Did you know that if you don’t have the most competitive rates set up at least 12 months in advance then you could be missing out on hundreds of potential guests? We’ve put together three reasons why you should plan your rates for the next year:
- To make sure you have the best rates available for the early-bookers! We spoke to Expedia, who told us that bookings are already up by 53% for February 2017. So, we can clearly see that more and more people are booking their getaways earlier. However, if you only have you evergreen rates available, they may not be getting your most competitive price and may book elsewhere.
- To maintain the best possible position of the travel websites! When you list your property on websites like Expedia, Laterooms.com, TripAdvisor and Booking.com, you still have to ensure that you perform well on them. The channel listing will favour properties that have planned their rates well in advance and offer the most competitive pricing.
- To make sure you never miss an opportunity to sell competitively! When you have an event near your property, you can afford to adjust your rates, to maximise profit during that time. Remember guests will be booking earlier than usual, to get the best deal.
So, how do you make sure that your rates are competitive?
You need to match supply and demand! So, when demand for your rooms is high, prices should be higher but when demand is low, your prices should be too. We advise that you take 10 minutes, every month to review your pricing and check out how you fare against the competition.
When should I adjust my rates?
- Events: Raise your prices when you know a local event is happening, for example a big sporting event or festival, but don’t go overboard, you still need to be competitive!
- Weekend vs weekday rates: If Friday and Saturday are busier days, your price should reflect this.
- Sunday night: If this is one of your quieter days you should consider lowering your rate.
- Seasons: You need to work out when your high and low seasons are and adjust prices accordingly, for example: If you are a seaside town you will probably find July and August a lot busier than November and December. It may help to plan these around school holidays, for example.
Adjusting your rates according to demand is the best way to ensure that you are making the most of your revenue and occupancy throughout the year. And we can help! With eviivo suite you can manage your rates, pricing and restrictions on every site you list on in one place. Click here to find out more.