your favorite hotel in the world? I’m a big fan of the historic hotels in each city because they often play an important part in local history and have tons of backstories. One of my personal favourites is the Shelbourne Hotel in Dublin, founded in 1824. What is one thing that most people don't know about you? I come from a family of 12 children: 10 sisters and one brother. I learned a lot about the art of negotiation and compromise around our family dinner table.   Related Article: Eight Roads Ventures backed OTA Insight is picking up where STR leaves off

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Eight Roads Ventures backed OTA Insight is picking up where STR leaves off

by
Hotel Tech Report

In business, competition is critical.  In hotels, competition is everything.  Without understanding the competition, it's almost impossible to know how your hotel is performing.  Ok so your ADR (average daily rate) was $365 last night, what does that even mean? Is $365 ADR good or bad? Tuesdays in the hotel world have historically been a very important day.  Back when I worked as an investor in hotels we would wait for Tuesdays to get our STR (Smith Travel Research) Report so that we could see how we did the last week.  We could see occupancy, rate and RevPaR (revenue per available room) for not just our properties but also for our compset.  This data is collectively contributed to STR by hotels who want to have more visibility and transparency into local business conditions to help analyze performance and improve their operating strategies. STR is still a great resource but it was founded in 1985.  That's right, STR was founded before OTAs (online travel agencies were created).  Heck, STR was founded before the internet even existed. Knowing how your property performs against the compset each week is critical but it has limitations.  STR reports are static, delayed and tell us the "what" but not the "why".  Why didn't we get as many rooms booked as our compset last week? Were we priced too high on OTAs? Did we not make the right packaged offers? Were we not offering the right kinds of rooms? In 2012 OTA Insight founders Gino Engels, Adriaan Coppens and Matthias Geeroms got together for an analytics competition and set out to solve this problem. What they noticed was that all of this data was publicly available online and required no contribution from hotels; however, it was impossible to analyze and act on that data in real time.  During the competition they hacked together a rate shopping solution using 3rd party software that scraped data from OTA channels to provide actionable insights to hotels (Get it? OTA Insight...).  The solution they hacked together was so good that after they pitched it they had major hotel companies knocking on their door but no real product to sell. They actually didn't even have a company name at the time so they had to think fast. Given this dynamic, the team instantly knew that they were onto something. As any great entrepeneur does, they set out to build the product that those initial clients demanded and OTA Insight was born.  Today OTA Insight is used by more than 40,000 hotel clients globally, has more than 120 employees and has launched new product lines in Business Intelligence (Revenue Insight) and Direct Booking (Parity Insight).  They also recently recruited tech industry rockstar Sean Fitzpatrick as CEO. Sean was most recently at hospitality tech firm HotSchedules and previously Oracle. In 2017, after 5 years of explosive growth the firm decided to escalate their commitment to helping hoteliers wrangle and act on data to make better business decisions by raising a $20M growth equity round led by Eight Roads, the venture arm of financial behemoth Fidelity Investments.  Having invested more than $6B globally into high growth technology businesses Eight Roads has a massive support network, deep expertise and the ability to source unique global investment opportunities.  The firm has also invested in travel/hospitality startups such as Peatix, Toast POS and Toreta so they know this space well and very actively sought out an investment in the hotel technology space. We sat down with Lucile Cornet, Vice President at Eight Roads and point person on the OTA Insight investment to learn about why the firm is so bullish on hotel tech, how the market is evolving and why they're so excited about the road ahead for OTA Insight.   Read authentic OTA Insight reviews from hoteliers like you   How did you get into venture capital? I’ve always been excited about the idea of working with tech entrepreneurs. The journey of a startup founder is often long and very bumpy. I am passionate about supporting fantastic European startup founders in their journey to disrupting large markets, creating jobs and breaking barriers!  Tell us a little about Eight Roads and your hospitality investments. Eight Roads is a global investor with offices in the US, Europe, and Asia - in the last 10 years we’ve invested over $6bn into growing companies. In Europe, we recently launched a $375m fund for technology scale-ups - companies that have already found product market-fit and are in the process of expanding into new geographies, scaling their operations and sales teams.  We led OTA Insight’s $20m growth round in 2017. OTA Insight is on fire right now, what has enabled the business to stand out in the hyper competitive hotel tech marketplace? Founded in Belgium by three co-founders, Adriaan, Gino and Matthias​​, OTA Insight has become​ the leading cloud-based data intelligence platform for the hospitality industry. With a portfolio of products such as Rate Insight, Parity Insight and Revenue Insight, OTA Insight provides business intelligence to hospitality groups, chains, management companies and independent hotels​. OTA Insight has just reached a milestone with 40,000 hotel partners globally, including brands such as Accor and Best Western. This growth has happened in just five years. It uses publicly available market data to help accommodation providers make more informed ​pricing and distribution ​decisions, ​including pricing​ ​and channel ​strategy, demand forecasting, and competitor ​intelligence. In addition to ​Rate Insight and Parity Insight, the company launched Revenue Insight​ in 2018​, a BI product that allows accommodation providers to analyse their own data to better understand the drivers of their historical performance across channels, room types and customer types. Today, over 40,000 hotels are using ​the ​OTA Insight platform across ​168 countries. Screenshot of OTA Insight Parity Insight Dashboard   People often say that hotels are a bit slow to adopt technology. Do you agree?  The hospitality industry has historically lagged in technology adoption. According to Gartner, it is one of the verticals with the lowest spend on technology (~3.5% of revenue in the hospitality industry versus up to 8% in financial services is spent on technology). This is starting to change. The industry is under an unprecedented amount of pressure due to the rise of the OTAs, the competition from vacation rentals, and the constant rise of customer expectations, who expect the hotel experience to move from transactional to experiential. This will push accommodation providers to adopt technology at a greater pace. Data and analytics are at the core of this growth, as accommodation providers seek to better understand the increasingly competitive market environment and drivers of their own performance. Incumbents in the space mostly rely on outdated technology and raw data feeds, which only works for larger hotels that have a dedicated revenue management team. How did you come across the OTA Insight investment opportunity? We had been looking at hotel technology as a theme, and had known OTA Insight since 2016.   Hotels have relatively low margins and little extra budget to spend on technology. Startups should be very crisp on what ROI they are bringing to customers and how they can demonstrate it.  OTA Insight checked that box for us. What's the most surprising thing that you found when performing due diligence on the hotel software market? What I found surprising is the size of the market. If you look at hospitality and vacation rentals, you quickly realise that it is an enormous industry. I believe there is immense potential to build sizeable technology companies targeting the needs of accommodation providers.  If you were leaving venture capital tomorrow and forced to start a hotel technology company, what would it be and why? I think it might be something around allowing guests to choose and tailor their hospitality experience. Give them credits to spend on what they like, from wifi, to two hours in a gym next door, to Netflix access for the night, or a set of extra cosmetics. I think the era of hotels trying to be everything to everyone is over. What is the best book you've read lately? “Grit” by Angela Duckworth. It shows that everything is a matter of sheer will and determination. I find that reassuring. Everything is possible. What is your favourite podcast? How I Built This with Guy Raz - it tells the stories behind some great companies, including Instagram and Airbnb What is one thing that most people don't know about you? I have the memory of a goldfish. To compensate, I am very organised and take a lot of notes! For all the startups that might want to pitch in your office, what can you tell them about your investment criteria, etc. to help them decide if they are a good fit for your portfolio? If you are the founder of a tech company with at least a few million of revenue, good traction, and early proofs of product-market-fit, we would love to meet you! You can write to me at lucile.cornet at eightroads dot com.  

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The top tech tools you need to improve your revenue management

by
Hotel Tech Report

Revenue management has made great strides in recent years. The transition to cloud-based systems built flexibility into the software development process, accelerating the pace of new features. The shorter cycles allow the software to more accurately meet the evolving needs of hoteliers. This is a relief to many hoteliers with less-than-pleasant memories of the shackles of frozen legacy technology. “Hotels face large hurdles to shrug off legacy back-end systems. Revenue management and the related issues of marketing and distribution require a full set of data to be done right.” -Skift A review of today’s revenue management technology highlights just how far the industry has come in fulfilling a vision of connected revenue management systems that use data to dynamically price room inventory. Real-time, data-driven intelligence now comes standard in the industry-leading tools.   An agile approach to releasing new features is also a requirement. As the industry experiments with new ways to sell its inventory, such as attribute-based selling, the best revenue management software anticipate change, test features, and deliver on the promise of true revenue optimization. Even so, only 1 in 10 hotels deploys some level of revenue management software, due largely to the complexity of practicing proper revenue management. A comprehensive approach to revenue management generally includes a solution from each of the following categories: CRS, RMS, rate shopper, and business intelligence. Some solutions offer more of a one-stop-shop, while others overlap. Whether you choose to stick with one multi-purpose solution or craft a bespoke tech stack, be sure to prioritize agility, flexibility, and extensibility. You want a vendor that keeps ahead of the trends, while also offering a flexible product that can be customized to your needs through flexible implementation and extensible integrations. With that in mind, here are the top tools you need to improve your revenue management, as rated by the Hotel Tech Report community of verified customers.   Central reservation systems (CRS)  The central reservation system is the heart of revenue management. Everything pumps through the CRS: each reservation is processed and managed in this centralized hub which prevents double booking and keeps availability updated in real-time across all systems and channels. As such, the CRS acts as your distribution hub. Any inventory distributed to third-party channels will flow out from the CRS via a two-way connection that pulls inventory once its booked while also pushing out newly available inventory for potential booking. While there are technically CRS platforms that do not automate availability across channels, this approach is not recommended. Manual updates to third-party channels nearly always result in double-booking. That being said, some may prefer a basic CRS augmented with a channel manager. Desirable features: XML connectivity to your preferred third-party channels, extensible modules that allow you to reduce the clutter of unwanted features; decent reporting with visibility into channel profitability; integrations with your other technology solutions; 99.9% uptime; 24/7 customer support; compliance with global security standards. The top three central reservations systems solutions: TravelTripper. The TravelTripper CRS integrates with major PMS software to ensure accurate distribution of rates and availability. Windsurfer by SHR. The Windsurfer CRS features an Internet Booking Engine (IBE) to merchandise and sell your rooms, packages, and add-ons in any configuration. TravelClick’s iHotelier. The CRS from TravelClick maximizes visibility across all distribution channels and drive demand to your property, with a focus on direct bookings. The Travel Tripper RezTrip CRS dashboard is intuitive as it's booking engine is beautiful   Related article: Why these 3 hotel groups love Travel Tripper's RezTrip CRS Revenue management software (RMS) Revenue management software, also known as revenue optimization (RO), focuses on optimizing revenue through better pricing decisions. While inputs vary across solutions, the two primary factors that determine price are the demand forecasts for an individual property, as well as the local market’s popularity. Automation factors heavily in RMS, although some solutions provide levers to control these pricing decisions manually. Desirable features: real-time direct connects to the distribution channels you use most; real-time calendar updates of new bookings and cancellations; demand-based pricing optimization at both property and market level; integrated demand forecasting to inform pricing decisions; customizable levels of automation for adjusting pricing in real-time; easy integrations with your CRS and business intelligence tools. The top three revenue management software solutions: IDeaS G3. One of the largest incumbents, IDeaS is a division of global conglomerate SAS. The company serves 10,000 properties with its revenue management software that increases “better revenue” opportunities across the entire hotel operation. Duetto Gamechanger. Duetto’s “revenue strategy platform” focuses on pricing decisions based on micro-segmentation, which means that each channel, room type, and segment can be independently yielded in real-time. Atomize. The only startup on the top three, Atomize’s cloud-based system can fully automate pricing decisions, or provide pricing recommendations based on revenue urgency for manual adjustment.   The IDeaS G3 dashboard seamlessly blends automation with self service Related articles: These are the 6 most powerful IDeaS G3 revenue management software features and services   Atomize founder on automating revenue management   Rate shoppers Rate shoppers save time. Lots of time. Only recently, a revenue manager would pull rate data from the competition in a spreadsheet to track changes. Or perhaps rely on a rudimentary module baked into an existing technology solution. Today’s rate shoppers make manual updates and inaccurate competitive rates a thing of the past. A rate shopper has two primary functions: to see how your hotel’s competition is pricing rooms and to identify channels that violate parity agreements. This information can then be used to react to competitor pricing and to rectify parity violation with offending channels.  Rate shoppers are the most easy-to-implement revenue management solutions. As they shop publicly available rates, there’s no integration hurdle to clear. Within a few days, a hotel’s rooms can be mapped, its competitive set defined, and reports pulled that accurately guide pricing decisions.  Desirable features: Rate data pulled from sanctioned direct API connections; robust room mapping that allows you to build an apples-to-apples comparison; easy-to-understand visual reports that identify parity violations; comprehensive event schedule to accurately identify factors impacting market demand.  The top rated rate shopping solutions: TravelClick Demand360. Recently acquired by Amadeus, Demand360 offers a segmented view of historical and future pricing across the market and a hotel’s competitive set. Rate Insight by OTA Insight. A relative newcomer, OTA Insight’s Rate Insight product has captured a sizable chunk of the market with a focus on data visualization and ease of use.   Business intelligence If the central reservation system is the heart of revenue management, business intelligence is the brain. Your BI system will process and analyze your hotel’s data, alongside market demand data, and deliver insights that help you understand performance. It’s true that most revenue management software has reporting functionality. However, the more data-hungry visualizers won’t be satisfied with limited analytics and reporting. BI solutions unlock insights hidden in data, while also providing a gut check for hoteliers with robust reports. Since BI tools are integration-heavy, they often paint the most accurate picture of a hotel’s performance. By pulling in data from multiple sources, BI improves the accuracy of its own analysis and insight into the true state of a hotel’s revenue forecasts. Desirable features: Customizable reporting according to your own individual KPIs; real-time connections across your hotel’s tech stack; visual dashboards that are easy to understand; exportable reports to share with your team.  These are the top three business intelligence solutions for hotels: HotelIQ. The HotelIQ solution pulls in data from the property management system, as well as other connected operational software, to glean insights. Reports can be at the property level, portfolio, or brand. Revenue Insight by OTA Insight. The business intelligence tool from OTA Insight features a flexible approach for smarter hotel analytics. Year-over-year performance is trackable and combines future and historical performance.  Juyo Analytics. Juyo Analytics uses dashboards for data visualization, forecasting, and revenue pacing. The tool also allows for productivity tracking of sales teams.   Related article: Hotel analytics series pt 1: Why your reports are not analytics Channel managers  A channel manager is a specialized tool for those hoteliers seeking much tighter control over where and how inventory is distributed. If the CRS is the heart, the channel manager is the valves, controlling where your inventory flows. Many RMS solutions have integrated channel managers, so this may be redundant functionality for some. Nonetheless, for those looking for a light-touch software approach that doesn’t involve RMS, a channel manager can be used in conjunction with a CRS and rate shopper to adjust pricing based on internal property targets and external demand factors.  Desirable features: Easy, stress-free connectivity to your CRS; ability to update the content of individual room types across channels; allocation management to control availability on each channel; consider GDS/metasearch connectivity; decent reporting that provides visibility into channel profitability and booking trends. These are the top three channel managers for hotels:  MyAllocator by Cloudbeds. The Cloudbeds channel manager connects the property management software in real-time to global distribution channels, including Airbnb and niche sites for hostels and backpackers. SiteMinder. With 350 direct connections to distribution channels, as well as 250 integrations with popular hotel software, SiteMinder’s channel manager has wide reach. Cubilis by Stardekk.  Stardekk's channel manager helps with online management of availability and rates on many booking channels. With their integrated booking engine is you can receive commission-free bookings through your hotel website.       Related article: SiteMinder CEO: "Best-of-breed solutions for every type of hotel"

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8 Products to Help You Replace Booking.com's Rate Manager

by
Hotel Tech Report

Booking.com is closing it's rate manager tool according to a report from NextGen Opti and if true it will leave hoteliers everywhere clamoring for new platforms that can work within a similar budget and functionality so we put together a list of platforms that you should check out.  Don't stress, this could actually be a good thing - do you really want to let Booking.com make your pricing decisions and use that data to drive more OTA bookings at high commissions?  Relax, Hotel Tech Report has got you covered with good and cost effective alternatives to Booking.com's Rate Intelligence products. GoldenEye: For a Seamless Integration with AxisRooms' Award Winning Channel Manager The AxisRoom business was built to solve historically complex distribution problems for hotels with sophisticated technology that is both state of the art and easy to use for hoteliers.  They won the competitive Channel Management category in the 2018 HotelTechAwards so you know their products are worth a look.  With GoldenEye hoteliers can derive insights by observing competitor pricing patterns, manage rate parity, analyze online ranking on each channel at the city or micro-market level and benchmark each room type against the competition for an apples-apples rate comparison.   Rate Insight: Powerful Technology from the Company Who's Taking the Market by Storm with it's Recent $20M in Funding OTA Insight delivers innovative, easy-to-use technology solutions to maximize online revenue for hotels of any size.  OTA Insight's rate shopping platform is a solid alternative to Booking.com's rate intelligence product and takes the stress out of driving occupancy with competitive pricing so you can focus on guest experience.  OTA Insight helps you with rate intelligence, rate parity, demand and events tracking, ranking and review analytics - all with the goal of keeping an eye on your market and the local competition.   HQ Plus: German engineering is always a safe bet HQ plus offers hotel revenue managers a cloud-based competitor analysis tool monitoring price developments, area demand and events in real-time. They support hotels in strategic pricing decisions keeping them a step ahead of their competition.   Rate Shopper: Market Intelligence from a Company that Builds Products for Every Hotelier's Needs RateGain has Rate Intelligence and Competitive Intelligence tools to help your hotel stay ahead of the competition.  They help hotels with pricing strategy by providing them data in an easy to absord and intuitive UX platform.  They use data from more than 500 sources to empower clients with real time, historical and forecasted future data.  Rates include mobile, geo-based, member rates and rates to track VAS inclusions like wifi, airport traffic, and more.  Lybra Tech: Lead by Data Scientists and ex- Booking.com Backgrounds Lybra Tech Hotel Revenue intelligence is a fast growing company which wants to democratize the use of Big Data giving driven access to information to expedite decision making and to uncover market opportunities. 100% connected with both hotel PMS (property management system) and channel manager to offer the best experience in terms of time saved and data accuracy.   Atomize: A New Innovative Player in the Market that Can Automate Your Revenue Management Workflow Hotels typically either spend too much time trying to identify the optimal price point for available rooms or they simply do not because they realize it is too complicated. For a typical hotel that offers 5 room types with 4 available options (with or without cancellation & breakfast) with the intentions to update its prices once an hour one has to perform more than 64 million price updates a year - no more words needed to be said. Atomize is the remedy to this and offers hoteliers to increase their revenues by automatically setting the right price at any given moment, for every room and booking type, through state of the art machine learning algorithms. Real-time data from competitors, web-searches, and the PMS are continuously optimized to help hotels predict and optimize revenue.   Pace: A London Based Revenue Management Startup Worth Checking Out Imagine knowing what every booking curve will look like ahead of time. Pace gives you the ability to forecast booking curves for each night, room-category and segment. This means that you are alerted to unusual patterns as soon as they happen and can respond immediately   OutPerform: An Affordable Player with Diverse Solutions to Replace Booking.com Rate Manager Today, Hotels have to analyze, predict, optimize and eationalize lots of Data in real time, and then distribute their rooms to an ever growing number of sales channels and dynamically manage the best price to sell them at. Now as a Hotel Chain, or individual Hotel you cannot "simply throw out all your Software and Hardware with the bath water"​, Next-Gen-Opti Solutions help you build real flexible solutions for the Hospitality Industry. We take away your dependencies and give you a healthy measure of independence. Rate 360: Tried and True Solution from an Industry Powerhouse TravelClick's Rate 360 product will smooth the transition from Booking.com's rate intelligence tool for those who expect corporate professionalism of a large corporate partner. Rate 360 is a comprehensive rate intelligence tool enabling hoteliers to evaluate all aspects of their market and competition through a single intuitive interface. Get fast answers to critical questions affecting rate decisions. Analyze rates by what matters most. View rates versus the comp set on any date or month. See how prices have changed and where they’re going in the future. Set pricing alerts that let you respond to changes in the marketplace. Prophet: Simple and Cost Effective Market Intelligence from SiteMinder Prophet is a real-time market intelligence solution that takes the guesswork out of pricing rooms.  SiteMinder is always a safe bet for cost effective and intuitive software that will get you up and running quickly.  This might be the closest comparable product to that you've been using with Booking.com and BookingSuite's rate intelligence tool. RateBoard: Fully Automated Rate Recommendations with a Clean UX Rateboard combines high quality technology with experienced revenue managers to increase the average rate and to improve revenue and profit. They put together tailor made solutions for the individual needs of every hotel so clients can achieve their set goals. For European hotels that need some extra firepower in their RM departments RateBoard is a solid option.

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Supply and demand policy: the destination alone will decide

by
Hotel Tech Report

For a few years now, the profitability of our industry has been shrinking for a number of reasons including heavy taxation on a sector that, in 2015, represented more than 7.2% of French GDP (transport, accommodations, catering). The second is that the hotel business benefits from a speculative bubble linked to real estate and very high initial investment levels. If you respect the 1000th scale rule, the prices that ought to be set are much higher than what the client is willing to spend, and all the more so since the development of alternative accommodations offers that are priced much more competitively than traditional hotels. With more and more competitors in the starting blocks it is time to redouble our efforts to achieve consistently competitive performances and stay on the podium.The decline in productivity combined with very high prices directly impacts occupancy rates and the competitiveness of our hotels. The rise of new destinations on the world stage increases the pressure on prices and encourages operators, owners and investors to postpone their capital expenditures. This renewal and repositioning of supply is vital for the sector, yet the absence of inflation and the lack of tax incentives are major obstacles. The sector lacks dynamism and only has its margins to carry out renovations and / or launch more attractive and competitive new concepts.If the government and public authorities need to offer any incentive, it must be reasoned and coherent in order to level the playing field between investments in the hotel industry and those in industry which are currently being widely favored. It is important to encourage more new projects and to have a medium- and long-term vision of the French hotel market by focusing on destinations with real development potential and a real need for new accommodations to absorb demand that is truly destined to develop. It is no longer a question of satisfying the political ambitions of elected officials who wish to meet the expectations of their constituents but to check who is performing well and why, and where will growth really be in the future.The destinations where investment is needed are currently undergoing major changes and benefit - or will soon benefit - from a coherent strategy in tune with customer expectations to maximize their appeal to potential tourists. Easy and competitive access, differentiating and comprehensive services and leisure offers, quality accommodations, well positioned communication in connection with the assets of the territory ... It is not renovating outdated properties that are unsuited to current service quality or environmental quality standards for the umpteenth time that will resolve the lack of competitiveness of destinations in France. Doping is not a viable solution for the French hotel industry. Some destinations were strong in the past but are no longer or will not be competitive, it will be necessary to redirect investments where there is real potential.In order to truly reach the benchmark of 100 million tourists in 2020 and take full advantage of the opportunity offered by the Olympic Games in 2024, as London did with the Olympics in 2012, it is necessary to ask the right questions and adopt the right strategies. It is not through the work of operators that the competitiveness of accommodations will return but through promoting the development of intelligent destinations that will become the locomotives of France in terms of tourist activity. To ensure that this opportunity benefits France and its entrepreneurs as much as possible, we are working as a team now and are building a medium and long-term winning strategy that is also profitable to make France a destination worthy of the global competition it will host in 2024. It is by detecting the potential of our young athletes that we can bring them to victory.

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Market Intelligence Software Category Overview

What is market intelligence software?
Defining “market intelligence” in hospitality, or any industry for that matter, is quite simple… it’s the general understanding of any information relevant to your market and using that aggregated data to make confident business strategy decisions. For hotels it’s about understanding your competitors’ pricing strategy and demand forecasts in real-time, being aware of local events and other seasonal occurrences along with weather conditions that impact overall market demand, and using this information to adjust your pricing and revenue management strategy accordingly.

Market intelligence tools help hoteliers make more informed decisions on pricing and revenue strategies. Previously manual processes, such as monitoring competitors’ rates, managing your own property’s (or properties’) rate parity across multiple channels, predicting your competitors’ demand, pulling local event and weather data, etc. are now fully automated. For those who operate a broader portfolio, the time savings is multiplied for each property under management.

How can market intelligence software improve profitability and efficiency?
  • Increased RevPAR: Understanding your market allows you to make informed pricing strategy decisions. 
  • Lowered operational costs: What used to take hours of manual process now takes minutes, even seconds. Your revenue managers can refocus that time and energy to other tasks to optimize revenue for the hotel. 
  • Implement a set strategy: Fresh market intelligence provides a clear understanding of competitor rate strategies, clearing the way for your hotel to develop their own defined rate strategy

What are the most important features of market intelligence software?
Accuracy Always know with accuracy how your competitors are pricing similar inventory Personalization Customized dashboards make the product your own Complete data Be sure to collect complete data that reflects all room and rate types for best comparison Localization Understand local events, weather and other demand drivers On-demand rate shopping in real time Obtain data for specific dates when you need it

What makes great market intelligence software?
The best market intelligence software for hotels provides accurate data collected through real-time rate shopping capabilities.  Market intelligence software should also provide an excel tool for flexible data analysis as well as an API for easy connectivity with your revenue management system, property management system and other data sources.

What is the typical pricing for market intelligence software?
The pricing of market intelligence tools is based on the amount of rate shopping the hotelier would like to receive on a daily, weekly or monthly basis, the number of hotels to be compared against, and the number of channels to be shopped. Everything can be customized to meet specific needs.
A sample starter package for a set monthly price could include: A handful of comp hotels Several channels unlimited live Expedia re-shops.

Each hotel needs to evaluate what will work for them and if specific reports will need to be built to meet specific needs so that the hotel has the best opportunity to maximize revenue. They also should consider if support packages and the ability to make changes as needed are included in cost or come at an additional fee. A Premium package could include multiple daily 365-day reports at over $500 a month.

How long does it usually take for a hotel to implement new market intelligence software?
On average, it takes 2 business days to launch a hotel from the time of receiving the setup information to delivery of the first reports.

Once information is received there should be no downtime, as there is no integration required or data migrations. Ideally some form of training, whether live or through short videos, could be provided to assist in the adoption once integrated.

How do I know when it’s time for my hotel to move onto new market intelligence software?
If your hotel collects their rate shopping data via API then this is a no brainer, because it is a one-time mapping. A quality market intelligence tool will supply the data exactly where it was before, making it so there is no impact on the user. The ideal situation is that you are choosing a tool with the intelligence to quite simply switch off one tool and start the next moment with the new one – potentially even having them run at the same time for a period of time. This allows for zero risk. Prior to a switch, training and a trial are great options to get everyone accustomed to the new system before the old one goes down.