The Revenue Management, as the name suggests,
means undertaking certain activities with a view to optimize the income💰
In particular in Octorate, it is a system linked to occupancy and rates.
If you have at least two units of the same room type, access the Rooms/Apartments > Edit section, then look for the Revenue Management on the left side of the page.
Set it on Yes and complete the set up.
This function enables you to increase the price of the room you're selling as you get reservations on that typology, according to a specific value you set in advance.
Let's see how with an example:
You have 5 Double rooms and in the room config page you set the Revenue Management this way 👇
Let's suppose you're currently selling this typology at 100€ per night, this means you are within the minimum value (a) you set in the Revenue Management. Once you get the first reservation (you had 5 units available, now they will become 4) the price will rise by 30€ (b) reaching 130€ per night. The price will gradually rise after each booking received, until reaching the maximum threshold of 180€ (c).
N.B. you can either set a fixed value or in percentage for the increase of price!
Select your choice from the scroll-down menu, then set the value!
Never forget to Save at the bottom of the page!
Do you have any questions?
Email us at firstname.lastname@example.org !
Talk to you soon!