Has your competition increased or decreased their rates? Take advantage of this information by setting yield rules based on how your competition is performing.
In your Rates and Availability overview hover over the amount next to competition.
This will give you the minimum, maximum and average amounts your rates differ from your competitors..
Click on the line that shows the percentages (these percentages show how much your rates differ from your competitors), you will then see a drop-down menu.
Here you can see the average rates per accommodation, and the rates your competitors charge per room type.
You can easily see on which days your competitors are sold out.
In the dashboard you will have a good overview of the conversion of your booking engine.
It provides you with insight as to which days and times are popular in being booked. You can use this information to your advantage by increasing your rates on the popular days!
To set yield rules based on your competitors:
Open the Yield Management tab in the Channel Manager overview.
You can select a pre existing rule or click on the green + RULE button on the top right hand side of your screen.
Give your rule a name, for example: Last-Minute Deal.
Select at what percentage of availability you want to perform the action at. You can allow the Yield rule to adjust the rates if for example, there are between 50% and 100% of the rooms still available.
Choose whether you want this to apply to the availability of a category or the overall availability of your accommodation.
You can also select specific room types and rates by clicking on the categories to the right.
You can then choose whether to increase or decrease your rates based on whether one of your competitors is sold out or if all of them are sold out.
As well as if your competitor’s average rates go up or down.
Set the percentage you want to increase or decrease your rates at.
Click Save.
Good To Know!
Find out more about Yield Management here!
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