I LOVE the ResKey Yield Management feature. It's there making money for me and I never think about it. When I DO notice that it has "kicked in", it's a case where the guest willingly paid more to get my last room or something.
In all cases, if they contacted me directly I'd probably be afraid to charge more. I'd probably charge them the usual rate. But when they book through ResKey directly, it does the dirty work for me, and they willingly pay it. Love it!
Of course, I also use it to discount when it's like 2 or 3 days away and I still have 3 to 5 rooms available. I want to encourage someone to book one of them..
Arks said:
I LOVE the ResKey Yield Management feature. It's there making money for me and I never think about it. When I DO notice that it has "kicked in", it's a case where the guest willingly paid more to get my last room or something.
In all cases, if they contacted me directly I'd probably be afraid to charge more. I'd probably charge them the usual rate. But when they book through ResKey directly, it does the dirty work for me, and they willingly pay it. Love it!
Of course, I also use it to discount when it's like 2 or 3 days away and I still have 3 to 5 rooms available. I want to encourage someone to book one of them.
How? That's the question! I need specific directions for how to set this up. I already did the 'drop the 2 day min 3 days out' but I can't figure out how to set up the YM piece to raise the rates when there are only 3 rooms left. So, can you email me a screen shot of your page setup?
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Morticia said:
How? That's the question! I need specific directions for how to set this up.
In ResKey...
- Select Properties tab on upper right
- Select Yield Management
- Select Add Yield Management Group
- Give a Group Name. Mine is YM1. Can't imagine what that stands for ;-)
- Select rooms it applies to. Mine are all selected, with date range from now to 2032, so it doesn't expire.
To set up a new rule,
fill in the "When the number of days between the booking..." section the way you want it, then select
Add Rule. Below are how my two rules are set up. Once you have your first rule added, you can fill in the "When the number of days..." section again and select Add Rule to add a second rule, etc.
My first Rule uses this setup:
When the number of days between the booking date and the reservation start date is within:
0 to 60 days, and available capacity* is between 0 to 1 units,
increase the room/unit price by 10 $ per day
In plain English, if they are booking a room within the next couple of months, and I only have 1 room left for the date(s) they plan to come, it will cost them $10 more, per day, to book that last room.
If room supply is low and demand is there, price goes up.
My second Rule uses this setup:
When the number of days between the booking date and the reservation start date is within:
2 to 2 days, and available capacity* is between 3 to 5 units,
decrease the room/unit price by 10 $ per day
In plain English, if they are trying to book 2 days from now, and I still have a bunch of rooms unbooked (I only have 5), they will get a $10 discount to book now.
If room supply is high and demand doesn't seem to be there, price goes down.
When done entering all the rules you want, select
Save Changes to...save changes.
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