Make your room rates more appealing by changing just one number.
Usually, establishing rate is a rational practice, based on historical trends, current market conditions and other hard data. However, many hoteliers overlook a vital aspect when determining prices: understanding the basic psychology of what makes consumers choose one price over another.
This is called “price psychology” and one of its most tried and true practices is “the law of nines,” which is based on using “9″ in your room rates.
People read numbers very quickly from left to right, and they associate the price with the very first number they see. For example, $199 seems closer to $100, even though it is just a dollar away from $200. This is why consumers see numbers endings in 9 or 99 or 95 as better values overall. Even luxury brands use this practice, including Apple.
Give this tactic a try and experiment by amending your $405/night suite to $395 or $399.