For any future night and inventory type, we allow you to configure strategic controls that influence how high or low we will price when running on Automation 🚀 This will not only ensure that your recommendations always consider your overarching strategic pricing strategy - but also to push you to your desired price level in case you made a manual pricing mistake.
What types of Price Controls exist?
In the platform we have three different types of price controls that can be created:
Default Price Settings
Specify the min & max price for each of your inventory type for each day of the week (e.g. specify different min/max prices for a Tuesday vs a Friday).Seasonal Price Settings
Create an additional set of seasonal price settings to configure the seasonal component of your yearly pricing strategy.Event Price Settings
In case you are aware of any events, you can create event-specific price settings which help you to keep track of event days and give the app additional insights into how you want to price events.Property Closure
Making use of this function during times of physical closure of the property (Covid-19 lockdowns are a great example of this!) will make sure our pricing engine understands that the data it sees' for this period, is due to the property physically being closed. Other examples could be refurbishments, natural disasters etc.
How to create new Price Settings
Navigate to the Calendar 🗓 feature on the left-hand side control panel in the platform
Use the 3 dots if you are wanting to change your Default Price Controls
Or simply click on "Create New" for all other options (Seasons, Events, Property Closure) choose your setting type, a title, the date range and the min & max prices as well as any other added details you would like.
Multi-Property Price Settings
If you have access to multiple properties, we facilitate you the creation of Price Settings across your portfolio:
Toggle the Multi-Property option on and select the properties for which you want to create the setting.
Define the minimum and maximum deviation from the current default or seasonal settings. This deviation can be a positive or negative percentage or amount.
A price setting will be created for each of the selected properties based on the following logic:
Seasonal Price Setting: Uses default plus min/max deviation if a seasonal setting is in place.
Event Price Setting: Uses seasonal settings if present; otherwise, default plus min/max deviation.
Rounding: The rounding defined at the inventory group level will be accounted for when calculating the final min/max setting.
Overlapping Settings: If any of the properties has overlapping settings, decide whether to override existing settings or skip the properties. If overlapping settings exist, dates will be adjusted as necessary. For example, creating a setting for Christmas Day only (25th December) while another setting exists for Christmas & New Year (25th December to 1st January) will result in separate settings: one for Christmas Day and another for 26th December to 1st January.
Once created, you can customize the Price Setting for each property independently. Adjust values, update exact dates, and tailor settings to meet specific demand requirements.
But wait, there's more!
While manoeuvring through your pricing calendar, you can also quickly and easily view your price settings, editing them in real-time, without having to be in the feature itself!
Tips & Tricks
To create a new seasonal or event price setting, you can simply click on the 3 dots in your pricing calendar.
For existing seasons or events, you can edit these directly in the pricing calendar by simply hovering over that date and editing or deleting the desired price setting!
If you have multiple days of the week in a setting which should be the same, make use of the copy & paste buttons to quickly populate the relevant fields.
For events which repeat on annual basis you can replicate existing settings. To do so, open the existing Setting and use the duplicate button.
Use events for exceptional demand days only. These will directly impact FLYR's optimization, as the strategy for that night is more closely correlated to the pricing strategies of other nights with similar event settings 📅
You don’t need to manually input events to highlight Public Holidays. FLYR automatically fetches public holidays based on your property’s location and where your guests are coming from.
When creating events, focus on days with abnormal demand rather than the official event days if the beginning or end days are not peak days in terms of demand.
For long events, consider whether it should be a seasonal setting instead. This approach ensures more precise pricing adjustments.