Manage experience pricing to maximise profitability and attract your target market. Setting competitive prices ensures your experiences are appealing to guests and generate optimal revenue. For example, use seasonal pricing to increase rates during peak periods.
Accessing this feature
Go to Tourism Products.
Select the specific experience you wish to edit from your experience list.
How to use it
Follow these steps to establish and manage your experience pricing:
Define Base Price
In the experience editor, locate the Base Price field.
Enter the standard retail price for your experience. This serves as the default rate before any variations or discounts are applied.
Add Pricing Tiers/Variations
Use the options on the experience edit page to create different pricing tiers. This might include:
Age-based pricing: Adult, Child, Senior rates.
Group rates: Discounts for bookings exceeding a specific participant count.
Tiered access: Standard, Premium, or VIP packages.
For each variation, specify the price and any applicable conditions (e.g., age range, minimum participants).
Configure Seasonal Pricing
If your experience experiences demand fluctuations, use the seasonal pricing options.
Define specific date ranges and apply different prices for peak seasons, off-peak periods, or special events. This allows for dynamic adjustments based on market conditions.
Implement Dynamic Pricing Rules
Access the dynamic pricing options to set up automated pricing adjustments. This includes:
Early Bird Discounts: Automatically apply a percentage or fixed discount for bookings made a specified number of days in advance.
Last-Minute Offers: Reduce prices for bookings made within a short timeframe before the experience date to fill remaining capacity.
Demand-Based Adjustments: Link pricing to real-time demand or availability, increasing prices as capacity fills or decreasing them during low-demand periods.
Set Validity and Availability
Make sure your pricing is synchronised with experience availability.
Define the active dates for each price point or variation, including start and end dates. This prevents incorrect pricing from being displayed or booked outside valid periods.
Manage Promotional Codes
Create and manage promotional codes.
Define the discount type (percentage, fixed amount), validity period, usage limits, and applicable experiences.
Review
Before making changes live, review all pricing configurations.
Once satisfied, the changes are saved automatically.
Currency and Tax Settings
Confirm your default currency is correctly set in your global settings.
For experiences requiring specific tax applications, make sure these are configured, adhering to local regulations.
Tips
Understand Your Costs Thoroughly: Accurately calculate all direct and indirect costs associated with delivering your experience. This includes operational expenses, staff wages, marketing, and overheads, making sure your pricing covers costs and generates profit.
Conduct Comprehensive Market Research: Regularly analyse competitor pricing, market demand, and guest willingness to pay. This informs your pricing position relative to the market and helps identify opportunities.
Use Value-Based Pricing: Instead of solely focusing on costs, price your experience based on the perceived value it offers to the guest. Emphasise unique selling propositions that justify your price point.
Use Dynamic Pricing: Actively use dynamic pricing tools to respond to fluctuations in demand, seasonality, and competitor activity. This maximises revenue during peak times and maintains occupancy during off-peak periods.
Consider Psychological Pricing: Employ strategies like charm pricing (e.g., $99 instead of $100) or tiered pricing structures to influence guest perception of value and encourage higher-value purchases.
Bundle Experiences and Services: Offer packages that combine multiple experiences or services at a slightly reduced overall price. This increases the average transaction value and enhances the perceived value for guests.
Monitor Performance and Adjust: Regularly review your pricing performance using sales data and analytics. Be prepared to adjust prices based on booking trends, guest feedback, and market changes.
Make Sure Pricing Transparency: Clearly communicate all costs, including taxes, fees, and any potential surcharges, to guests upfront. Hidden fees can lead to dissatisfaction and negative reviews.
Segment Your Audience: Develop different pricing strategies for various guest segments (e.g., families, corporate groups, solo travellers) to cater to their specific needs and price sensitivities.
Promote Value, Not Price: While competitive pricing is important, consistently articulate the unique experiences, quality, and benefits your experience offers. This reinforces why your price is justified.
Need help?
For further assistance, contact us at [email protected]