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, while 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 – and ultimately secure 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 or not you’ll refund canceling guests, and if so, when refunds are no longer available.
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 including certain meals.
Make rate plans for certain room types or all your rooms.
How can your business benefit from offering a mix of rate plans?
Free cancellation rate plan
Guests love these rates for their flexibility. 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 a good idea 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, it makes up for that by securing you 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."