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2024 Pricing Strategies: How to Effectively Raise Your Prices

Last updated on June 14, 2024
3 minute read
Key Takeaways

  • Use Google Analytics to understand booking performance
  • Identify your best selling activities
  • Pricing trial and error is okay!

Skill Level

All Skill Levels

Updating and optimizing your tour and activity prices is a crucial element of your yearly business strategy. You want to strike the perfect balance — charging enough to maximize profits while keeping prices attractive to eager customers.

There are a couple of ways you can increase your prices: you can simply raise the base price or offer custom field add-ons that will result in a higher booking total for online bookings.

This checklist will guide you through the key factors to consider when adjusting your prices.

Consider the following criteria

If you answer yes to one or more of the following questions, it’s time to evaluate your prices!

  • Does your business have healthy online conversion rates and channel percentages?
    • Hint! Use Google Analytics to better understand how your online bookings are performing.
  • Do you often sell out or nearly sell out your experiences?
  • Are your primary competitors’ prices higher than yours?
    • Hint! Perform a quick Google search to find this information out.
  • Is there a high demand for your particular location, travel destination, and/or tour time?
    • Hint! Find out using Google Destination Insights.

A few ways to strategically increase your prices

Below are common approaches to enhance your tour and activity prices.

The world is expensive! Your customers will understand if you need to raise your prices based on inflation or other annual cost increases (eg. employee compensation, equipment, office supplies).
Rather than increasing the price for all of your experiences, only boost the cost for your high-demand activities.
Start utilizing surge pricing to your business. Raise your prices during holidays, school breaks, weekends or other local events.
Create “VIP” experience options using unique custom fields in order to raise your total booking price. This can be front row seats, early access to an event, champagne add-ons, and more!

Two FareHarbor-specific pricing tools to grow your revenue

These solutions are great ways to optimize your cashflow. Please reach out to our Support team to learn more or get them set up in your Dashboard.

Dynamic pricing: With this tool, automate your pricing strategy with customizable rules based on capacity (eg. last 10 seats are sold at a higher rate) or time (eg. tours sold in the 24 hours before start time are more expensive).
Combos: Make it easy for customers to book two or more experiences in one checkout. Upsell complimentary tours and add-ons during checkout to boost your total booking price.

Pro Tip: Embrace the process of trial and error to find the best prices for your business. It’s okay to raise or lower them based on customer feedback to ensure you are making the biggest profit possible.

Raising your prices is a natural part of running your business — and it can easily raise your bottom line. For more information on pricing strategies, watch our recent pricing webinar!

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