Guest experience and retention platform SevenRooms has launched Revenue Management, a new product aimed at helping operators generate more sales and profitability from the same seats.
Inspired by effective revenue management strategies long-used by the travel industry, Revenue Management extends this practice to the restaurant industry and uses data science to recommend how to optimise availability and increase table utilisation.
SevenRooms says the new automated product helps operators to:
- Fill more seats, more often to increase sales by reducing the time seats sit empty
- Save time and reduce burdensome labour costs by automating in-depth analysis, quickly making changes with a ‘do-it-for-me’ option
Provide operators with easy-to-digest insights along with ready-to-use actions that demystify proven steps taken by revenue leaders.
Angela DeFranco, VP of Product at SevenRooms said: “With Revenue Management, we are delivering on our promise to help operators make more money, providing a product that automatically executes on strategies used by the most successful hospitality brands throughout the world – without having to add team members or search out implementation experts.
“This tool is both proactive and reactive, helping operators uncover untapped opportunities while simultaneously working to identify potentially harmful configuration issues that may restrict venues from maximising sales and profitability. Today’s operators are busier than ever, and we are excited to bring Revenue Management to hospitality operators, helping them automatically fill more seats, more often while continuing to elevate their guest experiences.”
SevenRooms said Revenue Management will also give operators insights into how much demand was missed across booking channels by summarising data on recent reservation attempts.
This will help operators better manage these channels and optimise their books to offer more reservations across their most profitable channels.