yield prices . But both Shane Bird and Verena Lasvigne-Fox note that improvements to booking management software has made those evaluations much easier to undertake .
“ One big factor [ to yielding successfully ] is your software . Can your software do what you need it to do when it comes to yielding ?” Bird asks , while noting the improvements many programs have made in just the last few years . “ As recently as five years ago , some were struggling to be as valuable as they needed to be when it came to pricing .” If a spa hasn ’ t done a thorough review of available software in a while , now may be the time to dive into the ways in which a new program might make yield management simpler and more efficient .
Verena Lasvigne-Fox cites a thorough understanding of booking software and its capabilities as the first step in adopting , or simply fine-tuning , a yield management strategy .“ Some software supports dynamic pricing by the hour of the day — Friday mornings I have a lower price and Friday afternoons I have a higher price , for example — but others only work by the day of the week . So the first step is to really understand your software , get a full training on how yield pricing may work and support you .”
A thorough grasp of booking software also allows spas to remain nimble and make those surgical adjustments Shane Bird mentioned above . As Verena Lasvigne-Fox explains , however , spas should also expect “ glitches ” to occur when developing and implementing a yield management strategy , treating any missteps or even negative guest feedback as an opportunity to learn and improve .“ Stay flexible and adjustable ,” she says . And if guests question the adjustments the spa has made ? “ Be generous with those guests
MAY 2021 ■ PULSE 35