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Price levels

Price levels

With price levels, you can easily set your pricing strategy for the next 3 years.

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 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 FORECAST only 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.

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

Up ⬆

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 room category, this room will contain the base rate, from which 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.

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. 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:

The base rate (BAR – Best Available Rate) is your strategic starting rate for an average demand date with normal occupancy. It lies between the minimum and maximum rate and is based on your target positioning, your desired average daily rate (ADR) and your planned occupancy – the RateBoard algorithm will adjust this value up or down accordingly.

The minimum rate is the lower price limit and should at least cover all variable costs so that you do not lose money per room sold. You should also be careful not to sell your room ‘below value’ in order to avoid damaging your brand and the market.

The maximum rate is the highest market-driven rate you can achieve in times of high demand without risking bookings or your price image. Here you should be careful not to sell above value to avoid dissatisfied guests due to false expectations based on the rate. 

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.