The Rate Sheet Builder allows you to create, manage, and publish your organisation's pricing structures. This ensures accurate and consistent rates for various products and services, such as setting different prices for peak and off-peak seasons.
Accessing this feature
To access the Rate Sheet Builder:
From your main dashboard, go to Pricing & Inventory .
Select Rate Sheet Builder from the sub-menu.
How to use it
The Rate Sheet Builder guides you through a structured process to construct and deploy your pricing. Follow these steps to create or modify a rate sheet:
Initiate a New Rate Sheet
From the Rate Sheet Builder dashboard, click the Create New Rate Sheet button. This action will open a new configuration panel, prompting you to begin defining your pricing structure.
Define General Rate Sheet Details
Provide a unique and descriptive Rate Sheet Name (e.g., "Summer Standard Rates 2024", "Winter Group Packages").
Add an optional Description to outline the sheet's purpose or specific applicability.
Select the primary Currency for this rate sheet from the available options.
Configure Seasons and Periods
Establish the date ranges for which specific rates will apply.
Click Add Season and define a Season Name (e.g., "Peak Season", "Shoulder Season").
Specify the Start Date and End Date for each season.
You can create multiple overlapping or consecutive seasons to manage complex annual pricing calendars.
Set Base Rates for Products/Services
Within each defined season, select the product or service to which you wish to apply rates.
For each selected item, input the Base Rate per unit or per person.
The system supports various pricing models, including per-person, per-room, or per-item rates.
Ensure all relevant product variations (e.g., room types, tour capacities) have a base rate assigned.
Apply Pricing Rules and Modifiers
Enhance your base rates with specific rules and modifiers:
Discounts/Surcharges: Add percentage or fixed amount discounts/surcharges based on booking conditions (e.g., early bird, last-minute, public holiday).
Minimum/Maximum Stays: Define constraints for booking durations.
Inclusions/Exclusions: Specify what is included or excluded from the rate (e.g., breakfast, transfer).
Dynamic Adjustments: Configure rules for automatic rate adjustments based on demand, availability, or specific day-of-week pricing.
Child/Adult Rates: Differentiate pricing for varying age groups or customer types.
Review and Validate Configuration
Before publishing, thoroughly review all defined rates, seasons, and rules.
The builder includes a validation tool that highlights potential conflicts, missing rates, or logical errors.
Address any identified issues to ensure rate sheet integrity.
Use the Preview Rates function to see how your configured rates will display to guests.
Publish or Schedule Rate Sheet
Once validated, you have the option to Publish Now to immediately activate the rate sheet.
Alternatively, Schedule Publication allows you to set a future date and time for the rate sheet to go live, ensuring timely implementation without manual intervention.
You can also Save as Draft to continue working on the rate sheet later.
Manage Existing Rate Sheets
From the Rate Sheet Builder dashboard, you can Edit, Duplicate, or Archive existing rate sheets. Duplicating an existing sheet is efficient for creating new rates based on a previous structure, requiring only minor modifications. Archiving removes a rate sheet from active use but retains its historical data.
Tips
The Rate Sheet Builder is designed to provide comprehensive control over your pricing strategies:
Dynamic Seasonal Pricing: Effortlessly define and manage rates that automatically adjust based on specific date ranges, catering to peak, shoulder, and off-peak seasons.
Granular Rate Customisation: Apply intricate pricing rules, including discounts, surcharges, minimum stay requirements, and varying rates for different customer segments or product variations.
Multi-Currency Support: Configure and manage rates in multiple currencies, facilitating global market reach and simplifying international transactions.
Version Control and History: Maintain a comprehensive record of all rate sheet changes, allowing for easy rollback to previous versions and ensuring accountability.
Scheduled Publication: Plan and automate the activation of new rate sheets or pricing updates, ensuring seamless transitions without manual intervention at critical times.
Conflict Resolution and Validation: Built-in tools automatically identify and flag potential pricing conflicts or inconsistencies, ensuring the integrity and accuracy of your published rates.
Bulk Update Functionality: Efficiently modify multiple rates or rules across various products and seasons simultaneously, saving significant time and reducing manual effort.
To maximise the effectiveness of the Rate Sheet Builder and maintain optimal pricing:
Strategic Planning: Before starting, outline your pricing strategy, including seasonal adjustments, promotional periods, and target market segments. A clear plan simplifies the configuration process.
Regular Review and Update: Conduct periodic reviews of your active rate sheets. Market conditions, competitor pricing, and operational costs can change, necessitating regular updates to ensure competitiveness and profitability.
Use Advanced Rules: Explore and implement the full range of pricing rules and modifiers. Using dynamic adjustments and conditional pricing can significantly enhance revenue management.
Test Before Publishing: Always use the Preview Rates feature and consider testing new rate sheets in a non-live environment if available. This ensures accuracy and prevents unexpected pricing errors for guests.
Maintain Clear Naming Conventions: Adopt a consistent and descriptive naming convention for your rate sheets and seasons. This improves clarity, simplifies management, and reduces confusion for all users.
Synchronise with Inventory: Ensure your rate sheets are always synchronised with your inventory management system. Discrepancies can lead to overbooking or missed sales opportunities.
Need help?
For further assistance, contact us at [email protected]