Al Ketbi Consultancy to help generate maximum profitability for Destinations
Al Ketbi Consultancy (AKC) recently released a Destination yield management guideline, the first in the MENA region, to help Destinations and Tourism Boards to better strategize and maximum Destinations yielding among strong market competitors.
The ‘First MENA Destination Yield Management Guidelines’ contains a theoretical approach to destination yield management (DYM) and best practice solutions. The guideline focuses on maximizing profits by offering effective strategies in crafting and implementing destination yield management practices within an organization.
Managing yield, also known as a profit margin, is being utilized by many hospitality establishments as their standard revenue strategy, in which they make price changes based on critical factors such as demand and supply; high season versus low season; and even day of the week. Companies are able to make more bookings as well as provide competitive prices and attractive packages by using a yield management method.
Awadh Al Ketbi, CEO, AKC, said: “The ‘First MENA Destination Yield Management Guidelines’ proposes multi-solutions and options that can be adopted by regional and international tourism boards as well as our regional and global partners to guarantee consistent flow of revenues, remain competitive. The ready-to-implement DYM methodologies contained in the guideline are solid, measurable, and efficient. The guideline’s release is timely, especially now when most of major destinations are competing to optimize profitability and make a strong impact on the national economy.”
“Moreover, the guideline is inspired by the Six Sigma methodology for performance and improvement management. Those who will use the methodology are assured that they have access to foremost methodological practices to help improve Destination revenues and enhance business efficiency. In preparing the guideline, we have specifically incorporated the ‘Define, Measure, Analyze, Improve, and Control (DMAIC)’ process to help advance business designs and procedures,” added Gamal Sadek, General Manager, AKC.
The guideline discusses five major phases. The first is the ‘DYM Define Phase,’ which identifies clearly the main objective of the DYM for a specific destination, within a specific period based on measurable criteria. It is followed by the ‘DYM Measure Phase,’ which tackles full data collection related to the defined scope target, and the ‘DYM Analyze Phase,’ which involves analysis of actual collected data and identification of potential improvements. The fourth and fifth phases are the ‘DYM Improve Phase,’ which focuses on the improvement implementation plan with clear measurable outcomes and activities, and the ‘DYM Control Phase,’ which creates an ongoing control chart to maintain improvement process, respectively.
The Destination Yield Management Solution is registered By AKC as a Brand identity in over 172 countries worldwide.