Article summary: This comprehensive guide explains how to set up and edit the Yield Management tool within the Reservit platform. You will learn how to analyze competitors' rates on the interactive pricing calendar, adjust competitor weighting, and create automated pricing rules based on specific minimum and maximum thresholds. Mastering this dynamic pricing feature enables you to effortlessly maximize your revenue and maintain a highly competitive market position.
The 5 key steps to configure the Yield Management tool:
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Access the pricing calendar: Search for "Yield Management" in the main search bar to view your interactive calendar, which displays competitor prices and software-generated rate recommendations.
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Filter your market view: Utilize the drop-down menus to specifically filter the calendar data by your various room types, rate plans, and booking distributors.
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Map rooms and competitors: Click the settings wheel to configure your room mapping and use the "Competitors" tab to adjust the weight (relative importance) of each competitor.
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Establish Autopilot rules: Navigate to the "Autopilot" tab to create automated pricing parameters, clearly defining your minimum and maximum rate limits for specific rooms and dates.
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Preview and apply strategy: Set up any necessary deactivation periods to pause automation, preview your pricing strategy in the "overview" tab, and click apply to activate your new rules.
Why follow this guide? Automating your rate adjustments through the Yield Management tool eliminates the need for tedious manual price monitoring and protects your property from costly underpricing errors. This strategic setup saves your revenue management team hours of daily administrative work while ensuring you always sell your rooms at the most profitable price based on real-time market demand.
1. Click "Search on Reservit".
2. Click "Yield Management"
3. You will be redirected to this page which contains a calendar with prices.
4. When you click on a date, you will see all your competitors and their prices. The software then suggests adjusting your prices with an arrow (price increase, decrease, etc.).
5. Click it to see the details.
6. You can choose your room type in the drop-down list.
7. You can also choose your rates and your distributors.
8. Click the wheel.
9. You can configure your rooms, rates, and also your competitors.
10. Now, you have to edit each room.
11. The "Competitors" tab allows you to adjust the weight of each competitor, meaning their importance relative to others in the recommendation calculation.
12. And you can add some rules on the "Autopilot" tab.
13. Set up rules such as the "Min" and "Max", the rooms or the dates, then save.
14. You can also set up a deactivation rule, for example to pause yield management for a given period.
15. Click "Overview" to preview the result, then click "Apply".
