The first you see when you login to RateIntelligence, is the calendar. You can use the calendar to quickly spot opportunities to increase your revenue.
Table of contents
6. See outliers
1. Calendar views
You might offer different types of rates and/or rooms to your guests to choose from. On the calendar, you can choose which room/rate type you would like to compare with those of your competitors; we call these calendar views. RateIntelligence has created 3 views by default:
- Lowest Rate Available = lowest rate available accross all of your room/rate types
- Refundable = lowest rate available accross all of your rooms with a refundable rate type
- Non-Refundable = lowest rate available across all of your rooms with a non-refundable rate type
If you have room and/or rate types that are not available as a view yet, you need to create this first.
2. Your property's rates
When you look at a specific date, you see your property's rate that is available on Booking.com. You can recognize a minimum length of stay restriction on your rate by MLOS, which stands for minimum length of stay, next to it. In the example below the rate has a minimum restriction of 3 nights, which means that guests can only get this rate when they book for at least 3 nights.
3. Your competitors' rates
The rate in orange is the median rate of your competitors; the median is the middle value of a range of values and is different from the average. If you for example have the following range of rates "90, 74, 40", then 74 is the median value and 68 the average. The system uses the median instead of the average rate because the average may significantly be influenced by extremely low or high rates (which could create a false representation of the market demand).
You can hover over the median rate on the calendar to see per competitor what the rate is for that specific date. In the example below you see MLOS 2 behind the rate of Hotel Demo H; this means that there is a restriction of 2 nights on this rate so guests will only get this rate when they book for at least 2 nights.
4. Market demand
The demand within your area is important to use as an input for your rate strategy. You can see a local demand forecast for each date on your calendar in the blue bar. This forecast is based on historical and present data of Booking.com. Hover with your mouse over the blue bar to better understand what the expected level of demand is.
5. Background colours
The background colours provide an easy way to understand how your rates compare to your competitors' rates.
- Red = your rates are significantly different than the median rate of your competitors
- Yellow = your rates are moderately different than the median rate of your competitors
- Green = your rates are relatively similar to the median rate of your competitors
- No background colour = missing rate and/or availability for on Booking.com
You can learn how to customize the thresholds used to determine whether a date is red, yellow or green in this article.
6. See outliers
On the left-bottom of the calendar, you will find the See Outliers button. You can use this button to quickly see where you have the opportunity to increase your revenue. The system flags these opportunities based on the local market demand and your rate compared with your competitors' rates on a specific date. For example, if your rate is low compared to your competitors' rates and the market demand is expected to be high, you might want to consider increasing your rate.
7. Download Excel spreadsheet
If you would like to export this data for further review for example during meetings, you can use the Download Excel Spreadsheet button.
8. Video tutorial: Calendar
Below you can see a video that explains you the basics of the calendar.