Important Note (Updated 11/14/2019): For any date, Minimum Price rules will be applied according to our general customization hierarchy - http://blog.pricelabs.co/customization-hierarchy/. This means that it is possible to use date-level overrides, for example, to decrease the Minimum Price below a listing's Lowest Price.
We're very pleased to announce some new minimum-price settings that will help you create a more customized strategy around pricing! Without further delay, here are the current and new options (# 2,3,4 below)!
Listing minimum price: we highly recommend that everyone enter this to ensure the prices never go below the min-price even during low season, last minute, etc. This can be specified in the top left corner when reviewing prices.
If you have many listings, you can also bulk update on the Manage Listings page.
Note that if you enter a fixed price override (select some dates, and enter a fixed price (at listing level) or "% change on base price" at group/account level that's outside the min-max price range, we will use the price you put in and ignore the min-max range (this is the only time the range is ignored since you're entering your own price.
Minimum Far-out Price : This customization can be used set a different (higher) minimum price for bookings far out.
Our early adopters have used this creatively: suppose you usually want the min-price to be 100, but are willing to go down to 80 only for last minute bookings (say last week). You can:
- set 80 as the listing minimum price,
- set a far out min-price of 100 beyond 7 days (and a separate one for weekends!).
Minimum Event/Season Price: This date specific override can be used to ensure that the price for certain dates and events don't go below a threshold you specify. Simply click and drag your mouse over multiple dates (either for a listing, group, or account) and enter the min-price. The example below ensures that the price for any listings in the account don't fall below (base price + 20%) for Dec 26-27.
If our calculated price falls below your threshold, we will use the min-price. If it is above the threshold, we use our calculated price.
Important Note (Updated 11/14/2019): If Minimum Price is set "% Change on Minimum Price", this "% Change" will be applied after all Minimum Price customizations, other than Date Overrides, have been applied - This includes Far Out and Seasonal Minimum Prices
We hope that you will find these new settings useful in unlocking strategies that you couldn't implement before. If you have any questions, please leave a comment below, or email us at email@example.com.