How can I set up my rates in happyhotel?

Everything you need to know about the rate configuration

Contents

  1. Goal of the rate configuration
  2. Overview
  3. Configuration of the installment plans
  4. Price levels


1.) Goal of the rate configuration

Configuring the rates is one of the basic steps in revenue management. Our software also requires a clear structuring of the various rates that are uploaded to the PMS. The intent is to make the algorithm's recommendations as accurate as possible through precise rate configuration. In the generated price recommendations, the algorithm is based on the expected prices per room category and the defined price levels. The levels are predefined price changes that come into effect with corresponding occupancy rates or booking developments and are often used by revenue managers to simplify processing.



2.) Overview

When configuring rates, you can create rate groups that can combine several different rates. However, the greater part of the configuration can be found in the installment plans.

At happyhotel, the rate plans are organized via the so-called "virtual rate", which acts as the starting point for all other rates, but is not even imported into the PMS itself. In the available rates, however, only the prices can be changed and not their availability, as these are imported directly from the PMS and can only be changed there so as not to cause unwanted overlaps.



3.) Configuration of the rate plans

The installment plans in detail are the installments that are relevant for the PMS, also marked as such with the button "Rate active in PMS". However, the only rate that should be used as the default rate for revenue management is the virtual rate that was set in the previous step.

When configuring the rates, it is particularly important to set the minimum and maximum expected prices. That will be very relevant later! They can also be easily determined via the distance to the reference category, which saves time. So only the reference category needs to be fully processed, for all others it is sufficient if the price difference is set.

As soon as the minimum and maximum price expectations have been set, the additional price for extra beds can optionally be set, if this is a bookable option.



4.) Price levels

The final part is editing the configuration, with which price levels can also be set.

In the configuration under step 4, the price levels can be generated that act as a guideline for the algorithm and represent the various steps that are later recommended as price increases or discounts.




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