He Yield Management It is a technique that involves making strategic changes between supply and demand of products, to ensure sales and provide further opportunities for consumer customers. Hotels and airlines do. For this reason, the same product or service (a room, a flight) price varies depending on season, day and time.
The restaurants also apply Yield Management with incredible results, conducting a strategic game between availability and price tables of dining experiences, always guaranteeing benefits.
Any restaurant can take place and there are two main variables that must be known to start:
1 – The fixed cost of each service table: It is essential to know what costs the restaurant have a table comes available or the customer does not come, for minimum income to do daily. It can be calculated by 3 simple equations:
Daily fixed cost = Annual fixed cost / Number of open days a year
fixed cost of each service Fixed cost = daily / Number of daily services
fixed cost of each table = Fixed cost of each service / Number of tables available
2 – Customer flow restaurant: It is also necessary to analyze how the flow of reserves and consumption according to the seasons, months, the weeks, day and shift schedules. Thus, we know what are the times when you need to apply these variations in supply and demand are, for income always regardless of external conditions.
To give you an idea, we take as reference the way restaurants apply the Yield Management through ElTenedor, using a tool called ElTenedor Manager, allowing them to play with the availability of reserves they receive in real time to achieve several objectives:
Promptly raise dead hours
Suppose the dead time is the strip between the 13:00and h 15:30h pm on Tuesdays. In this case the restaurant does is increase the number of reservations-tables available in your profile ElTenedor, for attract more customers in that time.
If a table is left empty, The restaurant can also open availability, to attract diners who are looking for a restaurant in the area right now.
Optimize the occupation of the tables
The reserve management software ElTenedor Manager, count with one digital room plan to automatically assign the reservations will be getting to the tables in the plane, thus the waiters already know how to organize services and where to seat customers before they get.
With this tool, the plane can be programmed to assign reservations to the tables according to their numbers of diners and ensure profitability. For example, If a table is available for 6-8 people, the system is configured to assign to the table only reservations that number of diners and no less. A great advantage of organization and performance on demand.
Attract customers with offers at strategic times
Another way to ensure full tables in low season, It is offering promotions 30% off, for example, a specific number of reservations corresponding to the tables often remain empty during that period, to ensure revenue despite the circumstances.
also in specific times. the availability of reserves is opened according to the number of tables that are often left empty, with a hearty discount 40%, for example, right in times of interest to attract customers. In this way it is played with the availability and promotions, opening more or fewer bookings and offering more or less depending on occupancy discounts.
The premise of this strategy Yield Management is applied ElTenedor always better to win guaranteeing a minimum fixed cost of each table and at least one small profit, that offer no promotion, the table is empty and have losses.
Increase profits in high occupancy
Yield Management is not only to raise the dead moments, also it serves to maximize profits in seasons when the restaurant usually has good occupancy. The seasonality -the summer, for example-, he Valentine's Day, or football seasons, are excellent times to apply Yield Management.
In this sense, restaurants increase their average ticket in these times of high occupancy, offering special menus allowing them to double their profits and have a good deal for customers in those days key.
It also works on regular days and times high occupancy, like dinners on weekends, where restaurants offer special menus with higher prices, to take advantage of the high volume of reserves and render them the most.
As you can see this is a dynamic that allows restorers freely manage the availability and occupation of their tables, for adapt to changes that are constantly occurring in this sector and always win. The interesting thing is that customers also benefit because they have more opportunities to consume products restaurant throughout the year.
Do you have come forward to apply Yield Management through ElTenedor? Please click here.