Appeal to more travellers with a variety of Rate Plans
What makes travellers choose to book with you? Convenience and choice are important, but our research shows that flexibility and a great price matter most – now more than ever. And while some travellers plan ahead to save money, some book last-minute and others will pay more for added flexibility in case their plans change.
Setting up your Rate Plans is the first step towards a strong pricing foundation that caters to these different needs. Offering a mix of Rate Plans can help you attract a wide variety of travellers and make the most of demand.
Using Rate Plans to drive growth
Our data shows that, on average, partners combining three Rate Plans achieve:
- A 5% increase in bookings
- An 11% increase in visibility
- A 9% reduction in cancellations
What makes an optimal Rate Plan setup?
We recommend you offer a mix of these Rate Plans so that you can attract a variety of travellers.
Great for travellers with fixed plans, these cheaper rates can help secure guaranteed revenue. Data shows partners offering this Rate Plan reduce cancellations by an average of at least 9%.
Early Booker rates can help you secure bookings from travellers who plan in advance. You can combine the Early Booker Rate Plan with a variety of cancellation terms or a Non-Refundable policy.
How do I set up different Rate Plans?
To set up Rate Plans for your property, log in to the extranet, click on ‘Rates & Availability’ and then click on ‘Rate plans’. Here are a few things to keep in mind while you do it:
- Our research shows any other opportunities you activate are less effective if you don’t already have at least two Rate Plans in place.
- You can add new Rate Plans or edit your existing ones – or both. Any changes you make will be effective immediately.
- Do you have multiple room types? Consider offering all your rates on all your room types to offer travellers the most choice.
- You can convert any existing Rate Plans with a Free Cancellation policy into Flexible - 1 day, so travellers can cancel right up until one day before arrival.
You can learn more about setting up Rate Plans by taking a look at this article.