We all know that travellers want rates that are competitive, transparent and compelling. Making sure each potential guest is shown the right price at the right time is key to securing more bookings. It can also help reduce cancellations, minimise unsold rooms and prevent the need for last-minute discounts.
A strong foundation is the key to any successful pricing strategy. Booking.com’s base rate plans and customisations help you build a setup that’s right for your business. Once you’ve set up your rate plans, it’s a good idea to regularly review and optimise them, maximising your reach with travellers, increasing your bookings and driving higher occupancy over time.
You can build a strong strategy with two base rate plans. Booking.com recommends you begin by offering a combination of both base rate plans:
- Fully Flexible
Offers the most freedom for guests, with free cancellation at least seven days before check-in. This is generally the most expensive rate plan on Booking.com platform – it’s also the most booked.
- Non-Refundable
Can help you secure more guaranteed bookings and revenue, but at a lower price. This is a popular choice for bookings made less than one week in advance.
Why offer a combination of rate plans?
Booked most frequently
Travellers book Non-Refundable and Fully Flexible rate plans more than any other on Booking.com platform. These two rate plans together offer more clarity, as it’s easy to compare prices and choose the best option.
Different preferences for different trips
Booking.com’s data shows that travellers book both Flexible and Non-Refundable rate plans, depending on their needs per trip and how far in advance they book. It’s beneficial to offer both to keep your rates compelling to a wide range of customers at all times.
More guests in your property
Properties with both rate plans see, on average, a higher share of bookings. You could be missing out if you don’t offer both Non-Refundable and Fully Flexible rate plans.
Add both Fully Flexible and Non-Refundable rate plans on Booking.com now to increase your bookings and visibility while reducing cancellations!
