Pricing Foundations

 

Cater to changing travel needs

We’ve always known that travelers 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, minimize 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 customizations help you build a setup that’s right for your business. Once you set up your Rate Plans, it’s a good idea to regularly review and optimize them, maximizing your reach with travelers, 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 beginning by offering a combination of both base Rate Plans:

Fully Flexible

Offers the most freedom for travelers, 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.

 

It’s a popular choice for bookings made less than one week in advance.

Add now

 

Why offer a combination of Rate Plans?

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

 

Different preferences for different trips Our data shows that travelers book both Flexible and Non-Refundable Rate Plans depending on their travel needs 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 On average, partners with both Rate Plans 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

Customize your rates and attract more travelers

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

 

Long-staying guests

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

Add Rate Plan

Early bookers

The Early Booker Rate Plan attracts travelers 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 up to 15% on average.

Add child rates

Groups and solo travelers

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 customization see the most success. For example, partners with both base Rate Plans and the Early Booker Deal on average see 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 maximize your occupancy.

Pricing Toolkit

What do you think of this page?