What is dynamic pricing?
It’s a strategy that applies variable pricing instead of the more typical fixed pricing. As more data is analyzed, optimal prices are calculated in response to demand at a given moment in time. This flexibility allows you to capture the right customer, at the right time, and in turn maximize revenue.
What are price recommendations?
These are prices suggested by Pricepoint AI. 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, you’ll see a push notification on your computer and/or phone, suggesting these price recommendations.
How much will me revenues increase?
Sorry, it’s not magic. It’s science. We cannot tell for sure that your revenues will grow x % as it depends on lots of factors. What we can say though is that we are aiming to improve your revenues min. 7 – 10% annually but we had cases when properties improved by 30% in short periods.
Can I try with just one room?
How can I test it?
There is only one way to test it. Once we set up your account you need to start accepting the recommendations and keep observing your revenues. You can stop accepting recommendations any time but if you don’t give it a chance you will never know. We can almost guarantee that you will certainly not do worse so don’t be afraid of such trial.
How fast will I see that my revenues grow?
We hope to see the effect just after few days. We will track it on a daily basis. However, it really depends on the time of the year and if there are other factors which can possibly affect your revenues. If this year, there is a concert in the city and last year there wasn’t, then most likely you will observe the increase in revenues and Pricepoint will not be the only reason for that. A longer period can conclusively determine Pricepoint impact but guess what? Airlines have already tested the impact of revenue management. It’s positive!
When the recommendations are generated?
Pricepoint creates recommendations whenever there is a change in the circumstances related to a specific room type and stay date. The most common case is the change in availability. It 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 recommendation.
How do I know about new price recommendation?
How do I accept price recommendations?
Whenever there is a new price recommendation you decide if you want to approve it or not. You can approve a recommendation per one day or many days with a single click. Once you are familiar with Pricepoint, we can enable Auto-pilot which approves all the recommendations for you automatically.
Are price recommendations automatically applied to OTAs?
Once approved by you, they can be automatically pushed to your OTAs. (No extra work.)
Can I start using Pricepoint now?
It’s easy. 1. Sign up for a free trial. 2. Talk with us during a demo. 3. Set up the booking transfer (from the file or via API). No worries, we will help you. 4. Start receiving price recommendations.
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. (We do not need any guest details!) We can get these bookings either by setting up via API connection or we can use a file you can generate from your PMS or channel manager. The manual upload is obviously less enjoyable but certainly possible and easy to start with.
What if I don’t have any past bookings?
You can still work with us! Basically, 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 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 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 to create 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. Then, Pricepoint’s price optimization engine 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?
We highly recommend that you use the API connection between Pricepoint and your PMS or channel manager. (Click here to see available integrations.) If this isn’t an option for you, please contact us to discuss a possible integration. We can also help you download your bookings to a file and upload them to Pricepoint. Contact us for more information.
How do I connect Pricepoint to my OTAs?
We highly recommend that you use the API connection between Pricepoint and your channel manager. (Click here to see available integrations.) If this isn’t an option for you, please contact us to discuss a possible integration. We can also help you download your bookings to a file and upload them to Pricepoint. Contact us for more information.
What if I don’t have a PMS or channel manager?
It’s best to connect Pricepoint with a PMS or channel manager, so you don’t have to manually add bookings or adjust prices on OTAs. If you don’t yet use a PMS or channel manager, we can help you get started with one that already works with Pricepoint. Some start as low as $12 monthly. Of course, you can still use Pricepoint on its own, by uploading your bookings from a file. Contact us for more information.
How does the Pricepoint create price recommendations?
There are two main steps to create 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. Then, Pricepoint’s price optimization engine 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.