Dynamic Pricing
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Anyone using PriceLabs or similar? I am on the free trial, and it seems like some of the prices for high demand periods are crazy high. I would love to hear first hand from someone who uses them, and if it has increased their bookings.
Thanks
Jill -
@jill-evarts - I’m not using PriceLabs at the moment, because I switched to another full service revenue management team, but I can tell you that dynamic pricing WORKS. My team uses extensive dynamic pricing. I saw a revenue increase of 20-40% in properties when I first converted. Their prices are not made up - they’re data based. I’ve found that the only time it DOESN’T work perfectly for me is if 1) they don’t know about an event in the area, and so it books at too low a rate (I make only a few tweaks for this) so I need to tell the team about it , or 2) I interfere or lose patience because something is open and then drop the rate, only to see people fighting over a date. My advice is to give it a chance to show you what it can do.
