Sometimes, when you are striving for more efficiency within your own organization, it’s a good idea to take a step sideways and look at the way other businesses operate. If you regularly organize business meetings, for example, consider the way airlines and hotels work.
They both use something called yield management. In the airline industry it is used to adjust the prices of seats on planes according to demand. In the hotel world, it is used extensively to automatically assign the best price to a hotel room, depending on the hotel’s occupancy level. The last time you used an internet booking agency to get a four-star hotel room at a two-star price, you were using yield management without even knowing it.
Hotels have large rooms and small rooms, some have more facilities than others. Just like meeting rooms. For hotels, balancing available space against revenue is all about juggling types of rooms, their facilities and their prices to ensure that rooms are filled at prices that are beneficial to guests and hoteliers alike. Do you begin to see the connection between the way hotel rooms and meeting rooms are booked and used?
And if you are wondering how to make all this work with little more than a pen and a diary, then you are living in the past. Today, there’s technology specially designed to automate and drive yield management, whether it applies to hotels, airlines or, in your case, the organisation of meetings.
To address these issues and more, NFS Technology Group has introduced a new series of three White Papers under the general heading of The Psychology of Booking and Running Meetings. Part 3, The Power of Yield management is available now. Download it here.