LEXICON Travel Technologies by BHTA

Lexicon Travel Technologies

Lexicon is an sales and marketing engine for vacation rentals Based in Park City, Utah, Lexicon Travel Technologies powers the leading platform for vacation rental managers, independent hotels, timeshare, and resort property managers; connecting and perfecting online distribution and direct online booking. Our products and services include comprehensive rate and promotion syndication, a full content management system, and revenue management tools; as well as a team of dedicated account managers to craft custom strategies for lodging

www.LEXICONTRAVEL.com

REVENUE MANAGEMENT AND PRICING STRATEGIES FOR PROPERTY MANAGERS

What is revenue management Itâ&#x20AC;&#x2122;s selling the:

Right Product to the Right Customer at the Right Time at the Right Price

The basics • Professional listings • High quality photos • Positive reviews • Fast response to inquiries • Marketing strategy that includes a healthy distribution mix

Getting started • What is your pricing strategy? • How are you reacting to changes in the marketplace? • How confident are you in your data and forecasting? • How do you manage it all?

Five elements for online success

1. Competitive Intelligence 2. Pricing Strategy 3. Inventory Management 4. Booking Engine 5. Broad Distribution

1. Competitive intelligence How to choose a good competitive set â&#x20AC;˘ Who are my competitors, in market and in other markets? â&#x20AC;˘ Look at competition at the unit level, not just properties/resorts.

2. Pricing strategy • Price is driven by demand • Seasonality • Market factors • Product positioning • How to use promotional opportunities

Promotions drive perceived value • Value add promotion • Length of stay • Specific room types only • Allocated inventory • Targeted booking demographic • Package path only promotion

3. Inventory management BENEFITS OF PMS INTEGRATION

• Allocate on arrival • Prevents overbooking • Allows “last room availability” RESTRICTIONS: FILTER OR WALL?

• Is there a strategy? • Support dynamic restrictions? • Modify in real-time?

4. Booking engine • Your guest book directly via desktop, mobile, or tablet • Integrated with your website for a seamless user experience • Managed in concert with your distribution strategy

5. Broad distribution • Marketing is expensive, leverage channel partners’ budget • Major GDS channels extend your reach

Syndicate everywhere

Real world examples

Partner Case Studies

Room Nights

ADR

Revenue

Mountain Villas at Massanutten

+82%

+4%

+84%

Beacon Villas by Kees Vacations

+459%

-21%

+354%

Source: Lexicon Travel Technologies.

Putting it all together • Remember the basics • It’s not just about price • Use real data to make decisions • Healthy distribution mix • Use promotions to drive conversion, not just discounting

THANK YOU

QUESTIONS? Hal Widlansky hal@lexicontravel.com