There are a few advanced options to further optimize your prices, which are not automatically enabled for all clients and may not be available on the basic plan. Talk to our sales team if these options could be relevant for you.
Lead Time Adjustment
Occasionally you want to adjust prices based on how far in the future they are, rather than for a specific date range. Here are some examples:
1) You may really want to sell your remaining rooms at almost any price – just to avoid empty rooms. In this case, you may want to go even cheaper than we would suggest for the last couple of days. You could adjust to going 10% lower on the last day.
2) You may want to charge more for bookings 3 months out as you find the early bookers are less price-sensitive. Here you could make a 5% increase for all prices from 3 months onwards.
3) You may notice that your competitors all reduce their prices 2 weeks before people arrive. You could preempt this by reducing prices in the period from 4 weeks to 2 weeks before. Then you get more bookings before your competitors reduce. You would then be able to charge more closer to booking time as you already have higher occupancy.
The lead time adjustments allow you to adjust prices for bookings made in a specific time period
We have a standard amount that prices rise as occupancy rises, based on observed price elasticity of demand. It affects the occupancy factor of the price – more aggressiveness means larger adjustments. Some hotels would like to be more or less aggressive about price increases (and – to a lesser extent – price reductions). If you are unhappy with how it is working please contact us and we can show you alternatives.
An additional option in the advanced plans would enable you to make individual daily settings. If you are pricing all of your rooms individually, this setting option let’s you define the minimum and maximum prices for each individual room type category and for particular time periods, as well.
You can observe your changes in two different views. The first one would be the Room Type Setup in which you can type in the general minimum and maximum prices for each room type.
Minimum and maximum prices are set for each of the room types
The second one, would be the Adjustment View. Here you would have several options.
First of all, it gives you an overview of all adjustments that you have set to prices or derivations between rooms. The adjustment view puts all changes in one place and enables you to bulk-edit them. If you use the bulk-update buttons, you can update multiple days at a time.
For example, all Saturdays in summer, with just one update. As with every individual day, you have different bulk update options:
- Bulk Min/Max: change the boundaries for the price calculations
- Bulk Fix: apply a fixed price to a day or a certain time period
- Bulk Adjust: apply a %-adjustment to increase/decrease prices for a certain period
- Bulk Skip: skip days so RoomPriceGenie does not do any pricing calculations for them
- Make adjustments for specific months during the year
- Make adjustments for individual days of the week
Furthermore, this setting enables you to differentiate the derivation values between room types according to specific time periods.
Imagine your Family Suite is set with a derivation value of + 20 % from the Reference Double Room. In the summer months the demand for the Family Suite increases rapidly, as most families are going on holidays. For those specific months, you are able to raise the derivation value to +40% to make the most out of your Family rooms.
Several setting options in the Adjustment View