Hotel managers understand that effective Revenue Management is essential for the financial health of boutique hotels. While personalized service and exclusive experiences are vital, it's equally important to adapt to market conditions to maximize ADR and occupancy through the specific discipline of Yield Management.
Boutique hotels often face challenges implementing yield management consistently. Smaller establishments typically have limited staff, software, data, and training, making it difficult to analyze market conditions and adjust room pricing accordingly. Although critically important for a hotel's financial health, small hotels may not justify a full-time revenue manager. As a result, many hotels neglect this crucial aspect of their business, resorting to guesswork for future rates instead of data-driven forecasts. Fine-tuning rates lower (or higher) on specific dates, based on occupancy, competitor rates, and remaining time, can have a huge impact on a hotel's finances.
Smaller hotels need a solution specifically designed for their needs and easy to implement consistently. Yield Box is an easy-to-use solution requiring no new software and minimal training, delivering nearly all the benefits boutique hotels need. Follow these three simple steps:
1. Create an occupancy report in your property management system (PMS) and have it automatically emailed once a week to YieldBox@resortincome.com.
2. In Expedia Partner Central, provide read-only access to the same email address, allowing our team to download future rates for your hotel's Competitive Set.
3. Within 24 hours, you'll receive a written, bullet-point summary of which rates to adjust and a detailed spreadsheet with rate adjustments for the next 120 days. Most hotels can implement these changes in 15 minutes.
That's it! Rates are adjusted for supply and demand for the next few months, allowing you to focus on guests and other aspects of managing your property. Next week, you will receive a fresh batch of adjustments based on changes to your occupancy and competitor rates. Rates will also be adjusted based on the passage of time, as those future dates get closer to today.
Boutique hotels can enjoy the benefits of yield management without incurring the high costs of complicated software or extensive training. Consequently, employees can focus on what they enjoy most about the hospitality business, such as providing exceptional guest experiences and personalized services. This approach not only enhances customer satisfaction but also boosts staff morale, contributing to the hotel's overall success and profitability.
For more information, visit www.yieldbox.info.
Media Contact
Company Name: Resort Income
Contact Person: Robert Russell
Email: Send Email
Phone: 6785347125
Country: United States
Website: https://www.resortincome.com/
