RnB Seasonal Pricing (Add-on)

Introduction to the RnB Seasonal Pricing Add-on

RnB (Revenue Optimization and Bundle Pricing) Seasonal Pricing is a dynamic pricing strategy add-on developed by hotel booking platform experts. The goal of this add-on is to help property managers, owners, or revenue managers increase revenue, occupancy, and profitability through strategic price management. RnB Seasonal Pricing uses historical data, business intelligence, and machine learning algorithms to adjust room rates according to the seasonality of your property, competitors, and local events. In this tutorial, you will learn how to effectively use the RnB Seasonal Pricing add-on to enhance your hotel's revenue potential.

Prerequisites:

Before we dive into the tutorial, please make sure you have:

• An active PMS (Property Management System) that supports the RnB Seasonal Pricing add-on.
• An understanding of your property's seasonal trends, including average daily rates (ADRs), occupancy rates, and local events that may affect demand.

Step-by-Step Guide to Using the RnB Seasonal Pricing Add-on:

Step 1: Setup and Configuration

1. Access your PMS's setting or admin panel.
2. Find the RnB Seasonal Pricing section and select "Settings".
3. Configure the following settings according to your property's preferences:
   • Season definition: Determine how you define seasons for your property. Common settings include daily, weekly, monthly, or custom definitions.
   • Rate intervals: Specify the time interval (e.g., daily, hourly) when you want the add-on to apply pricing adjustments.
   • Maximum rate variation: Set a maximum price change limit (e.g., ± 10%) to avoid sudden rate jumps.
4. Save the settings to activate the add-on.

Step 2: Understanding the Add-on Interface

1. Access your PMS's main menu and navigate to the RnB Seasonal Pricing section.
2. You should see an interface displaying your property's calendar view with color-coded sections for different seasons:
   • Green: Normal price periods
   • Red: Discounts or reduced prices
   • Yellow: Mid-seasonal or special rates
3. Hovering over a section will provide additional details on the rates, ADRs, and occupancy levels for that period.

Step 3: Configuring Pricing Rules

1. Go to the RnB Seasonal Pricing section and click on the "Rules" tab.
2. Identify the rate type you want to manage (e.g., regular rate, packages, or packages with room and meal plan).
3. Select a season-specific rule (e.g., peak, shoulder, or off-peak) or create a custom rule by specifying date ranges and pricing adjustments.
4. Repeat this process for each room type and rate type as needed.
5. Don't forget to save the rules once you've completed the setup.

Step 4: Monitoring and Adjustments

1. Regularly check the RnB Seasonal Pricing interface for updates and monitor your property's occupancy, ADRs, and revenue growth.
2. Adjust rules as needed to respond to changes in market demand or unexpected events.
3. Consider collaborating with your front desk staff and sales teams to adjust rates based on real-time customer feedback.

Troubleshooting Common Issues

1. Rate inconsistencies: Double-check that your rates are correctly defined and saved. Ensure you're working with the latest data to avoid rate gaps.
2. Season misalignment: Review your seasonal definitions to ensure they're accurately aligned with your property's booking patterns.
3. Lack of revenue growth: Assess whether your prices are competitively priced against local competition and consider adjusting your strategies accordingly.

By following these steps, you'll be well-equipped to harness the power of RnB Seasonal Pricing and make data-driven decisions to drive revenue, occupancy, and profitability at your hotel or property. Remember to regularly review and adjust your settings to ensure maximum performance. Happy optimizing!