For any future night and inventory type, FLYR allows you to configure strategic controls that influence how the engine prices. 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?
There are three different types of price controls that can be created. Default Price Settings are the only ones mandatory for the platform to generate price recommandations. Additional layers are added as an exception, rather than a default configuration
Default Price Settings
Configure MIN/MAX price for each inventory type (or group) by day of the week.The MIN should reflect the lowest starting price -10%, and the MAX be the highest ever sold rate +30%.
Seasonal Price Settings
Create seasonal price settings to co-pilot the engine and drive specific strategies. Note that FLYR analyses and reviews the seasonal component of the property demand, those should be added when the default pricing strategy adopted by the engine is not in line with the property's strategy.Event Price Settings
Create Event Price Settings for unexpected and exceptional event-impacting dates (for high or low demand).Events, conferences, holidays that repeat year over year are predictable and expected by FLYR Demand Forecasts. Olympic Games, Airport Closure, Major Concerts, bi-annual events are good examples where Event Price Settings should be added.
Property Closure
Making use of this function during times of property closure will make sure FLYR pricing engine excludes dates from demand forecasts. 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.