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Pricing Strategy is a very unique 'beast' - every property is going to be different. Location, target market, seasons, events in the area - all of these come in to play, not just property type and style alone..
These days it is normally referred to as Dynamic Pricing.
We have given you some suggestions below - the more you look into your area and competitors the more comfortable and experienced you will become.
- What are your competitors doing - price-wise? This is the best meter to work from. Look for similar properties in the same locale that are targeting similar markets. This will give you a good gauge of how high you can go to get full occupancy in high seasons and how low you should go to get the most out of your revenue for the low seasons.
- Are there any upcoming events? Knowing these ahead of time will ensure you are getting the most revenue out of the occupancy you have (ensuring you do not book out too soon too cheaply).
- Are the yearly Seasons are a consideration? Do you find you get fewer travellers in Winter or Summer? Maybe specials and promotions could be good here. Offering 10-15% off or adding value add-ons ie: free bottle of wine, free massage voucher. Whatever you have to add. Sometimes getting to know the different businesses around you will spur on a beneficial relationship that can assist here.
- Make use of the Your Website booking gadget - there is no commission charged on these bookings. There is a whole Marketing Tools section for just this option!
Like always, should you have any queries or questions, please get in contact with us.