Welcome to Boostly Podcast Episode 363. This is a recap of my Facebook live where I talked something that you should do for your STR business.
Here's the audio for this episode:
Here's the video for this episode:
Timestamp
00:00 Start
00:40 About dynamic pricing software
02:00 My personal recommendations
03:00 Why dynamic pricing software tools are important
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Visual – YouTube
Audio – Boostly Podcast
Transcript from the Episode
This is something that I have been talking about a lot this year. And it's dynamic pricing software. So hopefully, you all listened to me back in January and February, and you went and linked up and you got on board with a dynamic pricing software tool, whether that was wheelhouse or price labs or beyond pricing and you've activated it and you are making lots and lots and lots and lots of extra revenue this year because I've seen some results and I've seen some case studies in the hospitality community in the Boostly Academy and it's fantastic to see so many people selling exactly the same product selling exactly the same property and getting 10-50% mark and much more on rooms and properties.
My personal recommendations
So if you haven't yet, I strongly advise you to invest in dynamic pricing software. In my personal opinion, I think wheelhouse is fantastic. I'm a little bit disappointed that they haven't gone for the wheelhouse everywhere, just yet. I pester him on a weekly basis. And unfortunately, they've been let down on data centres. It's one of those things, but stick with them it's free at the moment because they want everybody to get on board. And they want to help as many hosts as possible. 2022 they will start taking away the free features. But it's definitely worth sticking around and even just have a little look at the software is good.
Price Labs is a very good second place, price labs and beyond are very much the same. You may be using them. And boy is a new one to the market. If you've been in clubhouse all you will know but the founder of boy is on there a lot. And he's sharing amazing advice. And so I recommend any form not one over the other.
Why dynamic pricing software tools are important
Now the reason why dynamic pricing software tools are important is that it will predict the market for you in the slow season, prices will go up and prices will drop down, up and down, up and down, up and down, up and down. And one of the big things that I always want to encourage in everybody is to try and get as much time back in the day as possible. I've been in hospitality, been doing silly, silly, silly hours. And unfortunately, I missed a lot of Alfie and Charlie growing up because I was just trying to do all of the things never really looked at automation never really looked at outsourcing.
And when it comes to pricing, unless you've got a full-time member of staff that is literally taking charge of pricing for you. And unless you are otherwise, doing it all yourself and try to amend it every day. And you're never going to be as effective as a dynamic pricing software tool. And that's just fact.
A lot of them now, through fancy technology can sync straight into your property management software, you set a maximum high price you set a minimum low price that you're willing to go to, and it will do the work for you. It is such an important tool. And I really wish when I first got started in hospitality in 2011, we had something like this because I hate to think the amount of revenue that we left on the table from literally just locking a number out of the sky and adjusting as well.
So if you don't know what I'm talking about, just look at dynamic pricing software tools. There are much more clever people that talk about it. I've seen some fantastic results this year and it's been one of the most amazing things that I've seen is seeing hosts using it and using it really well and big wins and it's gonna be really effective in the slow season because it will help look after you.
Because 95% of your local competition will not be using dynamic pricing software tools. 95% of your local competition will just be plucking a number out yet and unfortunately a lot of them will try to race it upon their own pricing. What software tools will mean that you won't get suckered into that. And what it will also mean is that if you nail number free, if you nail number two, so your avatar and your marketing, you have a good price point, then you will appeal a lot more to somebody on the same street as you in the same area who's just trying to race it a bomb. People don't always just go on price. In fact, if you always just focus on price as your main customer avatar, that's when you get the guests scumbags. That's when you get the idiots that's the ones that give you the biggest headache. So again, when it comes to pricing, then I present software tools, but when and if you have got a win or dynamic pricing software tool, please do leave it in the chat.
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