Working with online travel websites is one of the hoteliers’ top challenges today. To ensure a profitable internet campaign, successful hotel managers follow these five critical rules:
1. RATE PARITY - Make sure you show the same selling rates across all channels.
Maintaining rate parity is a “must” for hoteliers. Rate Parity makes for better relationships and stronger positioning for your property on websites, resulting in higher revenue opportunities. Most importantly, inaccurate rate parity causes a consumer to question the integrity of the hotel and/or the website --- YOUR customer may book with another property on another website, ultimately affecting both your bottom line and the website’s bottom line. In addition, many brands offer a lowest rate guarantee and these brands penalize and fine those properties caught in violation – rate parity eliminates concerns with brand guarantees.
2. INTERNET EXPOSURE - Show your property on as many sites as possible.
There are hundreds of quality websites out there selling rooms, but many hotels are only working with three or four major web sites. Without the additional exposure to other major and regional travel websites, your property may be missing out on a large part of the overall market. Consumers are booking rooms through hundreds of travel websites. Your property must show up on these channels, otherwise YOUR customers will not be able to book your property, and will probably book at your competitor’s property. The true beauty of these websites is major advertising power, no upfront costs, and you maintain control of your rates and allotments --- by working with these websites, your hotel has nothing to lose and only revenue to gain.
3. INTERNET RATE STRATEGY – Make changes as often as conditions change.
The conditions contributing to rate structure are constantly changing - often daily. A hotel, regardless of size and location, should be reviewing their rates daily and keeping their finger on the pulse of the internet market. By not reviewing and not yielding rates and allotments accordingly, your hotel runs the risk of leaving huge amounts of revenue on the table. In highly competitive markets, it is not uncommon for hotels to yield up to three times daily.
4. MARKUP AWARENESS – Know how your rooms are marked up on each site.
Do you know the exact mark up for each of your websites? Not understanding the markups and rounding methods can cost your hotel lost revenue and throw off your rate parity.
Example: If your hotel gave a $100 NET rate to each of your online travel
websites, do you know what the SELLING rate would be? You should,
but you are not alone if you don't. You must know your markups!
5. REDUCE “MANAUAL DATA ENTRY” – Use an organized system for yielding online.
To truly harness the power of the internet, your property should be visible on many websites, and yield to them often. Currently, without an organized system, highly valued staff members, such as the “Director of Sales” or “Revenue Manager” become a “Manual Data Entry Person.” Keeping up with and manually making hundreds of hopefully accurate rate and allotment changes has become impractical Balancing many websites with rate parity and current allotments is a challenge to say the least. .
What’s the solution?
Amazing! Today, through the use of the EZ YIELD.COM channel management system, hotels can obtain and manage increased internet exposure through hundreds of websites, as well as maintain accurate and competitive Rate Parity.
EZ YIELD.com™ provides the hotelier the ability to Update Rates, Allotments and Inventory Restrictions SIMULTANEOUSLY on ALL of their Internet Wholesalers.
IT’S as EASY as 1, 2, 3
Henry Danish, CEO and Co-Founder of EZ Yield.com stated that “the internet wholesaler industry, as it relates to hotel revenue management, is in dire need of yielding standardization.” EZ Yield.com has translated this need into a simple to use, yet technologically advanced, web-based application. “
About EZ Yield.com:
Edward St. Onge
|Also See||Hoteliers Aggressively Maintain Rate Parity through Multiple Distribution Channels / March 2004|
|How Can I Efficiently Manage All Those Travel Sites? 5...4...3...2...1...DONE!!! / February 2004|
|How do I Successfully Manage All These Extranets - Top Hoteliers Find A Way / February 2004|
|Top Talent Flocks to EZ Yield / December 2003|
|EZ-YIELD™ Signs Mutual Marketing Agreement with First Internet Travel d.b.a. 1800USAHotels.com / October 2003|
|Interstate Hotels & Resorts Finds the Solution to Managing All Those Extranets / October 2003|
|How do I Successfully Manage All These Extranets - Top Hoteliers Find A Way / June 2003|
|EasyRMS Ltd. & EZ Yield.com Form Strategic Alliance and On-line Product Integration / April 2003|
|New Internet Tool Boosts Online Revenue, Exceeds Hoteliers’ Wildest Expectations / Sept 2002|