Create Price levels
In the feature Settings - Price levels you have the possibility to insert your price strategy.
Let's look together how to do that, step by step.
First of all, you go to Settings > Pricelevels > submenu Price Levels.
To create a new price level, use the button “+ ADD NEW”.
The room types are grouped into categories, as set in: Settings - Inventory. About this feature, you can read an article here.
The next step it's to insert a name for the price levels you are creating (e.g. BAR XXX).
For every room category, the basis price per room is entered in the middle column. 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.
Once you insert the minimum, basis and maximum price for the primary type (if you need a reminder on what a primary type is click here), all the other typologies will be automatically calculated by indicating the difference between the primary and the typologies connected to it. The result you will always find in brackets on the left.
You can choose a difference between a fixed value (e.g. +/- 10€) or a percentage (e.g. +/-10%).
When all prices are inserted for one level you must SAVE.
To go ahead with the next price level, you can use the button "CLONE"-function (at the bottom right) to copy the whole structure and just have to change the primary price. From this point you could update the price of the primary type and all prices will be updated automatically.
The price levels can also be deleted using the "DELETE"-function at the bottom left.
If you want to create a new price strategy for the next year, you can select the option "+ ADD PRICE CHANGE DATE".
The system gives you the possibility to enter a date from which our price strategy will be valid.
The old price levels will be available for overwriting, and you will only need to apply the changes you intend to make.
Distribute price levels
Once you have done inserting your price levels you can move to submenu Rates.
Next step will be apply the price levels to the calendar days to which they correspond.
Open the pencil "Price Levels" choose the right price level and paint the dates. Then press the apply button that will appear at the bottom of the page.
Next to the pencil "Price Levels" you find the pencil "Apply to all". If this is selected, you are applying the price level to ALL your room categories.
In case you want to apply the price level only to one category, deselect the "Apply to all" pencil, and the price level will apply only for the selected in the upper right corner. Look at the picture to better understand.
There are two more Pencil you can select: ”CLOSE" and "DELETE".
The "close" pencil serves to indicate the closing time of the hotel. To proceed select the pencil and, with the mouse, highlight the days of the calendar that correspond to the closure and finally press the apply button.
The "delete" pencil serves to clear a period. If you select a price level for one or more days, but want to clear them, select this pencil and highlight the days on the calendar.
As usual, press the apply button.
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 the "COMPUTE RECOMMENDATIONS" as in the picture behind. After a couple of minutes, you can see the change in the Manage area.
If, after entering the price levels, you find that the calendar days turn red, the calculation behind these days is not yet active. Contact your revenue manager for assistance.