GroupIQ is a comprehensive group pricing tool developed for and by hospitality industry professionals. It empowers your sales team to effectively price and manage group booking inquiries while considering various factors such as incremental revenue, displaced revenue, and alternate date options. By leveraging advanced algorithms and data analytics, GroupIQ enables hotels to optimize revenue potential, increase sales efficiency, and enhance profitability.
GroupIQ helps hotels analyze the potential incremental revenue generated by accepting group bookings. It considers factors such as room rates, ancillary revenue (e.g., F&B, meeting space rental, AV, etc.), and other revenue-generating activities associated with the group. By accurately estimating the incremental revenue, hotels can assess the profitability of accepting a specific group booking and make informed decisions regarding pricing and resource allocation.
GroupIQ provides insights into displaced revenue- revenue lost due to allocating rooms and resources to a group instead of selling them to individual customers at a higher rate with a better stay pattern. It helps hotels understand the impact of displaced revenue and assists in determining the optimal balance between group bookings and maximizing revenue through individual bookings. By considering the displaced revenue, hotels can evaluate the overall revenue impact of accepting group bookings and devise strategies to mitigate potential losses.
GroupIQ offers the ability to explore alternate date options for group bookings. It allows your sales team to identify alternative dates to accommodate the group without adversely affecting the hotel’s revenue potential. By considering different date options, the tool assists in optimizing the utilization of hotel resources and maximizing revenue by aligning group bookings with periods of lower demand.
GroupIQ incorporates advanced algorithms and pricing models to optimize the pricing of group bookings, using various factors such as demand, market conditions, competitor rates, historical data, and revenue forecasts. The tool enables your sales team to determine the optimal pricing strategy for each group booking, balancing the need for competitiveness and profitability. By leveraging data-driven pricing optimization, hotels can maximize revenue potential while ensuring group bookings remain attractive to clients.