What does the Price Rating Matrix Widget show?
The price rating matrix combines the price with ratings and compares your ratio to your competitors. Since ratings also have a great influence on which hotel a guest chooses, with this widget you get an insight into the price-performance ratio perceived by the guest.
The horizontal axis reflects the ratings, the vertical axis the price. You will always find your hotel in the center and from this can divide the matrix into 4 quadrants:
- top right: Here you can find hotels that are more expensive than you, but also have better ratings
- bottom left: Here you can find hotels that have lower ratings but also a lower price
→ Hotels in these first two quadrants are fine for you, since the price-performance ratio remains relatively constant. However, you should pay particular attention to hotels in the other two quadrants:
- top left: Here you can find hotels that have lower ratings, but sell more expensively → maybe you can increase the price as well?
- bottom right: Here you can find hotels that have better ratings but offer lower prices → maybe they are trying to steal your business?
In the default setting of the widget, you can view the average rate for the next 30, 90 or 365 days. Simply select the desired time frame at the top. If you would like to see different periods, you can change them in the widget settings.
Additionally, you can track the movement of rates and ratings with the timeslider. But since the ratings rarely change, the movement is mostly vertical due to in- or decreasing rates.
You are not familiar with the Timeslider? Then feel free to have a look here.
How do I add and edit the Price Rating Matrix Widget?
You can find the Price Rating Matrix widget in the widget selection bar on the right side of the screen.
If the bar is not visible right away, you can expand it by clicking on the small pencil icon.
You can then drag and drop the widget into the dashboard, directly to the desired location.
As soon as you have dragged the widget into the dashboard, the widget settings will open. Here you can decide whether you want to see 30, 90 and 365 days in the widget or opt for other time periods - as it is best for you.
If you change your mind later on, you can always go back to the widget settings by clicking on the small gear icon in the upper right corner of the widget and adjust the time periods to your liking.
Do you have questions or need help?
Contact our support team, we are always happy to help.