Appeal to more guests with a variety of rate plans
When guests are looking to book a stay, price plays a big part in their decision making. The challenge is knowing how much. After all, some guests prefer to book early and get the lowest price, others will pay a bit more to keep their plans flexible.
So how can you cater to guests’ different motivations and behaviors, and still get the results you want? Offer a mix of rate plans. That way, you can attract a wider variety of guests, reduce cancellations, and increase revenue – securing more in advance, too.
What is a rate plan?
A "rate plan" is an industry term for the combination of factors that make up each booking. These include:
State whether you’ll refund canceling guests – if so, at which point that refund becomes unavailable.
Import your prices from an existing rate plan or configure new ones.
Days before check-in
Show specific rates to guests who book a certain number of days before check-in.
Length of stay
Offer special rates to guests who stay longer than a certain number of nights.
Create rate plans that include certain meals.
Make rate plans for certain room types or all your rooms.
How does your business benefit from offering a mix of rate plans?
Free cancellation rate plan
Guests love these rates for the flexibility they offer. Free cancellation rates are generally the most expensive – and the most booked – rates on our site. Because of their flexible conditions, they naturally have higher cancellations.
To get the most out of your free-cancellation rate plan, it’s good to offer it year round without any restrictions on the length of stay or booking period.
Non-refundable rate plan
Non-refundable rates are generally cheaper than free-cancellation rates. However, you can get back the price difference by securing more guaranteed bookings and higher overall revenue.
Our data shows that adding a non-refundable rate plan to your property can help reduce cancellations by at least 9% – and increase overall bookings by 5%.
Early-booker rate plan
Usually the cheapest rate plan, early-booker rates make your property more attractive to guests who book far ahead of their check-in date.
Early-booker rates help you stand out from your competitive set, secure more revenue in advance, and reduce your cancellations.
How do I set up different rate plans?
You can set up rate plans on the Extranet. Go to the "Rates & Availability" tab and click "Rate plans."