We some exciting news to share with you! Little Hotelier has joined forces with the Professional Association of Innkeepers International (PAII) to bring you this free webinar. < Watch the recorded version!
Below is some of the information that we cover.
Yield management is based on the theory of supply and demand. It refers to all of the pricing tactics that you can use to:
When you implement yield management strategies, you take advantage of the fact that different guests are willing to pay a different price for the same resources.
You don’t have to be a large hotel chain to increase revenue through successful yield management. There are strategies you can implement today at your small hotel, bed and breakfast, inn, or guesthouse.
You should never have just one fixed set of rates. You can have your regular rack rates, group and tour rates, special and promo rates, and package rates.
Your regular rates should also change depending on timing. Rates can change according to season, day of week, time of day, peak times, and last minute bookings.
You should be attempting to enhance your guests’ experience through extra offers and services. Complementary offers that will enhance their experience include shuttle transfers, room upgrades, equipment hire, and tours and activities.
For complete tips, you can also download our free ebook on revenue management.
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