How do you incorporate customer feedback and loyalty into your pricing decisions?

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Yield management is the practice of adjusting prices based on the expected demand and supply of a product or service. It is often used by industries that have perishable inventory, such as airlines, hotels, and car rentals. But how do you incorporate customer feedback and loyalty into your pricing decisions? In this article, we will explore some strategies and tools that can help you optimize your revenue and customer satisfaction.

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Borhen Rezgui

Top Voice | Revenue Manager | BI & Data Analyst | Creating Valuable Content
Ivan A.

CEO @ Roitels Inc. | Specializing in Hospitality Technology | Expert in Revenue management and AWS |Passionate about…
Coralie Semelle

Je booste le chiffre d'affaires des h?teliers ?? / Expertise Booking / Revenue management

1 Understand your customer segments

One of the first steps in yield management is to identify and segment your customers based on their characteristics, preferences, and behaviors. For example, you can segment your customers by their location, travel purpose, booking channel, loyalty status, price sensitivity, and willingness to pay. By doing so, you can tailor your prices and offers to each segment and target them more effectively.

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Coralie Semelle

Je booste le chiffre d'affaires des h?teliers ?? / Expertise Booking / Revenue management
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Il existe tellement de manière de segmenter sa clientèle. D'autres cibles possibles peuvent être identifiées selon la nationalité, selon l'outil qu'ils utilisent pour réserver, selon la durée de séjour. Il y a autant de segments que de clients!

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2 Collect and analyze customer feedback

Customer feedback is a valuable source of information that can help you improve your product or service quality, identify customer needs and expectations, and measure customer satisfaction and loyalty. You can collect customer feedback through various methods, such as surveys, reviews, ratings, social media, and complaints. You can also use tools like Net Promoter Score (NPS) and Customer Satisfaction Score (CSAT) to quantify your customer loyalty and satisfaction. By analyzing customer feedback, you can identify the factors that influence your customers' perception of value and their willingness to pay.

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Coralie Semelle

Je booste le chiffre d'affaires des h?teliers ?? / Expertise Booking / Revenue management
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Recueillir et analyser les commentaires clients font partie de la réputation et de l'image de l'établissement. Au delà d'une source évidente d'amélioration pour l'h?telier, il est aussi important de prendre en compte les avis des clients et d'y répondre pour fidéliser les clients déjà satisfait et attirer les nouveaux clients quant aux prises en compte des recommandations émises par les voyageurs. Répondre aux commentaires négatifs permettra de remettre le service de qualité de l'h?tel en avant.

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3 Implement dynamic pricing

Dynamic pricing is the technique of changing prices in real-time based on the current demand and supply conditions, as well as other factors such as customer feedback, loyalty, and behavior. Dynamic pricing allows you to maximize your revenue by capturing the highest possible price from each customer segment, while also offering discounts and incentives to stimulate demand when needed. You can use software and algorithms to automate and optimize your dynamic pricing decisions based on data and rules.

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Ivan A.

CEO @ Roitels Inc. | Specializing in Hospitality Technology | Expert in Revenue management and AWS |Passionate about Enhancing Customer Experience in Hostel Chains and Independent Hostels through Technological Innovation
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I believe that the key to successful dynamic pricing lies in a robust implementation of machine learning and artificial intelligence. These technologies can analyze large datasets, identify trends, and make informed predictions that guide pricing decisions. However, it's crucial to balance revenue optimization with customer satisfaction. We must ensure that our dynamic pricing model doesn't set prices so high or low that it discourages our target audience or leads to customer dissatisfaction.

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Coralie Semelle

Je booste le chiffre d'affaires des h?teliers ?? / Expertise Booking / Revenue management
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En effet, la tarification dynamique permet d'augmenter ses revenus et l'utilisation de logiciels va venir en faciliter la mise en oeuvre. Il faut à mon sens, garder en tête que la veille concurrentielle est essentielle et l'analyse de l'historique des ventes et du marché sont primordiales.

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4 Reward your loyal customers

Loyal customers are the ones who repeatedly buy from you, refer others to you, and provide positive feedback. They are also less price-sensitive and more willing to pay a premium for your product or service. Therefore, you should reward your loyal customers with benefits and perks that enhance their value proposition and increase their retention and loyalty. For example, you can offer them loyalty programs, discounts, upgrades, freebies, or exclusive access to your product or service.

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5 Test and monitor your pricing strategies

Finally, you should test and monitor your pricing strategies to evaluate their effectiveness and impact on your revenue and customer satisfaction. You can use methods such as A/B testing, multivariate testing, or conjoint analysis to compare different pricing scenarios and options and measure their outcomes. You can also use metrics such as revenue per available unit (RevPAR), average daily rate (ADR), occupancy rate, and conversion rate to track your performance and adjust your pricing strategies accordingly.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Borhen Rezgui

Top Voice | Revenue Manager | BI & Data Analyst | Creating Valuable Content
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Analyzing your customer feedback will help you first identify your SWOT! Knowing your SWOT analysis not only helps you improve service quality, which directly affects your performance and boosts loyalty, but also allows you to set the right pricing strategy against your competitors and make the most of your loyalty program. You can then adjust your services to better meet customer expectations and strategically price your products to stand out from competitors, thus pleasing your loyal guests.

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Ivan A.

CEO @ Roitels Inc. | Specializing in Hospitality Technology | Expert in Revenue management and AWS |Passionate about Enhancing Customer Experience in Hostel Chains and Independent Hostels through Technological Innovation
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Tip; In the end, dynamic pricing should be seen as a tool to maximize revenue while maintaining a high level of customer service. By leveraging technology and data, you can make informed decisions that benefit both your bottom line and your customers

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How do you incorporate customer feedback and loyalty into your pricing decisions?

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4

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1 Understand your customer segments

2 Collect and analyze customer feedback

3 Implement dynamic pricing

4 Reward your loyal customers

5 Test and monitor your pricing strategies

6 Here’s what else to consider

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