Understanding the value for money score
The value for money (VFM) score is an assessment of what guests think your property is worth in relation to its price. It’s an important measure of satisfaction, which is why we include it in our reviews.
Although it doesn’t directly impact your overall score, there is a relationship between good VFM and high-scoring reviews. That’s why improving it can help enhance your property’s value proposition and attract more travellers.
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Understanding your value for money score
Factors that can influence your VFM score include budget, expectations and experiences. Essentially, it’s what guests get in exchange for what they pay and whether they think that’s fair.
The VFM score is unique and can differ from one traveller to another. However, there are three fundamental aspects that impact all guests’ perceptions of VFM:
- Price – this is typically analysed in relation to similar properties. Are your prices close to the average, or far above/below it?
- Service quality – including cleanliness, facilities and services offered, as well as staff friendliness and if the atmosphere meets expectations.
- Guest value – this element is the most subjective. What’s valued at a beachside hostel will be very different from a downtown business hotel. Who exactly are your guests and what’s important to them?
These elements interact with and influence one another to produce an overall assessment of VFM. A property with high prices but service that doesn’t meet guests’ expectations will likely earn a low VFM, and vice versa.
Improving your value for money score
With multiple factors impacting your VFM score, it’s important to consider each of them and make changes when and where you need to. Track your reviews over time to see what works – you might not notice a difference right away.
- Price: lowering rates may not always be an attractive option, but it’s most likely to improve your VFM in the short-term. Tools and products such as our Basic Deal, Genius programme, and targeted Mobile Rates or Country Rates can help quickly improve your property’s position compared to others in your area. This gives travellers more incentive to book with you.
- Service quality: check your Staff, Facilities, and Cleanliness scores. If any are notably low, you may need to make some improvements to give your VFM a boost.
- Guest value: filter your reviews by traveller type and country to check for trends in different guests’ expectations. For instance, some may be price sensitive, while others seek better amenities. You might not be able to address everyone’s concerns, but noticing differences can help you identify potential areas to work on.
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