MICERATE | Yield management

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?

So far, we have a connection to Oracle Fidelio Suite 8, Opera Cloud, Bankett-Profi, EventTemple and Ibelsa. The interface to SiHot is nearing completion – and the connection to Mews is work in progress as well. Furthermore, we aim to connect with Protel (Air) and Guestline. If your Sales & Catering module is not listed yet, please do not hesitate to contact us and your provider. We are open-minded for further connections and are looking forward to work with new partners soon, as we want to extend the benefits for all users.

You don’t want to wait until a connection exists, but already want to take advantage of MiceRate today? You don’t manage events with a Sales & Catering module at all? Then contact us and find out what is already possible without an interface.

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.

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.