Yield Management & Dynamic Pricing Software for Hotels
Yield management gives Spa Directors and General Managers the opportunity to use new sales and marketing techniques to maximize revenue during high demand times and fill their treatment rooms during slower times to entice guests to make a visit to the spa and to make up for potential lost revenue. Book4Time was awarded The International Spa Association Innovate Award for our advanced yield management capabilities.
Maximize Revenue
Before Yield Management & Dynamic Pricing, Revenue Managers had to manually adjust prices on their treatment menu which could take hours dealing with configuration settings. When you’re running an established spa and can pinpoint your high traffic times that you want to yield higher for, yielding can be done automatically with Book4Time’s spa software leaving Spa Directors & Revenue Managers only having to set-up configurations once.
One size doesn’t fit all and you and your business are unique. Book4Time allows you to yield pricing in a variety of ways including: Day of the week, time of day, practitioner, utilization rate, and much more!
Greater financial control for the entire team
With Book4Time’s industry leading advanced Yield Management & Dynamic Pricing, Revenue Managers are able to yield and adjust prices based on demand. This gives Revenue Managers greater control over maximizing revenue during high or low traffic times. All too often the term “discount” is thrown around by sales & marketing teams to try and entice guests to book treatments and maximize room utilization. When your operations teams have the power to yield lower, you are able to fill treatment rooms without ever having to compromise your brand or practitioners, and also give your sales and marketing teams an opportunity to pitch exclusivity to guests.
The future of Yield Management in the Spa & Wellness industry
Yield Management has helped Revenue Managers & Spa Directors achieve a significant 10-15% jump in overall revenue by having at least one yield rule in place. Shifts in the spa industry predict that by 2025 more than 40% of all spas worldwide will be utilizing at least one form of yield management to keep up with the rest of the hospitality industry such as hotels and airlines.
