With more than 10 years of experience in the world of digital marketing specializing in the hotel and catering industry, our Hotel Web Design agency now offers to optimize your Yield Management.
Maximize the yield of your hotel or restaurant, maximize the occupancy of your rooms or reserved tables, this is what good Yield Management can offer you. This strategy consists in a few words of modifying its prices according to supply and demand forecasts in order to fill its hotel at the best possible price at any time of the year. To forecast supply and demand, you don’t need magic power, use the data you already have.
Imagine that your hotel is located in Monaco. During the F1 grand prix you will be able to sell your rooms more expensive than the other days of the year. Why ? Quite simply because professionals and wealthy visitors will be present in large numbers. These customer profiles do not look at the expense.
The goal is to combine the season, the events, and the customer profile at the same time.
Yield Management, what is it?
To succeed in optimizing the Yield Management of your hotel, it is necessary to understand its principles and how it works. Yield Management refers to the strategies put in place to anticipate, understand and influence the behavior of visitors. It increases the income of the establishment. It can also be called revenue management, which is its evolution.
In addition, Yield Management has become known thanks to the airlines that use it constantly. Indeed, for the same flight, they charge different prices depending on the date of purchase of the ticket, the location chosen and the seat selected.
Subsequently, it was in the 1990s that hotel structures decided to use yield management. Today it has become revenue management. The technologies and systems used by the airlines have been taken over by the hotels, which have adapted them to their liking. And to make it work perfectly with their business, they evolved them.
How Yield Management works
To implement a Yield management strategy, several elements must be studied and analyzed. The hotel must have a detailed knowledge of its customers, their behavior and their habits vis-à-vis their reservations. The revenue management strategy developed for tourism travelers will not be the same as the strategy developed for business customers.
Indeed, several customer segments exist and they must be taken into account. Analyze and study which is the period when its customers come the most or the least in your establishment. The services they appreciate and book during their stay… And yes, the services and equipment provided by the structure are also to be taken into account when building a Yield management strategy. You can also find out about restaurants and activities around your hotel. A complete analysis of these elements is used to put in place effective strategies to maximize hotel profits .
The most used revenue management strategies
By taking into consideration the elements mentioned above, the hotel can establish strategies that will allow it to offer the right accommodation to the right customer, at the best time and at a price that will increase its income.
Several strategies can be applied to optimize its Yield management:
- Practice different rates depending on the season
- Practice different rates depending on the days of the week and the weekend
- Set up different rates depending on the time of booking
- Offer a discount when the length of stay is long
- Offer group rates…
All these strategies can be used to optimize the revenue management of the hotel structure.
Hotel Web Design can help you optimize your Yield management
Our agency offers a new tool that helps hotels optimize their Yield management. Thanks to this, it is possible to apply different changes to your prices on all your booking platforms at the same time and to set up certain discounts and other conditions… The strategies described in the article can be implemented place easily and quickly.
- Our innovative channel manager Booky Cloud, with synchronization of availability, synchronization of rates, number of unlimited rooms, optimized and ergonomic booking management interface, easy to handle. To manage any structure in the most efficient way possible.
- Specific referencing hotel catering & very relevant tourism.
- An administrable website, you will have control over your site and can modify it if you wish.
- Google Ads, FB Ads, Instagram Ads
- Photo reports & videos,promotional clips on demand.
- Expert advice in hotel webmarketing and digital communication ready to support you.
