Customer type: Revenue Manager
Region: Europe
Products: Dynamic Pricing, Market Dashboards
Number of listings: 15
PMS: Beds24
Executive Summary
Federica Mantovani, a boutique hotel owner and revenue management consultant, faced significant challenges in optimizing her hotel’s revenue. By using PriceLabs, Federica streamlined her business operations and expanded her expertise to help other hotels. Discover how PriceLabs empowered her to increase revenue by up to 25%, simplify operations, and set higher standards in hotel revenue management.
About Federica Mantovani
Federica Mantovani owns a boutique hotel (The Coo’s Guest House) in the United Kingdom. Passionate about the hospitality industry, she has spent years managing hotels and short-term rental properties. With a keen interest in revenue management, Federica has transitioned into a consulting role, providing revenue optimization services to other hotels and independent property owners across Europe.
Challenges Before PriceLabs
Federica grappled with the limitations of manual pricing adjustments, which were not only time-consuming but also lacked the agility to respond promptly to market changes. This inefficiency became particularly evident during periods of fluctuating demand, highlighting the need for a more sophisticated and responsive system.
Federica also experimented with revenue management using the property management system she had at the time. However, she found the process very manual, as the system only followed the rules she had set. While it was helpful for adjusting prices for different seasons and appreciated not having to update prices daily, she felt frustrated by its limitations.
Federica explains, “Price management is a huge task and it really takes a lot of time when done manually. When you have multiple properties, it’s impossible to have the right price at the right moment, all the time. There can be a right price today, but it can be a completely wrong price in three days if the market changes, and you can’t adjust all that unless you are a calculator.“
PriceLabs as a Solution
Initially skeptical about providing control to an automated system, Federica decided to give PriceLabs a try. She soon discovered that PriceLabs was a comprehensive solution that could be tailored to fit the unique needs of her boutique hotel. The software’s user-friendly interface and customization features provided the perfect balance between automation and control.
Federica found PriceLabs to be user-friendly and aligned with each of her hotel’s unique needs. She likes the wide range of available customizations to tailor her revenue strategies. The software’s ability to adapt to market conditions and its granular approach to pricing made it the perfect fit for her business. Splitting her portfolio into different Groups also helped her test different rules for different properties and create separate strategies.
“If you’re a beginner, you can set up the account in just a few hours by attending training webinars or looking at articles. On the other hand, if you are an experienced revenue manager who wants the strategy to be tailored, there are so many customizations available to let you go in as much depth as you want. And I really like that.”
– Federica Mantovani
Implementation and Results
Integrating PriceLabs was a seamless process for Federica. The trial period provided her the flexibility to test the software without significant commitments. She quickly noticed considerable improvements in revenue, especially during low seasons.
“I can tell that we could achieve between 20% to 25% revenue increase by using PriceLabs.”
– Federica Mantovani
Federica’s success with PriceLabs led her to adopt the role of a consultant, aiding other boutique hotels in implementing dynamic pricing strategies. Through meticulous revenue management, she empowered her clients to achieve an increase in revenue and market competitiveness.
Expanding Horizons as a Consultant
With her newfound expertise, Federica expanded her role to become a revenue management consultant for other boutique hotels and independent properties. She has successfully implemented PriceLabs for several clients, contributing to their revenue growth and market success. Her hands-on approach and deep understanding of the software have made her an invaluable resource for the clients.
Advice to Other Hotel Revenue Managers
Federica’s journey with PriceLabs serves as a testament to the software’s capabilities. For hotel owners and revenue managers who are hesitant about dynamic pricing, she offers the following advice:
- Embrace the Change: Shift your mindset towards understanding the value of dynamic pricing. It’s not about losing control but enhancing your ability to set the right prices.
- Utilize the Software’s Full Potential: Take advantage of PriceLabs’ customization features. Start simple and gradually explore its advanced capabilities.
- Stay Informed and Involved: Even with a powerful tool like PriceLabs, continuous learning and market awareness are crucial.
