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REVENUE MANAGEMENT
The The Woodmark Hotel & Still Spa Successfully Upgrades from RMS to G3 RMS
Verified case study
Hotel Tech Report has reached out to hoteliers at The Woodmark Hotel & Still Spa to verify this case study.
The Woodmark Hotel, an independent boutique hotel nestled in Kirkland, Washington, boasts breathtaking views of the mountains and the bustling cityscapes of Seattle and Bellevue. Renowned for its luxury offerings, this unique establishment had long been leveraging the power of IDeaS RMS.
Why it matters:
However, the changing market dynamics highlighted the need for more advanced and granular data analysis to enhance their revenue management strategy.
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The Woodmark Hotel's experience with RMS had been largely positive, but the post-pandemic era brought about significant market shifts.
Top 3 Core Objectives:
Implement a more robust data solution for dynamic pricing and market analysis, especially after their recent separation from a larger corporate group.
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Optimized Pricing by Room: Woodmark needed to identify a tool capable of granular demand analysis and decision-making at the room type level.
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Improve Group Pricing: Woodmark sought to improve and streamline their group pricing evaluation and sales process.
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Understanding Pricing Impact: The team at Woodmark sought better clarity into the overall impact of potential pricing changes.
Innovators Mentioned
The Woodmark Hotel & Still Spa
IDeaS
Michelle Li
Hotel Tech Report reached out to Michelle Li who verified this case study.
Director of Revenue
The Woodmark Hotel & Still Spa
"Having a more advanced form of technology helps us in the revenue management aspect and holds us in a more beneficial position in reading the market, analyzing what’s going on, and gives us more insight without the corporate umbrella."
Michelle Li
Director of Revenue
👍 Director of Revenue
Michelle Li
said that Elevating Revenue Management: The Shift to G3 RMS:
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"Having a more advanced form of technology helps us in the revenue management aspect and holds us in a more beneficial position in reading the market, analyzing what’s going on, and gives us more insight without the corporate umbrella."
⚖️ The selection process:
During their research process, Michelle Li
evaluated IDeaS's product differentiators, customer support, and holistic value as a strategic partner and ultimately decided that IDeaS was the best fit solution:
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Director of Revenue Michelle Li said, about their decision: "It’s like having a crystal ball into the future."
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The results:
With the implementation of G3 RMS’, Woodmark was able to apply new capabilities like pricing optimization by room type, group pricing displacement analysis and “what if” pricing analysis tools to better manage their revenue strategies.
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“What If” analysis tool provides revenue manager better understanding of overall impact of pricing decisions.
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Group Pricing evaluation tool helped streamline group sales process and improve speed to approval.
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Improved, granular demand forecasting by room type facilitates complex, holistic pricing strategies.
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