RM Tips and Strategy

How to prepare the yield management transformation? 5/5

Emmanuel Scuto
February 25, 2022
Step 5 is the culmination of your yield management transformation within your car rental operations, as we see it at WeYield. In this fifth step, we materialize our support through three bricks: the WeYield Academy, our weekly coaching and the web applications at your disposal. All three are equally important.

Step 5 is the culmination of your transformation, as we at WeYield see it. We have seen how to collect and aggregate your car rental data, visualize the relevant indicators, detect and interpret the observed situations and, finally, make operational decisions with peace of mind. In this fifth step, we materialize our support through three bricks: the WeYield Academy, our remote support and the web applications at your disposal. All three are equally important.

At WeYield, we are not solution sellers. We are not looking to sell as many subscriptions to our apps as possible to customers we would never come in contact with. What we want is for our customers to learn all the best practices of Yield Management for car rental, to implement them and to become autonomous with maximum efficiency. We have a strong ambition: to help you grow, with a minimum of effort, in order to gain freedom. To do this, you must be able to manage your business with more anticipation, and therefore with more serenity.

We are not experts who distill their knowledge sparingly, as and when asked. WeYield's values are to share our knowledge 100%. Our goal is to provide you with maximum understanding and empowerment. We share all the knowledge and expertise we have gained over the past 25 years with many car rental companies around the world and adapt it to your context. We are also in an approach of co-construction, of rich exchanges, sources of inspiration.

Understand and take action for your car rental yield via the online academy

WeYield Academy has the power to turn lead into gold. The lead is your car rental data. We don't create it, it already exists. But when entered manually, it is fragmented, heterogeneous and therefore difficult to use. We help you to structure them in order to give them value in your context. And this, regardless of the month of the year.

Of course, you know your high season periods. But it's important to also identify periods of higher intensity in the heart of the low season. There may be peaks of activity during which your utilization rate doubles or triples. There is also a mid-season, when activity is quite dynamic, for example a few weeks before or after a school vacation. In Greece, for example, the periods from April to June and from September to November are potentially quite busy. When there is no business activity to compensate for the drop in tourism, the fleet utilization rate in the low season can be divided by ten compared to the high season.

In addition, there are exceptional events that are impossible to anticipate: strikes, political problems, health crises, natural disasters... Here, technology is of little help. No artificial intelligence can anticipate these kinds of events. The experience of the human being becomes very important.

We have created 4 online training modules to help you, through WeYield's apps, get the most out of your data.

  1. The first module focuses on managing your capacity: your vehicle inventory in terms of volume, location, category, stations as well as inter-agency movements. Your goal is to put all your vehicles on the road every day. What is not sold today cannot be made up. Everything happens at a given moment. Hence the need to anticipate.
  2. The second module is about demand. The idea is to provide you with a clear vision of sales, confirmations, and your position compared to the same period the previous year: are you ahead or behind? Are you going faster or slower? We help you set up alerts to avoid shortage or excess of available vehicles, globally and in detail by point of sale.
    We also try to know your customers. Who is booking and through which channel (direct, via a broker, via an assistance company...)? All this information is aimed at making a commercial decision. This decision is not limited to setting a rate. You can choose to restrict access to low-contributing customers, encourage your customers to increase their volumes, transfer the fleet from one location to another...
  3. The third module is about decision making. What we provide you with is an estimate of your future situation if you do not change anything today. This forecast is necessarily wrong because the situation of your market will change and you will take actions. The situation will either progress or deteriorate according to these parameters.
    These forecasts are made using algorithms based on artificial intelligence. They provide you with indications and alerts that allow you to make your decisions serenely.
  4. The 4th module deals with price monitoring. Doing this manually is terribly time-consuming and inefficient. With the help of robots, we collect the car market prices to give you a clear vision. This way, you know your price positioning in relation to your market. We can program the relevant alerts or you can do it yourself.

With the online academy, you learn at your own pace. Rather than a week-long non-stop theoretical training, we propose you to follow coherent steps, mixing fundamental learning in autonomy and practice. Once you have acquired the essential basics, your skills will continue to grow as you go along, thanks to the support of our experts, our Customer Success Managers (CSM).

Iterate and accelerate through remote coaching

Our coaching has two objectives. The first is to verify that the training content is understood and mastered and to consolidate your knowledge. The second is to help you adapt this learning to your specific situation. With the help of your CSM, you train and accelerate the implementation of our solutions.

You initialize your car rental data collection in line with your environment. You configure the display of your indicators according to your needs.

To do this, we organize regular remote or yield management face-to-face meetings with your stakeholders in the company. We also schedule monthly meetings to review your results, identify difficulties and draw lessons learned. This allows you to prepare for the same period the following year with complete peace of mind.

For example, let's imagine that you had a shortage of vehicles in a given category during a peak in activity at the time of the Easter vacations. You will plan to have more vehicles for the same period the following year. This approach also allows you to prepare the budget for the coming year month by month. This will save you a lot of time and serenity at the end of the year when the management will ask for a detailed annual budget.

View and measure your car rental yield in real time via WeYield webapps

WeYield's apps are accessible at all times, from anywhere, by all your designated stakeholders. They cover fare monitoring, fleet management, booking analysis and flight data. They provide you with a continuous and clear view of your past, present and future business. Thanks to them, you can make informed decisions with complete peace of mind. You gain in freedom!

The transformation we propose is an ideal combination of highly evolved technologies and human intelligence. Our clients are leaders driven by a deep desire for change. Thanks to our training program and the support of our experts, they can make this change at their own pace and with confidence. Even for our very advanced clients, we are always there to answer questions, share experiences, imagine strategies, reflect with them on a complex optimization problem.

We also experience this rich human exchange during the three annual forums we organize in Paris, London and Berlin. The sharing of knowledge between peers, testimonials and illustrations allow you to go further in your practices. You will expand your sphere of knowledge to continue learning and improve your performance.

Book now our WeYield events in Paris the day before the IFTM Top Resa fair starts and in London, on Monday, the first day of the WTM travel fair.

Want to start your car rental yield management transformation? Contact us now!

Published by
Linkedin logo
Emmanuel Scuto
February 25, 2022

I am CEO and founder of WeYield with 25 years of passion about revenue performance acceleration in the revenue management field (hotels, theme park, car rental), I created WeYield in 2012.I am here to help car rental operators who want to change in piloting their business with more agility and freedom while improving their performance. I like being able to participate in the transformation of the organizations. Working with WeYield's revenue managers and engineers gives me a lot of energy to create new features and approaches.

Our readers also liked



Subscribe to our newsletter and be the first to receive the most relevant information and best practices on revenue management.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.