Tip Tuesday #16: Pricing strategy
Hi Everyone! Colleen here with another Tip Tuesday for you!
Our partners are always asking us for pricing strategy advice, so I want to break down the basics for you so you can appeal to the widest possible range of travelers.
In order to attract different types of guests, consider taking these three steps:
- Pricing Foundations - by offering a combination of fully flexible, non-refundable and early booker rate plans you are attracting all types of travellers. Our data shows with all 3 active properties have seen 5% increase in bookings, 11% increase in visibility and a 9% drop in cancellations.
- Pricing Solutions Portfolio - We have a range of pricing solutions that can suit your long or short term and targeted needs. Explore options like Genius or targeted Mobile rates to boost your occupancy and utilize our reporting features to understand when you should use reactive solutions like Deals for your short term needs.
- Conversion Programmes - Booking.basic and Booking Sponsored Benefit can ensure our mutual customers always find prices that are compelling, competitive and transparent. Learn how to use the programs to drive demand from price sensitive customers to your listing.
Check out our Pricing Toolkit which can help you find the right tools to achieve your occupancy and revenue goals!
Have you seen success using any of the above strategies? Let us know in the comments below!