An effectively managed corporate travel program should save a company both time and money, but one task that can easily become time-consuming and expensive is sourcing the best rates for hotel stays and airfare.
Instead of relying on team members to monitor supply changes, those who manage travel for their organization can enlist the help of their travel management company (TMC) to guarantee the lowest rates in these areas.
This is called price assurance, and it’s one of the smartest travel technologies a business can integrate into their travel program. From small traveling teams to large corporate programs, companies of all sizes can take advantage of price assurance to minimize their expenses and drive ROI.
Here is how price assurance can optimize your bookings and save your organization time and money.
Visibility Into Potential Savings
Hotels and airlines price their offerings to meet demand, which means their rates can fluctuate greatly. Even if a traveler locks in a seemingly good deal months before travel, pricing could change significantly between when it was booked and when the trip begins.
For example, with the US hotel industry reporting higher performance results from the previous month, but mixed comparisons year over year, it can be difficult for travelers to be confident if and when they’re getting the best rate. To take advantage of these fluctuations and capture the most savings, travel managers need a rate assurance tool that can adjust their travelers’ bookings quickly and effectively.
At Direct Travel, we provide our clients with our Direct Price Assurance to optimize their bookings and ensure they always have access to the best rates. When a client opts-in to this service, we check rates daily and automatically rebook travelers when prices drop to make sure they are maximizing their savings.
Rebook Lower Rates Automatically
Once a reservation is made through a Direct Travel agent or Online Booking Tool (OBT), Direct Price Assurance will:
- Monitor the lodging or airfare booking for market fluctuations
- Check for better cancelation terms or value-added amenities
- Automatically rebook if a lower rate with the same terms becomes available
- Send updated confirmations to the traveler as applicable
When our price assurance technology finds a lower airfare with a savings of $30 or more, for instance, that savings is captured through an automated rebooking and ticketing process. Tickets are only rebooked if the lower fare meets the same criteria as the original booking – same airline, travel date, class of service, and seat type.
Companies using Direct Price Assurance for Air often achieve between 1% and 4% savings on their annual airline spending, and when it comes to Direct Price Assurance for Hotels, an average of 1 in 5 bookings will be rebooked at a lower rate.
Safety & Simplicity
Price assurance has an additional (and perhaps unexpected) benefit. By improving compliance to approved online booking channels, price assurance can also enhance duty of care and traveler confidence in your managed travel program. It can capture savings regardless of market conditions, which means it is an invaluable tool even during times of economic uncertainty.
Direct Price Assurance is not only easy to enroll in, but a portion of these added savings can be directed toward the expense of the tool, meaning it pays for itself as it delivers results for a business.
Cut Out the Guesswork
Price assurance serves as a key element in the toolbox of any modern travel manager. This technology is crucial for optimizing your team’s bookings, providing minimal disruption to their trips, and ensuring they always have the best rates and amenities.
If you’re ready to help your travelers save time and money, contact us to learn more about adding Direct Price Assurance to your travel program.
