Greetings, Revenue Managers! 🌟
Implementing derived rates, also known as dependent rates, can significantly enhance your property's pricing strategy. This invaluable tool not only saves time by eliminating the need for manual price adjustments but is also essential when utilizing a Revenue Management System (RMS). Fortunately, creating derived rates in Mews is a straightforward process. 🚀
As you may be aware, these rates allow you to incorporate additional products, such as breakfast, into your pricing structure. Depending on your settings, the product's price is either added to or subtracted from the base night rate. However, I strongly advise against using a rate that includes any products as the base rate when creating a dependent rate. Doing so may lead to intricate scenarios, resulting in unclear information for both you and your guests. 🧐
Let me illustrate this point with an example: If the BAR Breakfast rate is 140€, with an additional 15€ for breakfast, it would be displayed as 155€ in your Booking Engine. Creating a dependent rate without any products on the BAR Breakfast, coupled with an Absolute adjustment of +15€, will yield a total of 155€ per night. This is because the price for the night for BAR Breakfast remains 140€, not 155€. 📊 When having many derived rates you might be in complex scenarios where your BAR is more expensive than other derived rates (as it adds products on top of the rate) or offer same prices for different rates which might confuse your potential guests.
Wishing you all a fantastic day! ☀️
Curious about managing derived rates? Read on for insightful tips. 📈