PriceLabs - Coronavirus Occupancy Based Adjustment

Coronavirus Occupancy Based Adjustment

We are actively monitoring the booking situation worldwide and are coming up with ways to help you weather the storm. Our algorithm uses a mix of future looking and historical data (primarily for seasonal and day-specific trends). In this case the historic data is so different, that we are working continuously to identify the deviations. However, we have a unique situation on our hands -- what economists like to call black swan events -- and we urge you to take action over your pricing if you are seeing a decrease in bookings.

Coronavirus Occupancy Based Adjustment

We have developed a new Occupancy Based Adjustment profile with aggressive discounts to try to generate bookings during this low demand period. Several markets are experiencing low demand over the next two months and this setting will try to improve the book-ability of your listing by gradually lowering rates based on each listing’s occupancy. 
The other uncertainty that all of us are in is when we will come out of the low demand period. There has been some discussion that by May/June  we should start seeing demand rise. Thus, this profile only affects dates in the next 60 days and the dates outside of 60 day continue to follow our market-based pricing model.
Word of caution, while using this setting, please do set your minimum rates for all listings to ensure that rates never drop too low. 
The following video explains this customization in more detail and goes over the following:
  • Enabling the customization for individual listings and all listings in bulk
  • Determining how low to set your minimum price
  • Setting a lower minimum price for the next two months


Coronavirus Occupancy Based Adjustment instructions in other languages

  1. Video in Spanish: https://youtu.be/jgkTklTE69U
  2. Video in Portugese: https://youtu.be/jEVp78VaC28
  3. Video in French: https://youtu.be/j1kwCeNRYuo

More strategies you can use

For more ideas on strategies you could use, please visit our blog here. We'll continue to update it with relevant ideas.

Webinar: Using PriceLabs during Coronavirus pandemic

In addition, we will be hosting a few webinars Q&A to discuss and learn from each other on how to best use PriceLabs during this time. Webinar schedule here

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