October 18, 2022 | Andrew Kitchell
Today, we’re rolling out a new & significantly improved version of Wheelhouse’s Far Future Pricing (i.e. recommended prices 12+ months out)
At Wheelhouse, our pricing engine relies on both pricing data & booking data to price listings perfectly. In a low, normal or rich data environment, we believe this approach is by far the most effective approach to pricing supply.
However, in the far-future , there is a risk of being in a very-low data environment.
The farther we go in the future, the less market & booking data is available, and therefore pricing the far-future has been one of the harder technical problems we’ve had to address.
With our latest work, we have improved our ability to understand how events (holidays, conferences, big travel weekends, etc) translate into the following year’s optimal pricing strategy.
Will this updated far-future pricing be perfect for everyone? Certainly not! Why? Markets are always dynamic, and each operator has unique goals that our system tries hard to understand. Therefore, much like any aspect of a data-driven pricing engine, you will want to review our pricing recommendations to make sure they are perfect for you & your business.
However, overall we are very confident that our efforts reflect a significant improvement in how we can project far-future demand for all markets.
While many of you have already seen it, Wheelhouse publishes research on our fully-transparent pricing engine here.
If you have any questions about our pricing engine, we’d love to explore those with you.
Send us a note anytime: email@example.com
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