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Competitive advantage by Dynamic Pricing for MICE
Smart restriction management
Generate quotes automatically in order to answer inquiries more quickly and efficiently
From static event pricing to dynamic pricing, automated and data-driven.
MiceRate’s algorithm calculates daily rates based on historical data and combing it with current demand patterns.
Why are sure it’s time to change? We’re coming right out of an event office.
...have a look at our frequently asked questions!
The competitive environment for conference hotels and event venues is becoming increasingly intense. We are convinced that Dynamic Pricing, as applied to hotel rooms, has huge potential for meetings and events as well: make use of revenue management for long-term revenue growth.
But you can take our word for one thing: flexible meeting pricing is no fun when you’re struggling with a big Excel spreadsheet. Right, Gerhard?
“When I came to work in the morning, the very first thing I did was open my Excel spreadsheet with the prices. And then first get coffee. With luck, the spreadsheet was open by then.” – Gerhard’s younger self, highly motivated, hospitality student at this point of time.
Without a certain degree of automation and standardization, yielding is only half the fun. At least you’ll get aware of this fact as soon as you try to explain your fourth brilliant idea about price influencing factors to your employees in the event office – you are going to look into questioning faces. Right, Gerhard?
“Alright, if you’re acclaiming the potential of Dynamic Pricing (as we do) – you should better get an appropriate tool for it right away.” – Gerhard, still highly motivated, founder of MiceRate
You can (finally) implement flexible pricing in your event sector. One or the other may have been playing with this strategic idea for a while and wondered until now how to implement it. Others may now be asking themselves: Do I need flexible pricing for meetings? Sure, just have a look.
With the help of our tool you can dynamize your prices and make them as flexible as you want them to be: from using a few pricing mechanisms to daily rates – everything is possible among this spectrum. Going forward you won’t have to worry about the calculation, because MiceRate calculates live within every request.
We are a bit proud of the fast that we’re currently the only team that can even provide you with daily rates for events with help of our algorithm. By the way, our algorithm isn’t screw up by price-confusing events …. like a pandemic. The structure of the data in the background makes it possible.
As for the strategic side: We are also happy to advise you if you have little experience with flexible pricing or if you want to implement your ideas step by step. You are welcome to exchange ideas with us without obligation.
Did you know that MiceRate is also ideally suited for the sales of co-working spaces?
Oh no! We are not a RFP portal, an intermediary or anything like that – that’s why you don’t pay any commission. We provide you with an individually configured tool as a white-label solution for the homepage, i.e. “your” MiceRate.
You pay for the ongoing use of the tool. So it doesn’t cost you more if you generate more bookings through the tool.
Since we are from the hospitality industry ourselves, we know all too well that you don’t need a “financial risk” right now. Attention, here we go:
– Take a look at our payment terms, because you can also save one monthly fee by choosing the annual payment rhythm.
– Get in touch with us – then we’ll be happy to talk about a non-binding test phase free of charge.
You know your MICE business best – how much revenue potential does it offer? You don’t really know? Find out.
“Ditto,” thinks Anna. While Gerhard even uses his smartwatch to pay for parking tickets, she hears the coins rattling in her purse… Kidding aside.
Of course MiceRate is “pure technology”. But that doesn’t mean operating with it would be complicated. Right from the start, we made sure that you and your employees can quickly and easily find their way around – and of course your customers, too, if you decide to let them enter the process.
We are happy to launch the initial settings for you in order to cause as little effort as possible for you during the onboarding. Nevertheless, to ensure that your event sales team and MiceRate work well together, we are going to train you on how to use it in 60 minutes.
If you once have “deleted the internet”, just call or write a message to Gerhard. He will be happy to help you with questions regarding the operation with MiceRate at any time. 😊
Actually, not many! Most of our features are accessible pretty easily and quickly. 😊
In order for you to use MiceRate’s algorithm, it must be ensured that the algorithm is constantly fed with data. The easiest way to do so, is to connect one-way with your PMS. However, since we are currently not connected to all PMS providers or in case you don’t use a PMS to manage your capacities, we will be happy to find a work-around solution on how to provide data for the algorithm.
See our list of available PMS interfaces.
No interface to your PMS available? Feel free to ask your PMS provider if they would like to give you the option to connect with MiceRate.
Don’t forget that you’re able to implement flexible pricing, automated calculation and generate quotations without a sales & catering module of your PMS, using MiceRate as tool for dynamic and live calculation.
So far we have the possibility to connect with Oracle Fidelio Suite 8, Bankett-Profi and EventTemple. We’re currently building up an interface with SiHot, Opera (Cloud) and Ibelsa. In addition to that, we aim to connect with Protel. We are looking forward to working with these partners soon, so maybe your PMS will soon be included in that list.
In general, we are open minded to build up interfaces with more providers in order to maximize the value for all users.
You don’t like to wait for your PMS to be connected? Your hotel doesn’t manage event capacities with a sales & catering module? Indeed, you’re able to implement flexible pricing, automated calculation and generate quotations automatically without a sales & catering module of your PMS.
The “Atrium Hotel” in Mainz, for example, already works successfully with flexible prices – and wouldn’t like to change a thing about it. Download the case study and learn more about their experience with flexible pricing.
So far, we are one of the rare companies offering a yield management tool in the event sector. What has been normal for rooms for a long time, is only just becoming widespread for events.
However, you can take advantage from our practical experience in this field. Our tool was developed and approved right in the event office. Behind the considerations regarding MiceRate’s functions as the pricing mechanisms and the algorithm is practical knowledge and not just theory.
Sometimes, we are really deep in the matter, … that’s why we once have changed our perspective: What are the hurdle points on the way to flexible pricing in the MICE sector?
You can use MiceRate’s booking engine for internal sales and/or offer your customers to create their quotation conveniently online – so they don’t have to wait for someone to call them back or answer their e-mail… what doesn’t mean you’re out of personal contact.
But the real purpose of booking automation is as follows: You should definitely take your customers along with you on the whole topic. This can only be done with transparency and the right communication. When using the booking engine, your customers can see at a glance which particular dates are in high demand. In contrast, they get an overview on which dates they can benefit from a price advantage. Transparency increases the acceptance of dynamic prices and supports your capacity control by gaining customers for dates of low demand.
If you want to make your event prices more flexible, you can’t avoid some degree of standardization and automation…. At latest when you’re explaining the amount of brilliant ideas regarding flexible pricing to your employees, you’ll know what we mean.
Willst du deine Tagungspreise flexibilisieren, kommst du nicht um einen gewissen Grad an Standardisierung und Automatisierung umher… Das wirst du merken, wenn du deinen Mitarbeitenden im Veranstaltungsbüro deinen 4. genialen Einfall zu Preiseinflussfaktoren erklären willst – spätestens dann schaust du in fragende Gesichter.
No, we don’t have revenue manager who is updating the rates. That would only waste space in the office that we need for Oskar*. 😉 *our much-loved dog in the office.
If you want to achieve the maximum of flexibility – daily updated rates – you can confidently leave the effort to our system: The RateFinder analyses historical data and fixes the anchor rates for its “counterpart”, the RateManager that compares the current booking patterns with the RateFinder’s suggestions. The RateManager is in charge of adjusting and controlling your daily rates.
Of course, despite all the automation in the yielding process, you can also manually adjust rates if you want to. Please be aware of the fact that both of these functions need a sound data basis.
Are you collecting UNC-data in your venue, yet?
Hm… Fixed rates in the context of Dynamic Pricing…?
… alright, we know it ourselves. Some companies heavily insist on their fixed rates. You can offer fixed rates which are not yielded by the system by deposing them at the internal Assistant function. It will soon be possible to access local company rates by using a code which you can provide your customers with.
Did you ever heard of the concept to offer Floating Company Rates? Your local company customers can also take advantage of the dynamic rates. Learn more about floating company rates in our wiki. Pay attention to the communication with your customers as they recognize the advantages of FCR.
Not only hotels can enhance their MICE sales process and revenue management, but also event locations. MiceRate is suited for co-working spaces as well.
It’s obvious! Co-working spaces, function and banquet spaces have a fixed capacity with fluctuating demand whose revenue is “lost” for ever if it’s not realized daily.
We may come from the hospitality industry but our development doesn’t end within this field. Think about it, where does revenue management makes sense?
In long-term, your customers may use MiceRate as a booking or inquiry medium on your homepage. But let’s start with the first steps. The internal use of MiceRate depends on your team and your company structure. You don’t need to hire a revenue manager to implement Dynamic Pricing and capacity management.
The pricing strategy is usually a matter decided by the management or the sales team. You can deposit pricing rules and/or use the algorithm, if you like to. MiceRate provides you with essential key figures in order to control the success of your strategy on a regular basis.
The employees in event office operate more practically than strategically with MiceRate, e.g. they use the Inquiry Assistant function for creating and adjusting quotations which are calculated automatically according to the pricing rules. MiceRate is meant to relieve your employees during the sales process.
Our booking tools were just a consequence of many wild ideas about what should have an influence on the price. No chance with dynamic calculation without a certain degree of automation … Calculating manually or with Excel spreadsheets isn’t much fun … End of story: an Inquiry Assistant for employees in the event office … and booking engine on the homepage in order to pass the experience of real-time pricing to the customers.
We appreciate the booking tools as they are tracking all kind of traffic regarding demand which can be utilized by the algorithm.
As typical digital natives, we prefer to request events conveniently online – instead of waiting for a call-back. Perhaps there will always be customers who prefer calling or writing an e-mail, but after all requesting online is not the end of personal contact or service. Customers may perceive requesting online as contemporary channel.
Our Inquiry Assistant is intended for “internal” sales in the event office. It makes life easier for your employees in times of many incoming requests by automated calculation and quotation.
In addition, our tool makes it pretty easy to enter UNC inquiries.
Selling events during this pandemic is not that easy. After the lockdown, there was a flood of incoming inquiries.
- We perfectly know what it was like: customers were getting impatient because you can’t keep up with answering e-mails and returning calls.
- We all know this unspecific inquiries “How much is a conference at your hotel?” And then you start to find out about when, what, how many participants, which service is requested, …
- We write a lot of offers, but sometimes you end up with very little output in relation to all effort.
How can we put an end to this unproductive, stressful process?
Make event inquiries accessible on your homepage or start the process and let your customers enter it digitally to create an offer by themselves. Guests who don’t like to wait for a response have the opportunity to find real-time updated information, make concrete inquiries or perhaps process a direct booking.
… At the latest, when the first digital natives (like us) start to plan events for large companies, you should be prepared. We prefer to make our inquiries conveniently online.