SevenRooms Reveals Revenue Management Tool
by David Klemt
Just when you think SevenRooms is done launching new solutions for the year they announce a new tool that will excite operators.
That new tool is Revenue Management. Much more than “just another” plugin, SevenRooms Revenue Management is an engine.
This new engine is feature-rich and automates a number important tasks. In fact, one feature in particular has our attention: the “do-it-for-me” function.
What does that feature give operators the power to accomplish while saving time and labor costs? Below are just a handful of benefits:
- party size recommendations
- dining duration configurations
- decrease last-minute cancellations via cancellation policy implementation
- floor plan configuration recommendations
Should this automation feature prove easy to understand and use, we can see that this latest tool may become the most popular among SevenRooms users.
To learn more about Revenue Management, scroll down to the latest SevenRooms press release.
Let’s take a look at just some of the growth SevenRooms has achieved over the course of just the past few years.
- March 2021: SevenRooms appoints Pamela Martinez as the company’s chief financial officer.
- September 2021: SevenRooms announces a multi-year partnership with TheFork. The partnership is big news for operators throughout Europe and Australia. Further, the partnership illustrates how the company is pursuing global growth.
- October of 2021: The company forms a partnership with Olo. This ensures clients who also use Olo are able to capture data from a key group: off-premise customers. That data creates profiles for such customers automatically. That means operators can learn more about—and effectively market to—customers who engage with them via online orders.
- December 2021: SevenRooms and ThinkFoodGroup—the hospitality company behind Chef José Andrés’ portfolio of restaurants—make their partnership public. Interestingly, this partnership also includes ThinkFoodGroup joining SevenRooms in an advisory role.
- January 2022: The platform announces the hiring of a chief revenue officer, Brent-Stig Kraus.
- December 2022: SevenRooms enters into a partnership with Competitive Social Ventures.
- January 2023: The company announces the appointment of their first-ever chief marketing officer.
- March 2023: SevenRooms announces that Danny Meyer and EHI are investors in the platform. Following that announcement, SevenRooms launches Email Marketing Integration less than two weeks later.
- May 2023: The company drops their Pre-Shift tool. Two weeks after that launch, SevenRooms announces a new global partnership with Marriott.
Most platforms launch a new solution or announce new partnerships once or twice per year. Not SevenRooms. And it’s this constant growth that encourages us to recommend the platform to our clients.
SEVENROOMS LAUNCHES REVENUE MANAGEMENT TO HELP OPERATORS INCREASE SALES & PROFITABILITY
Automated revenue management solution will provide restaurants with the tools they need to optimize their operations and fill more seats, more often
NEW YORK (September 28, 2023) – SevenRooms, a guest experience and retention platform for the hospitality industry, today announced the launch of a new solution for restaurants: Revenue Management. The product serves as an engine for operators to generate more sales and profitability from the same seats, using data science to recommend how to optimize availability and increase table utilization.
To survive current economic conditions, restaurants need solutions that can save them time, reduce their labor costs and increase their sales and profits. Inspired by effective revenue management strategies long-used by the travel industry, Revenue Management extends this practice to the restaurant industry. The product automates these processes without the need for analysts, additional staff or high-priced consultants to manage changes, helping to:
- Fill more seats, more often to increase sales by reducing the time seats sit empty
- Save time and reduce burdensome labor 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
Other systems on the market today may offer reporting on a handful of insights, but none help operators immediately action revenue-focused suggestions with a ‘do-it-for-me’ option that has an instant impact on their operations. Sample actions include recommendations on party size or dining duration configurations, when to institute cancellation policies to decrease last-minute cancellations, floor plan configuration recommendations and more. Diners also benefit, with more available reservations, a better dining experience (e.g. being sat on time and not being rushed out the door) and more unique experiences and offerings to choose from when dining out as operators have more time to focus on the guest experience.
Notably, Revenue Management also gives operators insights into how much demand was missed across booking channels by summarizing data on recent reservation attempts. This helps operators better manage these channels and optimize their books to offer more reservations across their most profitable channels.
“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,” said Angela DeFranco, VP of Product at SevenRooms. “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 maximizing 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.”
For more details on SevenRooms’ newest innovations, please visit sevenrooms.com/new.
SevenRooms is a guest experience and retention platform that helps hospitality operators create exceptional experiences that drive revenue and repeat business. Trusted by thousands of hospitality operators around the world, SevenRooms powers tens of millions of guest experiences each month across both on- and off-premises. From neighborhood restaurants and bars to international, multi-concept hospitality groups, SevenRooms is transforming the industry by empowering operators to take back control of their businesses to build direct guest relationships, deliver exceptional experiences and drive more visits and orders, more often. The full suite of products includes reservation, waitlist and table management, online ordering, mobile order & pay, review aggregation, email marketing and marketing automation. Founded in 2011 and venture-backed by Amazon, Comcast Ventures, PSG and Highgate Ventures, SevenRooms has dining, hotel F&B, nightlife and entertainment clients globally, including: Marriott International, MGM Resorts International, Mandarin Oriental Hotel Group, Wynn Resorts, Jumeirah Group, Hard Rock Hotels & Resorts, Wolfgang Puck, Michael Mina, Bloomin’ Brands, José Andrés Group, Union Square Hospitality Group, Australian Venue Company, Altamarea Group, AELTC, The Wolseley Hospitality Group, Dishoom, Live Nation and Topgolf. www.sevenrooms.com