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| Product news |
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03 Mar 2023
Make the most of your bookings with Book4Time’s innovative yield management features
Supplier: Book4Time Inc
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photo: Book4Time
Book4Time is the world's leading spa and ancillary revenue management software for the world’s top hotels and resorts, used by more Forbes Five-Star resorts than any other vendor.
Book4Time manages the end-to-end guest experience for international hotels, resorts, casinos, golf and private member clubs operating in over 100 countries worldwide and is the preferred solution for some of the world’s largest and most prestigious brands.
Its latest launch is its advanced yield management capabilities.
Simply put, yield management is the practice of adjusting prices based on demand.
This is a practice that the hospitality industry has been using since the 70s. From airlines to hotel rooms, prices can always fluctuate based on demand. The best example is that maybe there’s a huge sporting event taking place near your hotel of choice, you’ll likely be paying more during the weekend of this sporting event because demand is up and that hotel is trying to capture the maximum amount of revenue.
The spa industry and yield management
During the past couple of years, the spa industry has begun to catch on and utilise this practice to make up for slower days without having to discount their services or offerings, which can actually harm a business.
Yield management gives spa directors and general managers the opportunity to use new sales and marketing techniques to fill their treatment rooms during these slower times to entice guests to make a visit to the spa and to make up for potential lost revenue.
On a slower day, your system could automatically lower prices for you. Pair these prices with a smooth marketing campaign for hotel guests, you could turn your entire schedule around.
Book4Time’s out-of-the-box solution has always given users the option to use yield management features, allowing management teams to set the system up to automatically fluctuate prices based on the day of the week or practitioner.
However, we recently took it a step further to give our clients a fully automated 360-degree yielding experience.
With our new advanced yielding features, our clients can set their systems to yield by room occupancy, spa utilisation percentage and hour of the day.
These new offerings will allow spa directors to run their spa and treatment rooms at their maximum efficiency when choosing to use this feature.
Suzanne Holbrook, senior corporate director of spa operations for Marriott International and Ritz Carlton, is an expert in yield- and revenue management.
She oversees 160 spas at hotels and resorts and is recognised for an almost magical ability to produce outstanding financial results.
Holbrook told Spa Executive Magazine in an interview: “There’s always the fear of change! We’re used to yield management with airlines and hotels, but not in spas. Why? Let’s be the disruptors. We shouldn’t wait for every other industry to move forward.”
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| Company details |
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Book4Time Inc
Book4Time is the leading spa and ancillary revenue management software for the world’s top hotels and resorts, used by more Forbes 5-Star resorts than any other vendor. Book4Time manages the end-to-end guest experience for international hotels, resorts, casinos, golf, and private member clubs operating in over 100 countries worldwide and is the preferred solution for some of the world’s largest and most prestigious brands.
Book4Time Inc
Markham
Ontario
Canada
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