The article describes the After 365 Days pricing feature within RoomPriceGenie that extends the pricing forecasts upto an 18 month range.
The 'After 365 Days' Pricing-feature
Probably the biggest feature request we have had has been to extend the pricing beyond one year. After 365 Day pricing extends the pricing range to 18 months.
The price calculation for 365+ works a little differently from our usual pricing approach. Looking at market prices more than a year into the future is not always a good option as they tend to be unreliable. Instead of using competitors after 365 days, we set the prices without market data.
In more detail, we set an average price for each month. Then, the algorithm uses the current weekday variations to set prices for each individual weekday in the month. Next to it, we continue as normal with our optimization for current availability.
This strategy shall be replaced by real market data when reliable competitor prices become available in the future.
Set up pricing after 365 days
We give you the option of setting a monthly base price for dates after 365 days. By default, our Revenue Managers will help and set this for you. The general approach that we shall use to set the average price involves using the current year’s monthly base price and adding +5% (to account for inflation). The first month shall be set up with a 10% add-up.
Example: If we are in August 2022, then August 2023 will be the August 2022 base price (see Monthly Adjustments page for this) PLUS 10%. If we are pricing October 2023, we will use the October 2022 base price PLUS 5%.
NOTE: If you do not have After 365 days pricing turned on, please message us to request it. Sometimes it takes a little while to set up as it involves the PMS or Channel Manager.
Manage Prices after 365 days
- To change prices for the whole month, you can change the monthly base price in the ‘After 365 Days’ tab.
- To change individual dates, use the Adjustment Calendar for individual dates or bulk adjustments.
(we are currently in the process of updating our knowledge base to the new UI. Thank you for your understanding in case you still see an outdated display. Nonetheless, the step-by-step guide will remain the same.)