It is now possible to predict purchasing trends and personalise accommodation prices according to different types of customer, their habits and their buying preferences. Turbosuite, a Seville-based start-up that is part of Tourism Hub, has developed software that does exactly that. In this post, we’re going to take a look at this innovative technology. Keep reading to discover the new way to manage tourist properties.
Turbosuite was founded to improve the performance of tourist properties. As dynamic pricing tools don’t give results, the company decided to create software promising a brand new way of obtaining data.
The technology collects, analyses and compares over two million pieces of data every week via big data and artificial intelligence. In so doing, Turbosuite enables tourist properties to create customer profiles to predict potential profit by sending out personalised pricing. This new paradigm improves profits for tourist accommodation by over 37%.
As if that weren’t enough, the innovative technology also analyses the destination as a whole, comparing the values and services of a certain establishment with the competition. The tool can compare parameters such as whether there is a pool, restaurant, parking service, or not, and proximity to points of interest. Turbosuite then assigns points to each property, creating a ranking, and suggests an optimum price to get guests to book. When a guest searches for a hotel, they will receive a price that is tailored to their search history, preferences and requirements.
So why is the software such a success? Well, it completely dismantles the theory that to increase occupancy rates hotels have to lower their prices and, consequently, sacrifice their profitability. This is a whole new way of optimising profits that Turbosuite has named ‘Hospitality Business Intelligence’.
Turbosuite’s target customers are property managers managing between 50 and 250 properties that don’t have their own revenue management department and have decided to outsource the service. The Seville-based company has two business models: B2C, providing the service for a 1.2% share of revenue; and B2B, using technology partners that help them to market.
Turbosuite is a start-up that is part of the acceleration programme for tourist companies run by Malaga - Costa del Sol, Tourism Hub, which is oriented at entrepreneurs, start-ups and companies that are under five years old. Over the past 16 months, the company has started managing around 3,700 properties in 12 countries. This has resulted in some 70,000 bookings with a total value of over 30 million euros. This success has seen the company launch in the United States, specifically in San Francisco where the business will expand throughout the country and Canada.
Process automation and, more generally, new technologies come with huge benefits for tourist companies, both in terms of finance and customer experience. So how about your company? How much technology are you using?
