Rate Plans

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.

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rate plans

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’s a Rate Plan?

 

A Rate Plan is a combination of a number of fundamental elements of a booking. When you set one up, you’ll consider these factors that impact the chance of bookings and cancellations:

  • Price: The rate you’ll charge for each of your rooms or units
  • Rooms: The room or unit types included in a particular rate
  • Validity: How long before the check-in date a particular rate is available
  • Length of stay: How long travelers need to stay for a rate to be valid
  • Cancellation: Whether travelers can get a refund if they cancel and until when
  • Meals: Whether a rate includes certain meals
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rate plans

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.

Free Cancellation

This is the Rate Plan that travelers on our platform book the most. It’s designed for travelers who are willing to pay more for extra flexibility and peace of mind in case their plans change.

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Non-refundable

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%.

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Offering Free Cancellation?

Use Flexible – 1 Day to quickly extend all your Free Cancellation periods to up to one day before check-in. Data shows that partners who implemented Flexible – 1 Day increased their visibility by up to 23%.

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Early booker

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.

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Rate palans klein

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.

 

Add Rate Plans Flex your rates

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