Short description about the feature….
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What you will find here
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Behavior
Price Levels
Here you can set your pricing strategy for all room category based on the primary room.
Room category: it's a group of room types, for one room category you can have multiple room types. The categories are pre-defined by RateBoard.
Room type: it's a specific room in your hotel, for each room type you can have only one room category. The room type names will depend on your PMS server.
Primary room type: you can only have one primary room per for each room category, this room will contain the base rate, from which the regular rooms will derivate from.
Other room types: you can have multiple regular rooms for each room category, these rooms will have their prices derived from the primary room, adjusted by a percentage or value.
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If you want to create a new price strategy for the next year for example, you can add a new date from when the price levels will be valid from.
Click on
+ADDin the Price change dates area.Select a new date.
Click on
OKto save.
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Once you save it, you can select this date on the Price change dates dropdown. Also, the old price levels will be available for overwriting, and you will only need to apply the changes you intend to make.
How to create a price level
To create a new price level, you need to decide from when this price level will be valid from and the prices.
1. Select the date from when this price levels will be valid from by selecting an existing one or adding a new one.
You can select the date on the “Price change dates” area.
You can create a new date by clicking on
+ ADD
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2. Create a new price level clicking on + ADD NEW
3. Once you click it, a new group with all the room categories and types accordingly to what you set on the inventory will appear.
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4. Add a name to your price level.
5. Set the prices for the primary rooms. RateBoard recommends deducting EUR 20-100 off the base price to set the minimum price, and to add EUR 20-100 to set the maximum price.
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The MIN/MAX are security functions. The prices' suggestions will never go over the MAX or under the MIN. The basis price is the basis of our algorithm that will oscillate starting from this point. |
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6. Once you insert the minimum, basis and maximum price for the primary type, all the other typologies will be automatically calculated by indicating the difference between the primary and the typologies connected to it. You can choose the difference between
€: a fixed value, e.g. +/- 10€
%: percentage, e.g. +/-10%
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7. When all prices are inserted, you must SAVE.
Once you save your price levels, you will be able to apply them to the rates calendar.
How to clone a price level
If you want to save time creating multiple price levels just adjusting the primary prices, you can clone an existing price level.
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Go to the price level you want to clone.
Click
CLONE.Add a different name to your price level.
Adjust the rates.
Click
SAVE.
Demand Ranges
Set your strategic price and load it!
Create Price levels
Distribute price levels
Once you are done inserting your price levels you can move to submenu Rates.
The next step will be to apply the price levels to the calendar days to which they correspond.
Open the pencil "Price Levels" choose the right price level and paint the dates. Then, press the apply button that will appear at the bottom of the page.
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Next to the pencil "Price Levels" you find the pencil "Apply to all". If this is selected, you are applying the price level to ALL your room categories.
In case you want to apply the price level only to one category, deselect the "Apply to all" pencil, and the price level will apply only for the selected ones in the upper right corner. Look at the picture to better understand.
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There are two more Pencil you can select: ”CLOSE" and "DELETE".
The "close" pencil serves as indicator for the closing time of the hotel. To proceed select the pencil and with the mouse, highlight the days of the calendar that correspond to the closure. Finally, press the apply button.
The "delete" pencil serves to clear a period. If you select a price level for one or more days but want to clear them, select this pencil and highlight the days on the calendar.
As usual, press the apply button.
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TIP: If you change your price level on one or more days and want to immediately see the new rate suggestions based on this change, press the "COMPUTE RECOMMENDATIONS" as in the picture behind. After a couple of minutes, you can see the change in the Manage area. |
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If, after entering the price levels, you find that the calendar days turn red, the calculation behind these days is not yet active. Contact your revenue manager for assistance.
Demand Ranges
In the settings there is the possibility to calculate a demand forecast. Let's take a closer look.
The forecast can be calculated under Settings > Price levels> Demand ranges submenu. To do the calculation, click the button “Calculate Forecast”. This may take a moment due to processing the data. When the forecast has been calculated, don't forget to ✔ SAVE. Now you can see from the dots on which day which occupancy in percentage is forecasted.
The next step is to assess the demand distribution.
Example 1: If no trend can be seen, or the distribution is in a straight line and not curved, contact our support team.
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Example 2: If a seasonal trend can be identified from the distribution, the next step is to consider which price level should apply from which percentage of occupancy.
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Once you made your plan, the price levels need to be ranked by rate. You will find these on the demand range page right below the Demand Curve. Next to each price level are buttons that can be used to incrementally move the price tiers up or down. The [picture 1] and [picture 2] buttons move the price level either up or down.
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Once the price levels are ordered by rate, starting with the lowest, the empty fields to the right of the price levels must be filled in. Here you have to enter the percentage range for which the respective price level is valid. You start with the lowest price level and enter "0" in the first field. In the second field, right next to it, e.g. "35". This number is automatically transferred to the next field, this cannot be changed.
Example:
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When all fields are filled in, don't forget to ✔ SAVE
Tip: If you adjust the order in the demand area, the order in the price levels will also change.
To continue to the next step, go to Settings > Price levels > Rates submenu. The "Calculate forecast" button is on the right-hand side of this page. This may take a moment due to processing the data. Based on the input in the demand ranges and the forecast, Rateboard proposes the appropriate price level for each day (up to a maximum of 365 days in advance).
E.g.:
Setting in Settings / Price level calendar / Demand ranges:
Price level B: valid from 35 - 45% occupancy
Demand forecast for 27/9: 43%
Settings / price level calendar / rates
Rateboard proposes for 27/9 Rate B
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In the top right-hand corner press the button “compute forecast”. The forecast is automatically calculated for the next 365 days. In order to accept suggestions, press the button “apply forecast” in the top left-hand corner. The suggestions can be accepted by marking the desired period or individual days with the mouse button and the Ctrl key pressed. To do this, click with the mouse on the relevant date. To tag multiple dates with the selected price level, hold down the "Ctrl" key and mark all desired dates. If you want to edit longer periods of time, you can mark the corresponding area by keeping the left mouse button pressed.
Once all the desired data has been selected, they are confirmed and accepted by clicking on "Apply" at the bottom of the page.
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Want to help us to improve RateBoard? If you have any suggestions, let us know ↗ (link to suggestions form)
