Pricing Foundations

 

Cater to changing travel needs

We’ve always known that travellers want rates that are competitive, transparent and compelling. Making sure each potential guest is shown the right price at the right time is key to securing more bookings. It can also help reduce cancellations, minimise unsold rooms and prevent the need for last-minute discounts.

A strong foundation is the key to any successful pricing strategy. Our base Rate Plans and customisations help you build a setup that’s right for your business. Once you’ve set up your Rate Plans, it’s a good idea to regularly review and optimise them, maximising your reach with travellers, increasing your bookings and driving higher occupancy over time.

 

Rate Plan fundamentals

A Rate Plan is the first thing you set up on our platform. It’s a combination of the fundamental elements of each booking:

 

Price

what you charge for each room or unit

Length of stay

how long guests need to stay for a rate to be valid

Rooms

the room or unit types included in a particular rate

Cancellation

the date when a full or partial refund is allowed until, and under what circumstances

Validity

how long before the check-in date a rate is available

Meals

whether a rate includes certain meals, such as breakfast

Build a strong foundation with two base Rate Plans

We recommend you begin by offering a combination of both base Rate Plans:

Fully Flexible

Offers the most freedom for travellers, with free cancellation at least seven days before check-in.

 

This is generally the most expensive Rate Plan on our platform – it’s also the most booked.

Add now

 

Non-Refundable

Can help you secure more guaranteed bookings and revenue, but at a lower price.

 

This is a popular choice for bookings made less than one week in advance.

Add now

 

Why offer a combination of Rate Plans?

Booked most frequently Travellers book Non-Refundable and Fully Flexible Rate Plans more than any other on our platform. These two Rate Plans offer more clarity, as it’s easy to compare prices and choose the best option.

 

Different preferences for different trips Our data shows that travellers book both Flexible and Non-Refundable Rate Plans, depending on their needs per trip and how far in advance they book. It’s beneficial to offer both to keep your rates compelling to a wide range of customers at all times.

 

More guests in your property Partners with both Rate Plans see, on average, a higher share of bookings. You could be missing out if you don’t offer both Non-Refundable and Fully Flexible Rate Plans.

Image
pricing_foundations.jpg

Customise your rates and attract more travellers

In addition to the two base Rate Plans, it can be useful to explore customisations. These can help bring valuable traveller groups to your property.

 

Long-staying guests

Weekly and Monthly Rate Plans increase visibility to the growing number of travellers searching for stays of seven days or more.

Add Rate Plan

Early bookers

The Early Booker Rate Plan attracts travellers who like to plan ahead. It helps you secure more revenue in advance – and reduce cancellations.

Add Rate Plan

Families with children

Setting competitive child rates can lead to an increase in family bookings by an average of up to 15%.

Add child rates

Groups and single travellers

Tailor your prices to the number of guests and increase bookings by up to 4% with Occupancy Based Pricing.

Set rates

Benefits of a strong foundation

Our data shows that properties with two base Rate Plans and at least one customisation see the most success. For example, partners with both base Rate Plans and the Early Booker Deal experience on average a 5% increase in bookings, an 11% increase in visibility and a 9% reduction in cancellations.

Add Rate Plans

Explore the full Pricing Toolkit

Setting up your Rate Plans is the first step to putting a winning pricing strategy in motion. Once you have your Rate Plans set up, discover our pricing toolkit, designed to help you maximise your occupancy.

Pricing Toolkit

What do you think of this page?