ThinkReservations has a great tool for automatically adjusting your prices based on your occupancy percentage. This allows you to charge based on supply and demand. However, we recommend you spend just a few minutes each week and review your pricing and restrictions.
Yield management in ThinkReservations is basically making sure that you are charging the right price for the room they are staying in based on when they are staying. If you spend a few minutes each week reviewing the week or two ahead, you can stay on top of your Availability Calendar and increase your revenue. These few minutes are well worth their increase on your bottom line. Adjust your prices as needed based on what you see on the Edit Rate Type calendar for each rate type. Determine if you need to increase or decrease your room rate. It is just as important to adjust your minimum nights and other restrictions if you are using them as well.
This will take you to the Edit Rate Type calendar:
Click Settings ⟶ Rate Types ⟶ Click on the rate type you wish to review ⟶ Rates & Restrictions tab at the top.
Best Practice: 10-15 Minutes a Week
Review your supply:
Each grey block with rounded corners indicates a reservation on your calendar. This allows you to visualize what rooms you have left to sell easily. Note that if you change prices or restrictions on a block that has a reservation already, it will not affect the existing reservation. Only if that reservation were to be moved or canceled, and a new reservation were to take its place would your changes come into play.
Review your rates:
The EDIT drop-down selection shows price by default. Review the rates that you have for the next one to three weeks, making adjustments as you see fit. For small changes like this, the best method is to click inside the price block that you wish to edit and type in a new price.
Review your minimums:
The EDIT drop-down houses five restrictions, including your minimum night restrictions. Choose Minimum Nights on Arrival from the drop-down. Review your arrival restriction and make any changes as needed. Repeat the process for Minimum Nights Through. Click HERE for an explanation of the difference between the two. Ideally, you would not have a Minimum Nights on Arrival restriction and a Minimum Nights Through restriction for the same day. If you do, the Through restriction will trump the arrival restriction.
Related ► Automatic Yield Management