Global Pricing Settings - V2

Are you using Dynamic Pricing and want to implement your rules to have the pricers reflect and incorporate your unique situation? Then the Global Pricer is your go-to!

Before we dive into the setting, remember;

1. In many cases, the algorithm will know your customers better than you do.

2. The algorithm is still learning and is getting better with every day & every customer. 

3. Give it time & learn just as the algorithm learns! 

The triangle marker indicates the optimal setup position. We already consider all relevant factors based on the goal. You can customize the settings by adjusting the toggles to better suit your specific needs. 

⚠️ This means moving the toggles will impose price corrections deviating from this default. ⚠️ For example, changing the toggle's position to have prices respond less or stronger to particular pricing determining factors such as weather, holidays, timing and more (see all settings below). 

The settings

• Optimize for Revenue - the algorithm will respond to all conditions with prices that will vary in a range that is expected to lead to the highest possible revenue.
  
  
• Optimize for Max. Tickets Sold - the algorithm will focus on selling the highest possible amount of tickets based on factors such as demand and willingness to buy under given conditions. 
  
  
• Optimize for Even Visitor Distribution - the algorithm will focus most on distributing visitors over your time slots, days, weeks and months to minimize the occurrence of extremely busy or slow days.  
  
  

• Additionally, to the three core strategies, we added Advanced Rule-based Pricing, which allows you to base your prices only on the rules you provided - opposed to the other three strategies, which combine our AI algorithm and your rules.
  
  

• Early bird strategy - Here you reward buyers for purchasing in advance by increasing the price every X-days within a selected time frame. 
  
  

• Buy first, pay less strategy - When using this strategy, you are rewarding buyers for being among the first to buy for a particular day by increasing the price will with every X-amount of tickets sold.

  Here you can learn more about the Early bird or the Buy first, pay less strategy.  

  Please note changing your goal may significantly impact your pricing and should not be taken lightly but be considered deeply and discussed internally. Please consult a Convious expert for help.

   

Your venue type specifies which industry data set to use for determining the ideal price per day.

Time to get into the newly designed sliders:

The Preferred weather type defines which weather is most favorable for your venue.

To make this more tangible, here are a few examples:

• A zoo or theme park with mostly outdoor facilities will favor dry weather
• An aquarium with mostly indoor facilities will favor rain (like the example above)
• An indoor playground will greatly benefit from rainfall, so they'd move the toggle all the way to the left.

Here it is important to move towards "low" for Indoor venues and "high" for outdoor venues. 

Next up is a a section all about lead time and what impact the timing of the purchase has - the Urgency of their buy

If this toggle is enabled, it means that purchases on the same day as the visit will always be at box office prices.


Early bookings bring quite some advantages for you, such as planning and can be an effective sales strategy to get price sensitive customer's in. Hence, you may want to reward such early bookings. By enabling this setting via the toggle you can use the slider and decide how low or high the discount you give will be. 
And in correspondence with that, you can define how many days in advance constitutes as 'early.'

In the above case, you will have a slight discount for bookings that are more than 7 days in advance. 

Do they book later than 7 days in advance? If you enable to charge them for late bookings, then everything below 7 days in advance will your selected charge will apply - such as a high one as in the example below. 

And remember: All changes you make are directly represented in the calendar to the right. Make sure to select a product in order for prices to preview.

Here we see slight differences in price on the 13th compared to the 6th as the week from the 13th would count as early. 

At the same time, you can also start charging those who buy almost last minute, which causes prices to gradually decline with every day further away from the day of today. 

The last setting section is about the importance of specific times - hours, days and months.

This section has become much more impactful with the Version 2 release as you will be able to see in the preview.

Are certain periods of the day more popular than others and you want to give them more importance than the algorithm already gives? Tick the box!

Please note: Low importance = lower prices and vice versa.

The importance per weekday will help tune pricing based on weekday even more than the demand detection of the pricer. In the example below, you see that Weekends have high(er) importance, hence they should hold higher prices. 

 If you want to save your changes - hit Save at the upper right corner.



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

Suppose you have more questions about Dynamic Pricing or our algorithm. Don't hesitate to get in touch with your Customer Success Manager.