Using revenue management correctly
bookingkit offers you the possibility of revenue management. At bookingkit we understand profit management as a series of measures with the aim to increase or maximize the profit of your company. Yield management is also common in other sectors such as the hotel industry, here under the name "Yield Management". The feature is based on a worldwide unique algorithm that evaluates past data of your and other similar companies and calculates a forecast of the future based on this data. This way, Yield Management can help you make decisions on price and allocation issues.
So bookingkit offers you once again support and at the same time a considerable time saving for important decisions. In this article you will learn how to use the yield management system to optimize your profits. In your bookingkit calendar you will see a bar chart divided into three colours next to each individual event:
This diagram shows you the expected workload and number of participants for each appointment. The colours have the following meanings:
- Green: Already booked participants
- Yellow: Experience shows that participants booked by the deadline
- Red: Experience shows that participants are not sold
This data allows you to take different actions depending on the expected workload of the respective appointment, be it discount actions for a few expected orders or the creation of additional appointments for high workloads. As a result, you can always react quickly and make the right decisions at different workloads with the help of yield management.
Note: The module revenue management is not yet fully integrated into bookingkit, the current integration is part of a much more comprehensive feature. As soon as new features are added, we will of course inform you about it.