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Manual Yield Management

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 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.


**Note: Rate types that are derived from another rate type in ThinkReservations will be updated automatically when the rate they're derived from is updated. 

 

Best Practice: 10-15 Minutes a Week


Review your supply:


Each gray block indicates a reservation. Dotted outlines indicate a blackout on your calendar. If rooms are sold by type, the number of available rooms in that type are noted below the price on the cell. 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: 


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. The Modify tool allows you to make multiple changes at once if the Rates & Restrictions toggle is set to Summary.

Price: Prices are required. If the price is not configured, the room-rate type combination will not be bookable by either the internal reservation calendar or external booking engine. To lower the price, enter a negative value with "Adjust by percentage" or "Adjust by dollar."

Related: Setting Rates

 

Review your minimums:


The Modify tool allows you to update 7 restrictions, including your minimum night restrictions if the Rates & Restrictions toggle is set to Summary. Typically a business will only configure a subset of these:
 

  • Minimum nights on arrival: If a customer is arriving on a date that has minimum nights on arrival set, they must meet the minimum nights indicated. If reservations have been made that make the minimum nights infeasible, then the minimum nights will automatically be adjusted. For example, if Friday has minimum nights on arrival set to 2, then someone who tries to book a room on Friday must stay at least two nights. If Saturday is already reserved, then the minimum night on arrival for Friday will automatically adjust to 1.
  • Minimum nights through: If a customer is staying on a date that has minimum nights through set, they must meet the minimum nights indicated. If reservations have been made that make the minimum nights infeasible, then the minimum nights will automatically be adjusted. For example, if Friday has minimum nights through set to 3, then someone who tries to stay Thursday and Friday must stay at least one more night. If Wednesday and Saturday are already reserved, then the minimum night through for Friday will automatically adjust to 2.


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: Setting your minimum nights
Related: Minimum Nights on Arrival vs. Minimum Nights Through

 

  • Maximum nights on arrival: A customer arriving on a date that has maximum nights on arrival set must stay no more than the maximum nights indicated.
     
  • Maximum nights through: A customer staying on a date that has maximum nights on arrival set must stay no more than the maximum nights indicated.
     
  • Closed on arrival: XA: Customers cannot check-in on a date that is closed on arrival. Guests can still stay through this day, but not arrive on days you have this set.
     
  • Closed on departure: XD: Customers cannot check-out on a date that is closed on departure. Guests can still stay through this day, but they cannot check out on days you have this set.


As always, click the Save button on the bottom right once you've made updates to the rate type.


Related ► Automatic Yield Management


 

S
Sean is the author of this solution article.

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