Who has the time to monitor competitor rates, along with events, holidays and trends, to manually set pricing? Thankfully, you don’t have to, when you use a tool that gathers and implements market intelligence to produce your optimal pricing. Just set your minimum and maximum rates — the system will do the rest for you.
Harness the algorithm to
make to more of your revenue.
Real-time pricing updates
More sales. More revenue. Winning!
The main goal of dynamic pricing is to increase occupancy — and alleviate low room sales — to maximize revenue. Not only will your rates rise with demand, they will automatically reduce in slow periods, generating more demand and increasing your occupancy, so there’s nothing left unsold!
Be more competitive by adapting to market trends.
Monitoring your different segments for their booking patterns, length of stay, upsell opportunities, and room preferences will give you an idea of which targets will deliver higher ROI. Understanding market trends and patterns will allow you to price competitively for your audience.
Get the jump on competitorsEnsuring your property is priced at market rate, or just below, is often enough to encourage potential guests to select you over competitors. Length of stay is another consideration — adjust your stay restrictions to fill rooms and give your guests preference over the one-nighters to add a stay extension. Even at a lower rate the added occupancy and reduced cleaning costs will boost overall revenue. It’s a win-win situation.
Always the best price. For you.Price optimization sets the best possible price for your vacancies based on internal and external factors. Internal factors include average daily rate (ADR), revenue per available room (RevPAR) or site, the average length of stay (LOS), average F&B spend, and cleaning costs. External factors are events, competitor pricing and market trends.
Getting the most from every dayDays of the week have an influence on dynamic rates. If your target market is predominantly leisure travelers, your rates are likely to increase from Thursday to Sunday. Dynamic pricing automatically adjusts to manage demand for days of the week and seasonality.
Holiday and event pricing adjustmentsHolidays and major events such as sporting events, music festivals, concerts, and more, will increase the demand for accommodation over particular dates. It’s important to factor this into your pricing to ensure that you’re maximizing revenue.
Choose your rate optionsCreate seasonal rates, specials, and packages to encourage direct bookings, whilst offering different rates to third-party sites. You have options such as Dynamic Rates, Master and Dependant Pricing, and Rate Overrides.
Urgency sells!Highlight special offers to draw the attention of guests and add a countdown timer highlighting the savings if a guest books within the next 24 hours!
See how dynamic it really is!
Being able to manage dynamic pricing directly through your Newbook PMS is a huge advantage. Watch this short video to see a simple demonstration of how it works