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Tech Trends

Why generic RMS are not the best option to manage Revenue Management in independent hotels and hostels

Hello hostel owners! We know how important it is to maximize the income and profitability of your business. In this article, we are going to talk about generic systems of Revenue Management (RMS) and why they are not the best option to manage your revenue management. In addition, we will tell you why it is important to consider personalized solutions offered by specialized companies. Keep reading!

1. Adaptation to your business:
Each hostel is unique, with its own characteristics and needs. A generic system like RMS does not take these particulars into account and can lead you to make inappropriate pricing decisions. You need a solution that adapts to your reality and allows you to make better decisions.

2. Segmentation of demand:
Demand segmentation is key to establishing effective pricing strategies in Hostels. A generic system may have limitations in this regard, such as inconsistencies in the data from the shared inventory, which prevents you from effectively applying differentiated prices according to the type of customer, demand, or special events. You need a personalized solution that allows you to segment accurately and adapt to your business.

3. Integration with other systems:
We know that your hostel depends on multiple systems for its daily operation. A generic system like RMS may struggle to integrate effectively and in real-time with these systems, which can lead to data synchronization issues and inefficient management. You need a custom solution that integrates seamlessly with your existing systems.

4. Accurate analysis and forecasting:
MS uses standard algorithms that, in most cases, are developed for the large hotel chain market, where they earn the most money, and do not accurately reflect the specific demands of your hostel. You need a customized solution that considers unique factors that affect the demand of your business. This will allow you to make more informed decisions.

5. Specialized support:
Technological companies specialized in Revenue Management for hostels not only offer you the necessary software but also the support of professionals with experience in hostels. They understand your challenges and can provide personalized advice. A generic system like RMS may lack this level of specialized service and support.

Unlocking Success: Tailored Solutions for Independent Hostel Revenue Management

As an independent hostel owner, it’s important to consider the drawbacks of generic revenue management systems. You need a customized solution that adapts to your business, allows you to segment your objective demand, integrates with your existing systems, offers accurate analysis and forecasting, and has specialized support. By making informed decisions and using the right tools, you will be able to maximize your income and ensure the long-term success of your business.