What is dynamic pricing?
Traditionally you would set a price for a room and keep it unchanged for days or weeks. Dynamic Pricing is a strategy that continuously analyzes demand and adjusts prices to keep them at an optimal level in response to the demand at any given moment in time. This flexibility allows you to land the right customer, at the right time, and in turn, maximize revenue.
What are price recommendations?
These are prices suggested by Pricepoint’s Artificial Intelligence. Let’s say you’re offering an $80 double room for the first week of December. Pricepoint will find optimal rates for each date. If $75 is better for December 5th, and $85 is better for December 6th, Pricepoint will find you the best possible price. These price recommendations are automatically and instantly sent to OTAs together with a notification to you.
How much will my revenues increase?
We can’t say for sure that your revenues will grow x % as it depends on lots of factors. What we can say is that all properties using Pricepoint saw a positive change from 10 to 25% in revenues.
Can I try with just one room?
How can I test it?
When your account is ready, Pricepoint will first analyze your bookings and then it will generate a new set of prices. In the first days and weeks, you can track the progress by observing a change in your daily and weekly pickup.
How quickly will I see my revenues grow?
Most likely just after the first week you will see a positive impact on your pickup. However, to compare revenues we need to let Pricepoint run for a couple of weeks as you are receiving bookings two or three months in advance.
When are the recommendations generated?
Pricepoint creates recommendations whenever there is a change in the circumstances related to a specific room type and stay date, the most common being a change in availability. This means that whenever there is a new booking (modification or cancellation) which can be automatically processed from your PMS, Pricepoint may generate a new price.
How do I know about a new price recommendation?
How do I accept price recommendations?
It’s all automated. You do not need to do anything besides observing the results.
Are price recommendations automatically applied to OTAs?
Can I start using Pricepoint now?
1. Sign up for a free trial.
2. We will set up your account.
3. Let Pricepoint manage the prices to increase your revenues!
What do I need to get started with Pricepoint?
To run its analysis the most effectively, we need to get access to your past bookings. Pricepoint is the most effective with two years of past bookings but it can also work without historical data. It will simply take more time to learn your property booking trends. Don’t worry, we will get all your bookings (without guests’ personal data!) from your PMS. It is all automated.
What if I don’t have any past bookings?
You can still work with us! Pricepoint will just need more time to pick up your booking trends and give you solid price recommendations. Contact us for more information.
Can I try Pricepoint for free?
Sure! We offer a 30-day free trial with no strings attached.
Is there a fixed-term contract?
No, there is no fixed contract. We don’t believe in locking you in. You can cancel at any time.
Can I use Pricepoint on my phone?
Definitely! Pricepoint has a web and mobile app for iOS and Android.
How does the Pricepoint create price recommendations?
There are two main steps in creating price recommendations. Accurate forecasting is the first step. Pricepoint uses cutting-edge algorithms to generate forecasts in real-time, analyzing not just historical data but also recent booking trends. Pricepoint’s price optimization engine then takes this data and applies operational research techniques to create the set of optimal rates for the given demand on each date. Pricepoint’s simulation engine ensures the high quality of its calculations. It applies advanced statistical methodologies to analyze the multitude of possible scenarios and conclude with the most probable vision of the future.
How often are price recommendations generated?
There is no fixed schedule for price recommendations. Pricepoint analyzes the situation in real-time. Its algorithms will look for new, optimal pricing, whenever there is a change in your bookings or availability, or simply because time has passed. Once Pricepoint finds these better rates, it will send you a push notification with price recommendations.
How do I connect Pricepoint to my PMS or channel manager?
It’s easy – we do it for you. Contact us to find out if your PMS is already integrated with Pricepoint.
How do I connect Pricepoint to my OTAs?
We will either push your prices to your PMS which will handle price updates or Pricepoint will handle pushing prices to OTAs. It depends which PMS you are using.