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What is Yield Management? Yield management is a pricing and revenuemanagement strategy that is used to maximise business performance. It involves adjusting prices based on predicted demand and other external factors to maximise revenue or yield. Revenuemanagement is the focal point for hotels in today’s climate.
As unpredictable as it can be at times (especially through the COVID-19 pandemic), forecasting is still an important part of running a hotel and being able to make strategic revenuemanagement decisions. What is hotel revenue forecasting? Your average daily rate. Your total revenue. Averagelength of stay.
Booking engines integrated with a pricing intelligence engine or revenuemanagement system can help you price more strategically using automation, adjusting rate plans and room types based on demand, seasonality, and other factors. If you rely too heavily on OTAs, you risk giving away your profit in commissions. Intelligent pricing.
As unpredictable as it can be at times, especially after the COVID-19 pandemic, forecasting is still an important part of running a hotel and being able to make strategic revenuemanagement decisions. Monitoring this rate regularly can guide your revenuemanagement decisions.
👉 Read Also - 5 Key Questions Guests Ask Before Booking Hotels Benefits of Yield Management for Hoteliers Higher RevPAR: Sell more rooms at better rates by reacting to demand with dynamic pricing. Better Occupancy Control: Maximize sold rooms without overbooking or rate dumping.
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