How do you measure and improve your conversion rate across the booking funnel?

1 What is the booking funnel?

The booking funnel is the journey that your potential customers take from landing on your website or app to completing a booking. It typically consists of several steps, such as searching, selecting, entering details, reviewing, and confirming. Each step has a different purpose and challenge for the user and the business. For example, the search step is where you need to attract and engage the user with relevant and appealing offers, while the review step is where you need to reassure and persuade the user to finalize the booking.

3 How to improve conversion rate with yield management?

Yield management is a strategy that aims to maximize revenue by adjusting prices and availability according to demand and customer behavior. It can help you improve your conversion rate by offering the right product at the right price to the right customer at the right time. To do this, you should segment customers based on their characteristics, preferences, and willingness to pay, and tailor your offers and messages accordingly. Additionally, dynamically pricing your products based on supply and demand, seasonality, competition, and other factors can be beneficial. Furthermore, managing inventory and availability can create a sense of urgency and scarcity while avoiding overbooking or underbooking. Finally, testing different elements of your booking funnel such as layout, design, copy, images, call to action, etc., can measure their impact on conversion rate.

4 How to monitor and evaluate your conversion rate performance?

Improving your conversion rate is not a one-time project, but a continuous process that requires regular monitoring and evaluation. You need to set clear and realistic goals and benchmarks for your conversion rate at each step of the booking funnel, and compare them with your actual results. You also need to track and measure the key drivers and indicators of your conversion rate, such as traffic sources, bounce rate, average time on page, exit rate, etc. Additionally, you need to collect and analyze feedback from your customers, such as reviews, ratings, comments, complaints, etc., and use it to improve your booking funnel and customer experience.

5 How to learn more about conversion rate optimization and yield management?

To gain a better understanding of yield management principles and techniques for measuring and improving conversion rates across the booking funnel, consider consulting the following resources: The Ultimate Guide to Conversion Rate Optimization by CXL, Yield Management for Hotels: What? Why? How? by Hotelogix, How to Optimize Your Booking Funnel for Higher Conversion Rates by SiteMinder, Conversion Rate Optimization for Travel Websites: 10 Best Practices by VWO, and Yield Management: The Ultimate Guide for Revenue Managers by Cloudbeds.

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?