Appeal to more travelers with a variety of Rate Plans
What makes travelers decide 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. While some travelers plan ahead to save money, some book last-minute, and others will pay more for extra flexibility in case their plans change.
Setting up your Rate Plans is the first step toward a strong pricing foundation that caters to these different needs. Offering a mix of Rate Plans can help you attract a wide variety of travelers and make the most of demand.
Using Rate Plans to drive growth
Our data shows that, on average, partners who combine 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 set-up?
We recommend offering a mix of these Rate Plans so you can attract a variety of travelers.
Great for travelers with fixed plans, these cheaper rates can help secure guaranteed revenue. Data shows partners who offer this Rate Plan reduce cancellations by an average of at least 9%.
Early Booker rates can help you secure bookings from travelers 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 “Rates & Availability,” then click “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 have at least two Rate Plans already in place.
- You can add new Rate Plans, edit your existing ones – or both. Any changes you make will go into effect immediately.
- Do you have multiple room types? Consider offering all your rates on all your room types to offer travelers the most choice.
- You can convert any existing Rate Plans with a Free Cancellation policy into Flexible – 1 Day, so travelers can cancel right up to one day before arrival.
You can learn more about setting up Rate Plans by taking a look at this article.