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Short description about the feature….

What you will find here

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Rates

Once you are done setting up your price levels, you can apply it for the next 3 year 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.

  • Price Levels: you can choose between the price levels set on the Price Levels tab.

  • All room category: if this is selected, the changes will be applied to ALL your room categories.

  • 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 done.

You can select the days by selecting it all at once or holding Ctrl or Command while you click on the individual days you want to select

Expert’s 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 COMPUTE RECOMMENDATIONS, after a couple of minutes, you can see the change in the Manage area. 

How to apply the price levels

  1. Select a price level from the pencil "Price Levels".

  2. Paint the days you want to apply the selected price level.

  3. Once you selected all the day, click save to apply it.

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.

Expert’s 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 COMPUTE RECOMMENDATIONS, after a couple of minutes, you can see the change in the Manage area. 

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.

How to add new dates

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.

  1. Click on +ADD in the Price change dates area.

  2. Select a new date.

  3. Click on OK to save.

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 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. 

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.

  1. Go to the price level you want to clone.

  2. Click CLONE.

  3. Add a different name to your price level.

  4. Adjust the rates.

  5. Click SAVE.

Demand Ranges

Here you can calculate the demand forecast and apply the best price level to each percentage.

Forecast

  1. Click on Compute Forecast. This may take a moment due to processing the data.

  2. When the forecast has been calculated, remember to SAVE.

  3. Now you can see from the dots on which day which occupancy in percentage is forecasted and assess the demand distribution.

If no trend can be seen, or the distribution is in a straight line and not curved, contact our support team.

If a seasonal trend can be identified from the distribution, the next step is to consider which price level should be applied for which percentage of occupancy.

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.

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, 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 see 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, click APPLY to save the changes.

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Want to help us to improve RateBoard? If you have any suggestions, let us know ↗ (link to suggestions form)

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