Sell out smarter: How to adjust prices for better profits

Optimizing your pricing strategy doesn’t require a complete overhaul — sometimes, small adjustments can lead to significant gains. By identifying high and low demand periods and making strategic updates, you can capitalize on peak booking opportunities and maximize your revenue.

The best time to evaluate your pricing is before your calendar fills up, particularly ahead of your busy season. A proactive approach ensures you’re charging the right price at the right time, helping you capture more value from your most in-demand offerings.

With FareHarbor, adjusting prices and optimizing earnings is quick and easy. Now, let’s dive into the simple ways you can make more money. 

Start here: Assess your most popular tour

Your highest-selling activity is your best indicator of demand — are you charging what it’s worth? 

If you are consistently booking up early for certain experiences, it may be time to evaluate your prices. Simply observe the demand of that tour or activity throughout the year, and adjust accordingly. Even small pricing shifts can have a significant impact on your profitability.  

Pro tip: Look to operators in your area to see what they’re charging to ensure you are pricing appropriately.  

Key opportunities to evaluate your prices

1. Days that always sell out

If your tours are hitting capacity early, it’s time to change those rates. When you refine your prices, you are able to balance that higher demand, optimize your per-booking revenue, and compensate for less busy times of the year. 

Pro tip: Analyze what tours, days, or times you have the most difficulty selling. Then you can make your pricing more competitive and sell more spots!

2. Holidays & holiday weekends

Peak travel periods often come with increased demand, making them an ideal time to assess your pricing strategy. Many businesses find that travelers are willing to book at different price points during these high-traffic times. Global markets celebrate different holidays, making it important to research your local trends. For instance, Memorial Day, Fourth of July, and Labor Day drive significant travel activity in the US.

By planning ahead and making adjustments before demand spikes, you can ensure that your pricing remains competitive and aligned with market conditions.

3. Big local events = big demand

Major concerts, festivals, and sporting events can bring a surge of visitors to your area — and with them, higher booking potential. 

For example, when Taylor Swift’s tour stopped in various cities, activities, hotels, and restaurants saw a massive surge in reservations. Many FareHarbor clients experience full bookings around these events — so it’s vital to adjust pricing accordingly!

Pro tip: Check your local event calendars, including city tourism websites or major venue schedules, to always stay on top of those high-traffic times for your area.

Implement dynamic pricing to optimize revenue

Let dynamic pricing do the heavy lifting for you! With a little upfront work, you can set customized pricing rules that will automatically adjust your rates when certain triggers happen.

You can set dynamic pricing rules based on: 

1. Capacity: If one or more of your tours significantly sell out, charge a premium rate for the last few spots to bring in extra revenue.
2. Time: Fill up your tours earlier by offering a discounted rate for early bookings. And, charge a higher price for last-minute bookings to boost profits. 

Bonus tip: Create urgency with public headlines

Encourage customers to book quickly by adding attention-grabbing public headlines to your most popular tours. You can set these up directly in your FareHarbor Dashboard and attach them to each of your experiences.

Use phrases like “Sells out fast!” or “Our most popular tour!” to make more customers click that book now button on the spot. 

Take action today

A few pricing updates can go a long way — and FareHarbor makes it easier than ever to maximize your profitability. Quickly make updates to your item’s pricing using our intuitive availability updater, where you can make changes in just a few clicks. 

Ready to optimize your pricing? Reach out to our Support team or request a free FareHarbor demo today.