Are you using Dynamic Pricing and want to understand how our algorithm picks up on your perfect pricing configurations or how you can influence it to reach specific goals? Although we highly recommend trusting your Convious experts and the algorithm which is basing its decisions on a growing load of your very own data, here is how to understand and edit your Global Pricing settings.
You will now see the Global Pricing page with all its settings as they were set based on your existing data or if we do not have much data yet because you are a new partner, based on the information delivered by you and the insights of your Convious experts.
Configurations & their meaning:
1. Choose your venue type: Most likely, this will not change. This will determine which industry data set to use for determining the ideal price per day.
2.Define the type of venue: This will help us to value the impact of weather.
⚠️ For the following configurations, the triangle marker indicates the default industry value recommended by Convious.
If the toggle is in the middle, it means that the setting is not considered when calculating the price. Move it to the right or left, depending on how much your venue is indoor or outdoor.
3. Select your goal:
You can choose your goal from the drop-down menu.
The most common goal is to optimize for revenue, whereas we used the goal to optimize for even visitor distribution for climbing parks so that the price corresponds and aligns with the ideal spread of help-staff
Changing your goal may significantly impact your pricing and should not be taken lightly but be considered deeply, discussed internally and not changed weekly. You can also always consult a Convious expert for more instructions.
To view the immediate impacts a change in settings has, choose a category and a product.
The calendar will update in real-time as soon as you change your settings.
4. Define the Audience location: What is your audience composed of? Do you have mostly local visitors or tourists who come from far? This information will help us value the importance of holidays to your venue and determine how much planning your guests might be involved in their visit.
5. Select the Impact of temperature: This will help us to value the importance of temperature. Here it is important to move towards "low" for Indoor venues and "high" for outdoor venues.
6.Define the Impact of rain: Just as with temperature, this will help us to value the importance 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.
7. Define the average amount of days guests buy tickets in advance: This will help us to tune pricing based on time in advance. You can set this on what you believe is accurate, but, just as in many cases, previous data can define this more accurately. A rule of thumb: in many cases, this is usually about 4 days.
8. Set how to override importance per weekday: This will help us to tune pricing based on 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.
9. Just as with the weekdays, you can override importance per month: This is to determine your high and low season.
If you want to start from scratch or tried around with some pricing to see its impact on the real-time calendar but want to reset it, there are two ways of resetting:
- Resetting to industry default
- Resetting to the previous settings
10. If you want to save your changes - hit Save at the upper right corner.