Hybrid Pricing: Data Dial

October 3, 2022 | Andrew Kitchell


This week, we’re sharing the second major component of Hybrid Pricing – the “Data Dial”.
 
The Data Dial is a way to increase (or decrease!) the amount of booking & pricing data you are using to build your pricing strategy.
 
In short, it allows you to bring data into your pricing only if, when & where you want it.
 
We believe this is the most powerful aspect of Hybrid Pricing yet, and a critical step in unlocking pricing strategies that fully match your goals.
 
To introduce it further, let’s quickly touch base on Part 1 of Hybrid Pricing.

Hybrid Pricing Pt 1: Listing & Settings-Level Control

Two weeks ago, we created content (blog post here) to detail how #HybridPricing enabled you to setup your portfolio exactly as you pleased.

 Specifically, Hybrid Pricing made it easy to leverage:

At both the (a) individual listing, or the (b) individual setting (e.g. Seasonality, Day of Week, Far Future) level.

Here’s a link to this #HybridPricing video here.

Collectively, these capability enable you to create a highly customizable & flexible dynamic pricing platform.

Hybrid Pricing Pt 2: The Data Dial

However, there is a second part of Hybrid Pricing that with think is potentially even more valuable.

We call this feature the “Data Dial”, and it enables you & your team to leverage any amount of Data-Driven pricing in your strategy, at anytime.

The Dial allows you to use between 0% and 100% data driven pricing… or anything in-between.

Watch a 2 minute video here.

By leveraging the Data Dial, you can now:

Honestly, this is the way we should have built our platform from Day 1, and we’re so excited to share this with you now.

Ready to try out the "Data Dial"?

If you are using Rule-Based Pricing, you’ll see this setting is defaulted to “0%”
    – (As in… you are using 0% of your listing’s demand signal in your pricing)
 
To add some data/demand to your pricing strategy, simply add in any % of that you’d like to use.
    – As an initial test, consider setting this to 10% to 30%
    – If you are more comfortable with your data, consider increasing to 30 – 60%
    – Or, consider 70%+ to really start unlocking the potential of demand & booking signals
 
Click “Save”, and you’re off and running!
 
And, from your “Portfolio” Page can do this across all or many listings, at the same time.

Hybrid Pricing Pt 3:

In the coming weeks, our team will share (at least) one more big evolution of the Hybrid Pricing approach.

As stated before, we think Hybrid Pricing is the most important evolution of dynamic pricing since the advent of Data-Driven pricing, in 2014.

And, as with any new paradigm, we’re still learning from customers & pushing the limits of what we think is possible with this new approach to dynamic pricing.

Have any ideas/suggestions for how you’d like us to drive the evolution of Hybrid Pricing?

We’d love to hear them, and we’re here to build with & for you.

Best,

Team Wheelhouse

TAGS: