CBIZ INNKEEPERS INSURANCE BLOG

Insights and tips on how to protect your inn or bed & breakfast, giving you and your guests peace of mind.

Ward, Hayden
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Pricing Strategies for Your Bed & Breakfast

Pricing Strategies for Your Inn

Deciding the best rates for your bed and breakfast can be a daunting task. There are several components used to determine how to set a rate, such as events, season, local competitors, size, amenities, etc. Keep reading for ideas to inspire your pricing strategy.

Pay Attention to Competitors

Staying in the know with local competitors will make you aware of any rate changes. You may find that potential guests compare your rates to another inn nearby. To incentivize travelers to book your inn, you’ll have to decide whether to lower your rates to beat your competitors, match their rates or take a chance on keeping your current rates.

Create Meaningful and Luxurious Packages

Offering packaged deals at your inn opens up an entirely new stream of income for your business. It allows you to earn more for each booking than a normal, basic stay. Packages can be comprised of simple items such as wine, chocolate, bathrobes and flowers or a candle-lit, private dinner on the terrace. Think about your travelers on their honeymoon or those who are on a romantic getaway.

Packages can change depending on the season. They’re a means to get creative and add to your guests’ overall experience.

Event Rates

Leverage local event traffic to fill your rooms. Stay up to date on all nearby events– whether it be a concert, festival or town celebration. Don’t forget to market your inn as a place to stay during those events. Click here for more marketing ideas.

Let Your Prices Fluctuate

It’s a known fact that most business in the travel and hospitality industries occurs on the weekend. However, lowering your prices on weekdays can help entice guests to either come a little earlier or stay later. It helps even more if you have free Wi-Fi and home office items to assist remote workers so they can lengthen their stay.

During the slow season, it may also be a good idea to lower your rates to entice travelers to book a stay when the weather is not as nice.

Offer Group Rates

Just like hotels, it could be wise to offer a group rate. For example, a family and their friends may be looking for an affordable place to stay for a wedding. You could offer them a group rate so they can all stay together and receive a small discount when booking the rooms.

Also consider offering a single occupancy rate. With COVID-19 and more remote workers, people are looking for longer stays. A discounted rate for an extended stay could reel in more travelers to your bed & breakfast.

Have Comprehensive Coverage

The best way to make sure your rates don’t have to fluctuate dramatically from the unforeseeable is to have strong coverage. Be prepared for the unexpected by protecting your assets and your business. Speak with one of our CBIZ Innkeepers Insurance experts today!

This blog may contain scenarios that are provided as examples only. Coverage is subject to the terms, conditions and exclusions of the policy issued. The information provided is general in nature and may be affected by changes in law or the interpretation of such laws. The reader is advised to contact a professional prior to taking any action based upon this information.

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