Why is this important?
If you are using a dynamic pricing strategy understanding your global pricing settings will provide you with two advantages:
1. See how our algorithm picks up on the perfect pricing configurations for your venue,
and
2. Allow you to influence your pricing configurations to reach specific goals.
You can read all about your global pricing settings in detail here.
Additional Resources:
Time to practice
Navigate to your global pricing settings and have a look at your current settings. Remember: we highly recommend trusting your Convious experts and the algorithm, which is basing its decisions on a growing load of your very own data. However, you can try around with the settings and see how optimizing for different goals or prioritizing other days may impact your prices without saving the settings by hitting Exit before you leave your global pricing settings. Select a product on the right-hand side and see the impact a change may have in real-time on the real-time pricing calendar.
Generally, note though the industry and type of venue should be not be adjusted since these are fairly static factors.
Check yourself
-
Do you know what the triangle marker indicates?
- Can you set the impact of temperature and rain?
- Do you know how to override weekdays or months?
- Can you explain the difference between resetting to industry default and your previous settings?
Not sure if you got them all right? Check your answers.
Check yourself answer sheet
Do you know what the triangle marker indicates?
The triangle marker indicates the default industry value recommended by Convious.
-
Can you set the impact of temperature and rain?
Selecting the Impact of temperature: Move towards "low" for Indoor venues and "high" for outdoor venues.
Defining the Impact of rain: In this case, "rain" is for Indoor venues and "dry" for outdoor venues. Don't let this strike you as counterintuitive; the notion is that for indoor venues, rainy and cold weather is preferred to the sunny weather and other way around.
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Do you know how to override weekdays or months?
Override importance per weekday:
In the example below, you see that Weekends have high importance - making those days more important = setting higher prices. This as well will mature as the algorithm picks up on your customers' behaviour. Not all venues have weekends as their most popular days.
Override importance per month: This is to determine your high and low season. -
Can you explain the difference between resetting to industry default and your previous settings?
