N2Pricing™ RMS: Beyond the Day-to-Day

In part one of our A Day in the Life with N2Pricing series, we walked you through a revenue manager’s typical day using this anything-but-typical revenue management system. Starting with that first sip of coffee and working through your entire portfolio of properties, we explored how easy it can be to work efficiently and profitably – if you are equipped with the right technology.

While a large part of our focus is transforming your day-to-day so that you can free yourself from manual activities, reclaim your time, and focus on more fulfilling, strategic work, we understand that a revenue manager’s job is larger than those daily activities. In part two of our series, we’ll dig into how N2Pricing equips revenue managers to tackle the other, equally important parts of their jobs.

Beyond the day-to-day

Your job is about more than setting pricing and inventory restrictions day-to-day. A revenue manager’s expertise is key for influencing overall pricing and promotion strategy, reporting out to key stakeholders, understanding the local market and competitive set, and collaborating with cross-functional teams on strategic initiatives. Let’s take a look at life with N2Pricing beyond the typical daily to-do’s.

Weekly and monthly activities

• Review your automation settings. As we mentioned in part one of this series, N2 puts you in complete control of the level of automation at play. We suggest reviewing your automation settings periodically to ensure they’re at a level you’re comfortable with. The higher the threshold, the more pricing changes will be automatically executed, reducing the number of exceptions you must manage. This is completely up to the user’s discretion, but we find that this threshold is often increased over time as trust in the system grows.

• Prep for important calls, including business updates, reporting to owners, strategic initiatives, and organizational alignment. By streamlining daily revenue management processes, you’ll have the free time you need to layer in other strategic activities. Take this time to dive into BI for actionable insights; pull data that you know your stakeholders will want to see, identify recent trends, see if there are areas for improvement, and communicate those findings across the organization.

Quarterly activities

• Take a look at your competitive set. Ensure you’re looking at the right competitors in each local market and that the weightings in the system are accurate. This will influence recommended price changes as they relate to your comp set.

• Review your rate plan settings. N2’s Dynamic Differentials feature enables you to seamlessly execute your unique pricing strategy – but ensuring that strategy is set up correctly is key. Review your rate plans quarterly, determine if any changes should be made, and watch N2 run the playbook you’ve defined automatically.

• Manage your promotion plan. How did your promotions perform last quarter? Would you be better served by increasing or decreasing any of them? How would that impact your bottom line? N2 makes it easy to review results and change your promotion settings to maximize performance.

Impactful, scalable change

Revenue managers are an absolutely critical part of any successful hospitality organization. But in order to perform to the best of their ability, they need the right tools – including technology that is built to support the way their business and team is structured.

Our goal is to empower above-property revenue managers to efficiently and confidently manage their portfolio of properties with ease. But beyond that, we want to make their day-to-day better. We want to free them up from manual, repetitive tasks, elevate their seat at the commercial strategy table, and enable them to have improved work/life balance.

These daily improvements ladder up to larger, more systematic changes; they have a positive influence on weekly, monthly, quarterly, and annual activities, both at the individual and organizational levels. Don’t underestimate the impact that the right technology partner can make when it impacts the daily life of your most important resource: your people. 

Ready to take N2Pricing for a spin and see how it could work for your unique portfolio of properties? We’d love to walk you through it, and to share the success that other above-property teams have found using this one-of-a-kind tool. 

You deserve to use technology that is built specifically for you and the way you work. Take the first step towards something better by grabbing some time on our team’s calendar today.  

Read part 3 (the grand finale!) of our Day in the Life with N2Pricing series here: N2Pricing RMS: Behind the “Why”