Formula Based Pricing (FBP) is a powerful functionality helping hotels to execute and manage revenue strategies dynamically.
When enabled, rates can float off any other rate plan available in the CRS, which allows more flexibility based the property's pricing strategy.
Enabling Formula Based Pricing
This has to be done by your CSM
Go to Property Management > Property Default
- Ensure that the option Enable Formula Based Pricing is enabled
Setting up Formula Based Pricing
Go to Rate Plans > List All
- Click on Edit to open the rate plan configuration page
- Scroll down and click on the Manage Formulas link
You can also access this page directly from Rate Plans > Manage Formula Based Pricing.
- Select the Date Range applicable for the Formula Based Pricing.
- Select the Days of The Week applicable within the previously selected date range.
- Choose the Adjustment type (Flat Amount or Percentage) and enter an amount value.
- Select the Rooms applicable for the FBP
- If necessary, enter a Floor and/or Ceiling amount. This is to ensure that the pricing will stay within this threshold.
- Click on Add to submit your changes.
Repeat these steps as needed.