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With price levels, you can easily set your pricing strategy for the next 3 years.
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What you will find here
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Once you are done setting up your price levels, you can apply it for the next 3 years in the Rates tab.
Rates' pencils
Close: the hotel will be closed on the selected days.
Delete: it will clear the selected days, removing all price levels applied previously.
Apply forecast: it will apply the price level that RateBoard is recommending for the selected days. To see the recommendations for 365 days in advance, click on
COMPUTE FORECAST.
Note:COMPUTE FORECASTonly works if demand ranges have been set.
Price Levels: you can choose between the price levels set on the Price Levels tab.
All room category: This will be selected by default and the changes will be applied to ALL your room categories. You can deselect it at any time if you would like to make changes to one category at a time.
Clone from: it will clone the price levels applied to one room category to another.
After selecting one of the pencil options, paint the days you want to apply it to and SAVE it once you are done.
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You can select the days by selecting it all at once or holding |
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Expert’s tipp: 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 |
How to apply the price levels
Select a price level from the pencil "Price Levels".
Paint the days you want to apply the selected price level.
Once you selected all days, click save to apply it.
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If, after entering the price levels, the calendar days turn red, the calculation behind these days is not yet active. Contact your revenue manager for assistance. |
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Expert’s tipp: 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 |
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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
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room category, this room will contain the base rate, from which
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all other 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.
Once you save it, you can select this date on the Price change dates dropdown.
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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 new 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
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.
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. |
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%
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.
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.
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Here you can calculate the demand forecast and apply the best price level to each percentage.
Forecast
Click on
Compute Forecast. This may take a moment due to processing the data.When the forecast has been calculated,
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remember to
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SAVE.Now you can see from the dots on which day which occupancy in percentage is forecasted
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and assess the demand distribution.
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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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If a seasonal trend can be identified from the distribution, the next step is to consider which price level should |
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be applied for which percentage of occupancy. |
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Demand percentage
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
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1. Rank the price levels by rate, starting with the lowest. You can do that using the arrow options.
2. Once the price levels are ordered by rate, starting with the lowest,
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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.
add the demand percentage for which each one should be applied to. The last field of each price level will automatically be the first one for the next price level.
3. Once you are done, SAVE the changes.
Once you are done setting up the price levels demand, you can go to the Rates tab to apply it to your calendar.
Apply forecast
On the Rates page, click on COMPUTE FORECAST to show the recommendations for 365 days in advance.
Then you can use the APPLY FORECAST pencil to accept the recommendations. Once all the desired data has been selected,
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click APPLY to save the changes.
Want to help us to improve RateBoard? If you have any suggestions, let us know ↗
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