By John Shortall on October 27, 2015 at 1:00 PM
Why It Is Important:
Update Your Prices Automatically to Reflect Your Occupancy
The Frontdesk Anywhere Yield Manager is a powerful and easy to use revenue tool which can be configured in a matter of minutes. Yield Management allows you to automatically adjust the prices of your rooms depending on your properties occupancy. If you’re operating with just a few rooms left in your inventory, the Yield Manager will increase the price of the remaining rooms. If you have a lot of rooms available and need to sell more quickly, the Yield Manager will automatically decrease the price of your rooms.
How It Works:
Yield Management Rules
In the Admin Settings of your account, click on the Yield Management tab under ‘Rates’. Start by clicking the ‘New’ button to create a new rule. You’ll need to give this rule an appropriate name. If you create multiple rules, the rule names should be easily distinguishable from each other. Next you will have to set up the time frame in which you want your Yield Management Rule to be active. This can range from several days to weeks or months at a time.
Perhaps the most important consideration is the percentage level you want to increase or decrease your rooms by depending on your level of occupancy. For example, you could raise your room prices by 10% if your property’s availability is less than 10 rooms. Once you have defined these parameters, you need to select the room types the rule will apply to.
If you decide to apply your Yield Management Rules just to some room types, this may cause issues in keeping rates consistent among your different room types. For example, if you have a Quad Room and a Double Room, assuming the price of the first is higher than the second, and if you wish to apply your Yield rule only to the Double Room, make sure to avoid cases in which the price of the latter could be higher than the Quad room.
Creating multiple Yield Management rules allows you flexibility in choosing different periods and levels of pricing to sell your rooms at. Make sure when you have multiple rules that these rules do not conflict with each other. In case you create multiple rules, you can also decide the priority in which you want these rules to work. Place a number value in the white box at the left-hand side of each rule to prioritize on over the other.
Yield Management Settings
While Yield Management rules will apply during the time frame you have set up, you’ll need to define how often you want these rules to refresh. The rules can be updated hourly, every few hours or once a day. Click on Yield Management Settings to choose your preferred time interval.
Got any questions? Contact firstname.lastname@example.org for assistance.