2. Revenue Management

3. How do we price right to maximize revenue?
Raise/Lower Rate Strategically
Optimize Discounting
Change the Customer Mix
Market, season, demand & competition
Special Event pricing & restrictions
Price by room type
Promo & APR discounts & availability
Corporate negotiated rates
OTA availability
Evaluate segments by rate, stay patterns, contract terms
Grow higher-rated business & shift away from lower rates

4. Are you signed up with ChoiceRM?
Dynamic Pricing Environment
Possibly a fit for ChoiceRM
Likely a good fit for ChoiceRM
Less than $1M GRR
Above $1.5M GRR
SmartRates
Possibly a fit for ChoiceRM
Static Pricing Environment

5. 31 Ascends have signed up for ChoiceRM
Average GRR $2.6M
19% of Ascend hotels
27% of Ascend revenue is being managed by Choice Revenue Managers

6. Here’s How it Works STR review and analysis
Revenue Strategy Call
Services Included
Additional Services
Group Strategy & Pricing Review
Group Displacement Analysis
Rates Center, SmartRates and choiceADVANTAGE System and Report Training
Sellout Efficiency Analysis
with Reports and Strategy Recommendations
Annual Performance Review
Pricing Structure Analysis
Business Mix Analysis
Channel Analysis & Strategy
Corporate Pricing Analysis & Strategy
OTA & Opaque Analysis
Promotion Strategy & Analysis
STR review and analysis
Segmentation Analysis
90-day Strategies
Review of SmartRates Pricing Recommendations & Forecast
Future Pace & Pickup Analysis
Strategies for Special Events
Revenue Meeting Recap

7. ChoiceRM and SmartRates work Together to drive revenue
SmartRates is a tool used by properties and their Revenue Manager to price right
ChoiceRM revenue managers are skilled at interpreting your SmartRates recommendations and optimizing the Forecast
Partnership
SmartRates fees are included in the ChoiceRM services and pricing
SmartRates provides BAR pricing recommendations that the revenue manager incorporates into the overall strategies of your hotel

8. SmartRates drives revenue for the most engaged* hotels
These users represent all brands and market types
Market Type
Small Metro/Town
Suburban
Urban
Interstate
Airport
Resort
*Accepted at least 20 recommendations per week

9. Easy to use on the go – SmartRates is mobile friendly

10. More flexibility with Rates Management
Using the Override feature, you can type in and save a unique rate and/or tie it to a different BAR level.
It will override the rate just for that date.

11. Let AutoPilot manage your rates beyond your booking window
A recent feature is AutoPilot. This feature allows hotels to a accept rate recommendations even more easily. Your hotel can set parameters to control which rates to accept automatically, and which ones to hold for your hotel staff to review before accepting.

12. Are your hotels getting the most out of SmartRates?
Make it a habit
Have a clean forecast
Accept recommendations
Log in every day
Manage Groups and Events
We have training modules and webinars for your hotels to know how to get the most out of SmartRates
This includes making it a daily habit – logging in every day, review recommendations and accept/reject/override the recommendations
SmartRates is really smart, but it doesn’t know everything your hotel knows. Hotels learn how to use the Groups module to tell SmartRates how may rooms you expect to pick up from a group, and Events to tell SmartRates what’s going on in your market. And best practices in exercising good “Groups Hygiene” – freeing up inventory after the group cutoff date
And you have to Accept recommendations to get the benefit from the system. One way to do this is to use the AutoPilot features. Hotels using AutoPilot accept 3 times as many recommendations compared to non-AutoPilot hotels.
Use AutoPilot