6. Creating Dynamic Pricing – Yield
Dynamic Pricing - Yield
Dynamic pricing derived from Yield Management is one of the most popular ways to automatically take advantage of the supply and demand of your tee sheet inventory. To create a dynamic pricing matrix to be applied to your pricing, start by selecting Yield Manager from the left-hand menu.
1. Select the rate plan, the season, and time period you want to build a yield for.
2. You’ll notice utilization percentage fields listed down the left and number of days out (days out until the tee-time expires) listed on the right. The number entered is in reference to the rack rate. So if you enter 120, you’re telling the system that the rate should be 120% of your rate listed in rate manager. If you enter 80, you want the rate to be 80% of your rate listed in rate manager.
Example: Referencing the image above, if the tee-sheet utilization is between 70% and 79%, and we have 2 days out until the tee-time expires, we’re telling the system to price the tee-time 105% of the rate in rate manager, or 5% over the listed rate for that period.
Hint: Use the copy button in the upper right hand corner to copy and paste a yield into a different time period to save time.
5. Repeat this process until all of your yield settings have been applied for each rate type, season, and time.