Stayntouch PMS Rate Strategy Overview
Rate Strategy must be enabled for your property. If not already present, please contact Customer Support to request activation.
To create a strategy, click on the navigation bar to expand it.
Select Revenue Management from the navigation bar.
Choose Rate Strategy from the Revenue Management dropdown menu.
We currently have no strategy configured, so we will click the + NEW CONFIGURATION button in the top right corner.
Next, we will enter the desired name for the Rate Strategy, bearing in mind that a strategy can be applied to more than one rate. Make sure to name your strategy what will make most sense for you to use moving forward.
Click the Select dropdown menu in the TYPE section to choose a rate strategy type. The options are % or Amount, and this drives the action taken when a threshold is met.
Next, we choose a threshold for the occupancy parameter.
Here, we want the action to trigger when we reach 80% (hence entering "greater than 79" in the Value field).
Next, we are choosing the action to be triggered. In this case we are increasing the rate.
Given we have selected percentage as our Rate Strategy TYPE, the system is expecting us to enter a percentage to increase the rate by. Let's change this to Amount.
Now, we enter the desired amount in the AMOUNT field.
We can add additional thresholds and actions to this strategy by clicking the plus (+) icon.
Next, we will repeat the process to complete our set up for this strategy.
Once we have our strategy outlined, we can save it at the bottom of the screen.
It looks like we have an error in our logic.
It is important to know that each THRESHOLD and ACTION is independent of the others, and that each is calculated on the configured rate amount as shown in Settings > Rates > Rates. These actions are not incremental. Similarly, if you have changed pricing on your Rate Manager for a rate being controlled by Rate Strategy, this will be ignored by the strategy.
It looks like we have asked the system to do the same action at two different thresholds. We will need to change the second action, or amount, in order to save and continue.
Now we can apply the strategy to one of our configured rates. Click on the CONFIGURE button in the navigation bar to proceed.
Click the + APPLY STRATEGY button in the top right corner of the navigation bar.
Click on the calendar icon in the START DATE field to select a start date for the strategy.
Click on the calendar icon in the END DATE field to select an end date for the strategy.
Be mindful when entering dates that these cannot be updated once the strategy is applied.
Now, we need to select the strategy from our list of options. Here, we have only our newly created strategy to choose from.
Next, we can choose the rate or rates we would like to apply this strategy to.
Click the APPLY RATE STRATEGY button at the bottom of the modal to apply the selected rate strategy.
