We’re excited to announce that we have introduced the option for all Beyond Pricing users to adjust their last minute discounts and set price percentage increases in the future.
Last minute discounts are a great way to increase the likelihood that you receive a booking in the immediate short term. By default, Beyond Pricing inputs a discount of 25% for reservations booked within the last three days to stay and 10% for the last seven days to stay. You can now adjust these, as well as create additional discounts for a variety of time periods.
We encourage using last minute discounts to fill any availability in the near future. Unlike airlines that raise prices last minute due to business travel, both hotels and vacation rentals tend to drop prices last minute to get their remaining available listings/rooms booked. In order to give yourself the best chance of doing so, it's imperative to undercut the market for any availability in the next 3-7 days. Please keep in mind these discounts will never go below the minimum price you have set.
This feature also allows you to add and control price increases for the future. In general, guests who book far in advance are often willing to pay more to secure their ideal property. By default, we input an increase of 10% for reservations made for more than 270 days' time.
You can adjust last minute discounts and increases in the Customize tab for your listing. You'll see our default discounts already listed. Input whatever percentage discounts you feel are appropriate and hit the green "Save Changes" button at the bottom of the screen. The graph below is a visual aid designed to give context to affect these discounts and increases have on your Base Price.
Here's an example of setting a price increase of 5% more than 6 months out (180 days).
Looking at this example you can see that on March 27, 2019 we start with a Base Price of $120, we are increasing $18 because it is High Season, increasing $42 because it is Spring Break, decreasing $7 because it is a Wednesday and increasing $9 because it is more than 180 days away from today's date.
In this image the current date is September 19, 2018.
For more information including best practices and guidelines for setting last minute discounts, please read the following the article in our Support Center: What are last minute discounts?
For more information on how to use new features please reach out to our friendly and helpful customer success team at email@example.com