Pooled inventory: Maximize your Online Exposure
One of the key features of using a Channel Manager like LeisureLink is that we can pool your inventory across many Online Travel Agencies (OTAs). Pooled inventory refers to the consolidation of all of your inventory into a single group so that it is available to all available channels. For example, if you have 100 units you will make all 100 units available to Expedia, Airbnb, HomeAway and Booking.com. This enables each OTA to pull from your bank of inventory, and since they are connected in real time you don’t have to worry about double booking. Done effectively, utilizing OTAs with pooled inventory can pay back big time! With their extensive customer reach and high levels of traffic, OTAs can enable you to quickly maximize your online exposure. Pooling your inventory across many OTAs using a channel management tool will reduce time and costs, while increasing your revenue. What could be better for your business? So instead of gambling with split inventory, convert to pooled inventory to increase your profitability.
The Benefits of Pooled Inventory
The algorithms used by OTAs give preference to properties with more inventory, therefore pooling your available inventory will increase your properties ranking on any given OTA. Increased OTA rankings allow the opportunity to have your inventory available to more potential guests, which leads to increased revenue.
Using a channel management tool integrated with your PMS, such as the one available on LeisureLink’s Marketspan , greatly reduce any need for manual updates. Manually updating across channels, each with different inventory, creates missed booking opportunities and increases the possibility of errors. Whereas, pooled inventory seriously reduces the risks of these problems, since the inventory is connected across all channels.
Organizing all of your inventory on each of your connected channels assures rate parity, while saving you time on extranets. This allows key employees, who previously spent their time parceling out inventory and maintaining manual updates, to dedicate more time to core operations. Channel Management tools allow you to spend more time on yield and revenue management, increasing revenue while decreasing operational costs.
The overall effect of utilizing pooled inventory is revenue growth. Whether through eliminating the need for the property management company to wasting time labor loading and updating inventory, or through greater visibility on each OTA site, the result is the same; less time spent focusing on distribution management, more time spent tackling the tasks that need your attention most. Ultimately adding more money to your bottom line. It’s a no-brainer, really. Pooling your inventory creates inventory density and promotes your offerings above your competitors who are not utilizing this strategy.