If you’re in the hospitality industry, you understand the pain of vacant rooms. Every empty room is lost revenue, and in a competitive market, it’s crucial to ensure maximum occupancy while maintaining reasonable rates. That’s why we’re excited to introduce Preno’s latest addition to our Dynamic Pricing suite: Last Minute Pricing. This proactive tool reviews the number of unsold rooms up to 30 days in advance and automatically reduces the daily rate to help attract more guests.
How Does Last Minute Pricing Work?
Setting up Last Minute Pricing is straightforward. You establish your rules by specifying the number of rooms remaining, the number of days from today, and the amount to reduce. Preno takes over from there, reviewing your rates at the start of each day and making adjustments where necessary.
With Last Minute Pricing, you’re also able to set a price backstop for rooms to ensure they’ll never be sold for less than your minimum acceptable rate. This way, you can maintain control over your revenue while still taking advantage of the benefits that last-minute discounting brings.
Picture this: you’ve scored tickets to see your favourite band two days before the concert and you need a place to crash for the night. You look online for a room and are happy to see your favourite hotel has one room left at a discounted rate. You quickly book it before anyone else does. That’s Last Minute Pricing in action! Last Minute pricing isn’t about selling rooms at the lowest possible rate—it’s about attracting the attention of unorganised travellers and filling up your vacant rooms.
Last Minute Pricing compliments Surge Pricing, which works by increasing your rates when occupancy is high. By combining the two, you can ensure that you’re getting the most out of every room and maximising your revenue, no matter what the current market conditions may be.
Our Recommended Last Minute Pricing Recipe
To get the most out of this new tool, we recommend starting with a lower reduction amount and reducing further as the date approaches. For simplicity, set no more than three triggers. Depending on your property and pricing strategy, you could set the following recipe:
7 days from today, reduce your rate by $x
3 days from today, reduce your rate by $x
2 days from today, reduce your rate by $x
We suggest aiming for a 20% decrease in the final price of the room.
Last Minute Pricing is a powerful addition to Preno’s Dynamic Pricing suite that helps you maximise your revenue and stay competitive in the market. By setting up simple triggers and letting Preno handle rate adjustments, you can fill vacant rooms with ease which would otherwise have been lost revenue. With this new tool at your disposal, you can take control of your pricing strategy and make the most out of every room in your property.
How Can Last Minute Pricing Improve Your Business?
Fill Vacant Rooms and Increase Revenue:
The primary benefit of Last Minute Pricing is that it helps fill vacant rooms. By automatically reducing rates for unsold rooms, the tool attracts more guests who are looking for a good deal on last-minute bookings. Instead of these rooms remaining unfilled, you can now convert them into revenue.
Stay Competitive in the Market:
It’s easy to get lost in the sea of competition in the hospitality industry. Offering competitive rates is one way to stay ahead. With Last Minute Pricing, you can ensure your rates are always up-to-date and attractive to potential guests.
Gain Valuable Insights:
By using Preno’s Last Minute Pricing tool, you gain valuable insights into your property’s booking patterns. You can track how many rooms are left unsold and continue to adjust your rates accordingly. This data allows you to make informed decisions about future pricing strategies and helps you understand the demand for your property.
Save Time and Effort:
Manually adjusting rates for last-minute bookings can be a time-consuming and tedious process. With Last Minute Pricing, Preno handles everything for you, saving you time and effort. This tool is a set-and-forget solution that gives you back time so you can focus on other essential tasks while still ensuring maximum occupancy and revenue.
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