One of the most effective and common practices to ensure you’re maximizing your revenue potential is to create attractive and competitive rate plans and pricing.
If you aren’t a professional revenue manager, the task can seem daunting and it may be tempting to resort to the basic rates and simple room pricing you’re accustomed to using. However, there are extraordinary – and profitable– benefits to creating a rate plan and pricing strategy.
In this ebook, we’ll cover the basics of developing strategic rate plans and pricing so that you can feel confident to develop a custom and effective strategy for your property.
Topics we cover include:
- 4 rate plan categories that are standard for the hospitality industry and multiple examples of each – Evergreen, promotional, dynamic, package
- Measuring your ROI and effectiveness of your rate plans
- 7 effective pricing strategies – open, value-added, discount, price per segment, length of stay, positional, penetration
- 5 questions to ask when evaluating your property’s pricing strategies