Rate Yield Management
Boost revenue and maximize profits with automated Rate Management Tools
Automate rate changes to Front Desk, Website, and/or GDS and OTA Channels
In today’s fast paced online travel market, optimizing your rate management strategy to maximize revenue and increase occupancy has become increasingly important.
If your property isn’t taking full advantage of rate management, you could be missing out on increased revenue and occupancy. As a BookingCenter customer, you have access to automated Rate Management tools already built in your PMS system.
The Yield Management module is a powerful tool that gives you the ability to automatically change rates based on key factors like occupancy, date range and competitor’s rates.
As a Booking.com premium partner, BookingCenter offers full integration with Booking.com/ BookingSuite Rate Intelligence/Rate Manager Tools.
BookingCenter supports these Yield Management approaches:
Yield Management Module
Our internal Yield Management Module allows ‘Yield Rules’ to be applied to selected channels (e.g. front desk, website, OTA, GDS, etc) and control price changes by Time and/or Occupancy. Flexible and easy rate tools let you control inventory by allocating the right capacity at the right price so as to maximize revenue or yield. Learn more below.
Booking.com Rate Manager
Seamless Integration between the Booking.com RateManager and BookingCenter PMS data enables Booking.com’s ‘big data’ analysis of supply and demand trends in your market like a “comp set” of competitive hotels, travel trends, etc. The RateManager uses this analysis to automatically update rates in your PMS.
Third Party Interfaces
Integrate your BookingCenter PMS with approved third-party ‘revenue management’ services via our API services like iRates. Contact us to learn more about the iRates approach and to learn more about how you can connect your own third party interface.
Manual Rate Changes
As a BookingCenter customer, you have access to automated Rate Management tools already built in your PMS system. You can easily make changes to % or $ adjustment to multiple rates or quickly change a daily rate. Using the Occupancy Report with our easy-to-use Rate tools, it’s simple to make manual adjustments.
BookingCenter Yield Management Module
The MyPMS Yield Management Module lets you automate rate changes to the Front Desk, Website, and/or GDS and OTA Channels based on predefined dates (such as 7 or 30 days prior to arrival) and occupancy patterns (occupancy is > or < than a defined amount per property or per Room type).
Many hotels face fluctuating demand patterns varying by season, days of week, etc. Yield management can be used to manage fluctuations by increasimg occupancy during slow times (by decreasing price) and by increasing revenue during busy times (by increasing price).
Flexible and easy rate management lets you control inventory by allocating the right capacity at the right price so as to maximize revenue or yield.
Adding Yield Management to your MyPMS property management system can increase revenue and take much of the guesswork out of rate management decisions.
How does the BookingCenter Yield Management Module work?
Using Yield Management in MyPMS is easy. Once you sign up, Yield Management is activated in MyPMS and is managed in your system. And our staff assists with helping you achieve your ‘yield’ goals. MyPMS Yield Management module lets you choose the best prices to charge in different situations.
- Create a Yield Profile using a combination of occupancy and date range.
- For example, An Occupancy Yield Profile could be used to:
- Raise rates by 10% when occupancy is above 80%.
- Lower rates by 10% when occupancy is below 20%
- Offer a discounted Rate for bookings made 60 Days in advance.
- Choose which rates you want to apply the Yield Profile.
- Allocate the Yielded rates to individual Agent Channels.
- Easily view how Yielded rates are affecting your Agent Channels with a ‘Yield Grid’ that allows you to see how rates are being set, per Agent Channel, based on a calendar view. This tool, visually shows how rates are being affected to each Agent Channel.
- Use the PriceMatch service (provided by BookingCenter free for customers using our OTA channel connects) to view the rates of your top 5 ‘competitive’ hotels in your market . This calendar of your ‘comp set’ allows you to adjust rates quickly for market changes.
The automated Yield Management Module is a powerful tool. The BookingCenter support staff will assist with setup and deployment.
- The Yield Management Module is an OPTIONAL module to MyPMS or Channel Manager customers.
- It can be purchased for a one-time fee of $300 (this includes assistance with setup) and a $30/mo fee for ongoing use and support.