How to guarantee more income
Prepayments, flexibility with cancellations, discounts, and more. There are plenty of ways to ensure you receive extra bookings and bring in added income. But first, you have to be seen by enough customers.Learn about visibility basics
Naturally, the objective for any business is to maximize its income, and it’s no different for Booking.com accommodation partners.
Set up a prepayment
A solid way of securing money up front is to set up a prepayment for all, or some, of your reservation policies. You can easily create a policy that requests full or partial prepayment on your Extranet.
Be flexible with cancellations
It’s important to be flexible and offer a variety of cancellation policies. Cancellations aren’t necessarily a bad thing – they can actually be a commercial opportunity.
For instance, one third of all cancellations occur within 24 hours of the initial booking. Allowing these kind of cancellations without any fuss will provide a good guest experience. So, customers will be more likely to book your property the next time they’re looking to stay in your area.
Plus, if you have auto-replenishment activated, that canceled room will quickly go back on sale so it can be snapped up by another guest.
Learn more about reducing cancellations.
Securing income: Our top tip
Check your cancellation policies to strike the right balance between allowing quick cancellations but giving you the peace of mind that you will get income if they cancel within a certain amount of time.Review your policies
Add discounted rates
To generate more business on low-demand dates, you could add special promotions that encourage guests to book your place. Everyone loves a good deal.
Alternatively, you could add a reduced rate with a more restrictive refund policy all-year round. With a non-refundable rate, guests pay the full price when they book – and are charged a fee if they cancel. So you’re guaranteed income.
Target frequent bookers
If you’re eligible to join the Genius program, it offers you exclusive visibility to our most frequent bookers.
What’s the advantage? On average, Genius properties tend to see a 7% increase in bookings.
We have over 20 million Genius bookers, and they tend to cancel less, book longer stays, and spend more per night than your average guest.
All you have to do is offer this group a discount on your cheapest/most popular room.
The Opportunity Center presents actionable steps that help you optimize your property listing, improve your visibility, and bring in more revenue.