How to make rate types work for you
Find out how diversifying your rates with flexible, non-refundable and early-bird offers can attract different guests by meeting their specific needs.Review and update your rates
Offering potential guests a choice of rate plans can make a big impact on your success on Booking.com.
That’s because different rates attract different types of travellers. By offering a variety of rates, you appeal to a larger pool of potential bookers.
”By offering a variety of rates, you appeal to a larger pool of potential bookers.‟
What rate types are there?
There are generally three different rate types you can combine. Let’s look at an example of how you could set up your rates to attract a wider variety of guests.
A flexible rate typically comes with a (fully) flexible cancellation policy. This means guests have the freedom to cancel the reservation, and they’re usually able to book this rate until the very last moment.
A fully non-refundable cancellation policy offers added reassurance because you’ll secure vital income upfront even if the guest decides to cancel. This kind of rate can typically be booked until at least 24 to 48 hours in advance.
Non-refundable early booker rate
An ‘early bird’ rate with a non-refundable cancellation policy can bring in more bookings further in advance. It also helps to reduce cancellations, and would typically be offered to guests up to approximately 21 days in advance.
How do I set up different rates?
If you’d like to offer different types of policies, you can easily set these up in your extranet. To set up a new policy, click on the ‘Property’ tab and then select ‘Policies’ from the drop-down menu. From there, you can easily manage and amend your cancellation and prepayment policies.
You can also set up different rate plans in the extranet. Just click on the ‘Rates & Availability’ (or 'Calendar & pricing’) tab, select ‘Rate plans’, and set up or amend your rates. You can apply your rates to different types of rooms, and set up meal plans as well
Good to know
- If you have multiple room types, offering all of your rates on all your room types gives potential guests the biggest variety to choose from.
- The same goes for optional meal plans: offering all rates both with and without the meal plan gives your guests the freedom of choice.
- To save yourself a lot of manual work, you can choose to let your non-refundable rates automatically follow your flexible rate. This means that when you change the price or availability on the refundable rate, you also automatically change price or availability on the non-refundable rate.
How to base a new rate on an existing rate plan
(if available for your property type)
- Log in to your extranet and select ‘Rates & Availability’ (or: ‘Calendar & Pricing’).
- Click on ‘Rate Plans’.
- Select the option ‘Add new rate plans’.
- Under question two (‘How do you want to manage your rates?’), select ‘Automatically, by basing this rate on an existing rate plan’.
Set yourself up for success with a combination of rate plans.Review your rates