Revenue Management

Influence Society Insights

5 Metrics to Make Your Yield Management More Efficient

5 Metrics to Make Your Yield Management More Efficient 560 560 influencesociety

5 Metrics to Make Your Yield Management More Efficient

This week we chatted with Ari Andricopoulos from Room Price Genie, a revenue management agency based in Switzerland. He shared a few insider tips for better controlling your price strategy.

All in all,  there are 5 main indicators to check in order to streamline your yield management:

  • What price is right for the demand.

  • How many rooms are left and trying to make the most of them. For example, being full on Saturday night makes it more difficult to sell your remaining rooms on Friday night.

  • How to get the most revenue from different customer groups by offering packages that best suit each group. For instance, more price conscious customers may need the cheapest and be prepared to forego convenience, some will go for best value, and some will go for maximum comfort.

  • Work out how free cancellation hurts you and mitigate risk with higher prices and/or overbooking. Make sure, though, that if overbooking you get it right – you might need to give them a taxi to a better hotel so it may be expensive.

  • When they book make sure to offer them other services. Offer spa packages or airport pick-up for which you make extra revenue. For example, a restaurant deal when booked at booking time means that you can plan your restaurant business better, and keeps them from spending money elsewhere.

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