DYNAMIC PRICING

In the industry we refer to dynamic pricing as the ability to change the pricing at a planned sequence.

 

Some of the most common dynamic pricing is based on demand. If the experiences you offer are likely to get booked out during the weekend, then you are more likely to attract a higher fee for that experience during that time. Whereas during the weekdays, if you are typically slower than you may want to dynamically adjust your pricing to be lower so that you can keep it competition or just simply make it more attractive for the buyers during the week day.

 

While dynamic pricing can typically apply days, hours, months, etc. it may take some time to calibrate. This is the advantage of having a partner of your booking system that can help you monitor these trends amongst others in your industry that you would otherwise not gain access to.

 

But when you do, the potential to make the most out of your slow and peak times, increases significantly. And once again the return on your investment of the software that has these types of capabilities, get you a much higher return on your investment and time.