Yield Management Strategies
In previous articles we have covered identifying your ideal customer, how to most effectively reach that customer through online marketing, and how to define your message and your unique brand. By now you know that there’s more to running a small, independent hotel than throwing open the doors and cashing the checks (or swiping the credit cards).
Now that you know how to reach customers, you have to set the price you’re going to charge for your product – your hotel’s rooms and amenities. The process of determining what to charge is called a “yield management strategy.” No independent hotel is too small to use yield management strategies to set the right hotel room pricing