STAAH MAX V2 - What is Revenue Management System? How to enable and setup Matrix Revenue Control?

STAAH MAX V2 - What is Revenue Management System? How to enable and setup Matrix Revenue Control?

This FREE to use feature will enable you to maximise the revenue for each booking. Smart Dynamic Rate Management System based on property level inventory or Room level inventory setup. Why you should be using it?To drive up profitability for every room.

    1. The feature allows you to optimise your dynamic rates based on total inventory as opposed to the current per room availability structure. So, every room type works harder to get more revenue!
    2. It is a FREE additional feature for properties subscribed to MAX VR and MAX PRO.


    How do I enable RMS?

    To start the process you first need to go the mega menu option in the top right hand corner. Under that you will find the option of  Revenue Management.There you need to click on Matrix Revenue Control 


     



    click on "OK" and  you will be redirected to the  Matrix Revenue Control Set up page.


    1. Set up tab:




    Here you will 2 options for yielding, one is based on the individual  room Level and the second one is the Property level. 




    Let's begin with the first option Room Level When selected the yielding is done as per the individual room inventory. But When the property level is selected the yielding is done on the total inventory of the property.


    First, let us start by selecting the masters. Here  we have two options going ahead we can have 1 master rate and link the rest as a derived or we can have multiple master rates and have the others derived according to the dedicated master rates


    In this first case which is the single master setup  we select the main master rate and then link the child rates to it by clicking on "Link Child".it's not compulsory that the main room type has to be a master the linked room type can also be a master. Then we tick all the child rate plans.

        


    Now is when we have multiple master rates we will select the individual master rates then link the child rate plans to it. it's not compulsory that the main room type has to be a master the linked room type can also be a master. Then we tick all the child rate plans.



    2. Date Range Tab: 




    In this section, we have the option to assign seasons to different date ranges



    • Applying Seasons on a Monthly Basis using Calendar. Click on “From” date and then click “To Date”.
    • Applying Seasons using Bulk Update. Use the Calendar widget to select your “From” and “To” Date(s). To add multiple date range simultaneously, click on the “+” sign.

    • Apply Seasons> Next.

    3. Master Rate Tab:




    Now we have reached the part on how to set up the yielding as per the inventory here you can enter rates manually and click save to proceed to the next tab. But If you want to use the formulas to derive tier and season rates as per the inventory you can follow the below steps.


    Here we have introduced a new tab where we can add a special tier that can be used  to add a special rate overriding the existing yielding setup.You can add the name of the tier and also set from which existing tier the rates have to be derived from if none keep it on the select option



    Let's start by breaking down the inventory for our yielding. Enter the inventory that the price range will change from in  our case here we our price to increase after the first 15 rooms are sold. So we enter the 15 and save once done it will bring a  new tab below where proceed with the next slab which we proceed with the further breakdown. fter entering the inventory value make sure to click on "Save" to bring a new slab below


    Now its time to set the formulation for each season by clicking on the formula icon.



    Once all is done, Click on "Save" to confirm the changes.

    Replicate the same for the other room types.


    4. Formula Tab: 




    Here is where  where derive the rates for all the room types and setup the formulas for each room type.

     


    • Child Rates are derived from Master Rate using Formula applied.
    • You are required to add a formula for All Child Room types.

    Calculation is Master room rate * fixed value (+/-) * percentage (x) * fixed value (+/-)

    • Properties have the ability to apply formula for weekdays and weekends. There is an option to add variable Weekend Formula.
    • Weekend days is based on days marked as Weekend in “Weekend Marker” setup (Setup>Profile>Weekend Marker).

      Here we have introduced a new feature nested master. In the formula module, you can now manage sub masters. 

    Example 

    City Twin BAR  is the ‘Main’ Master. Standard Bed & Breakfast has the option to select one of the three other rates and set it as its master rate. If ‘City Twin Bar’ is set as the master, the rate for the ‘City Twin R O’ can be derived from the City Twin D B B rate which is calculated from the Superior Rate



    Here we switch the master from City Twin Bar to City Twin D B B




    Here we have introduced a new tab where we can see the rate grid of all the season and the rates as per the formula is set.



    5. Revenue Control: A full overview of applicable rates for each Room Type. Rates displayed are calculated using setup applied in Seasons, Dynamic Pricing and Formula.


    A screenshot of a computerDescription automatically generated


    • All rooms and rates will be displayed.
    • Rates displayed for all Child Rooms, are based on seasons/formula applied to derive from Master Room.
    • Property can also identify Season applied for a specific date.
    • Properties also have the ability to manually adjust rate through the Revenue Control Tab. By selecting the applicable date/room you want to make changes too.
    • Changes to Master room rate, will change the rate for Child rooms (for child rooms where mode is dynamic)
    • When a rate is Manually updated, this will override Dynamic Pricing/Formula settings.
    • Manual rate will no longer have the “Season” indicator (refer to above screenshot.

    Here under rules, there are a few options that you use:



    1. Availability: this gives you a quick look at the current availability of the property
    2. Tier: This shows which tier the rates are on. 
    3. Mode: This option will show if the rates are in dynamic or manual mode. you can also switch to dynamic mode if you find the rate in manual mode.
    4. Logs, this where you will find the history of all the changes made to that rate.
    There is one more option that will generate an availability and Rate Report for the dates you require.


    Select the dates, and click on "export" It  will be prepared and downloaded to your system.