Rate management is crucial when considering how to boost your revenue. It is important to optimise your rates based on various factors including pricing forecasts, seasonal rate alterations, and weekday v’s weekend rates.
Guestroom Genie enables you to quickly and simply make the changes in rate management you need from a central system:
Management of standard rates
When managing your standard rates, it is good to consider what neighbouring competitors are offering and how much they charge for it. If you find you are undercutting yourself, you can make adjustments to your standard rate accordingly.
Seasonal rate alterations
an increase in costing is an expectation of your guests during particular times in the year, e.g., school summer holidays, and annual events/festivals. It may also be appropriate to provide discount pricing and/or special offers during times in the calendar year that do not draw as much business to encourage an increase in occupancy.
Occupancy-based rate alterations
You may wish to alter your room pricing depending on how many people stay in a room, e.g., set pricing to less expensive for 1 person, and more expensive for 3 people in a double room
Rate adjustments based on days of the week
Your customers are aware that pricing differs depending on demand. You may find you attract more business at weekends; therefore, you may wish to set your rates 10% higher at the weekend, and £20 cheaper on Wednesdays. However, you may gain more bookings during weekdays if your property attracts more corporate travellers. Logging occupancy trends will enable you to adjust your weekday v’s weekend rates to suit your business at the click of a button.