Derived rates are powerful tools that save time by allowing you to dynamically adjust multiple rates all at once. It gives you an advantage especially in a competitive marketplace to respond quickly to events or changes in demand.
Advantages of derived rates in Preno
- Increased efficiency - All your rates are clearly displayed on the rates page
- Reduced pricing errors - All changes are tracked under 'Rates History'
- Flexibility - Our derived rates have four adjustment options where you can increase or decrease by amount or %
The way it works is to set a base rate, then use that rate as a foundation on which other rates are automatically calculated.
E.g. If you have a standard rate of $200/night you can create a walk in rate that's derived by 'decreasing the amount' of the standard rate by $30 resulting in $170/night.
Another example is when you want to run a 10% discount offer, this price can be derived from your base rate and applied to all relevant OTAs through the channel manager.
How to set up a derived rate
- Go to the Rates tab in Preno
- Make sure a standard/rack rate is set up against the room type
- Click 'Configure rate'
- Select 'Add another rate'
- A window will pop up, click on 'Derived'
- Select the 'Room type'
- Input a name in the 'Rate name' field
- Select the standard rate from the 'Derive from rate' drop down
- Choose the adjustment type and input value
- The minimum nights can be copied from the base rate by selecting 'inherit from base rate' otherwise you can set a different minimum night
- Click on 'Submit' to save changes
Note: Minimum nights and stop sell can be sent from Preno to Siteminder but cannot be sent to Staah.
Overwriting derived rate values
Once a derived rate is created you can edit it and set a custom value for certain dates. The custom value can be easily removed by resetting it.
Note: If you change the standard rate it will not overwrite the custom value
E.g. The walk in rate is $170/night (derived by decreasing the standard rate by $30), if there is a long weekend coming up I can set it at $40/night without affecting the other days.
How to overwrite derived rate values
- Click on the derived rate you want adjust
- Click on 'Advanced edit' and select 'Edit rate amount ($)'
- Set the Date Range and choose the days for the rate to be applied
- Input the custom value in the Rate($) field
- Click 'Submit' to save changes
- If you'd like to undo the custom value on a particular date, simply click on 'Reset' underneath it so it reverts to the general derived rate value
Note: Important things to remember
- If you need to add a rate or delete a connected rate please contact the team via the in app chat
- If you want to change the derived rule you'll need to delete the rate then add a new one. Please contact the team for assistance