1. Smart Presets
   
2. Additional customizations
   

1. Seasonality Factor Sensitivity
   
2. Demand Factor Sensitivity
   
1. Customize Pricing Data Source
   
2. Hotel Comp Sets
   
3. Multi-Room Occupancy Based Adjustments
   
4. Custom Seasonal Profile 
   
5. Day of Week Pricing Adjustments
   
6. Booking Recency Factor
   

1. Seasonality Factor Sensitivity  

1. Seasonality refers to changes in demand throughout the year, depending on the season or time of the year. 
   
2. For example, a beach resort experiences higher price fluctuations during peak vacation seasons, while a city business hotel may see more stable prices throughout the year.
   
3. We recommend setting this to 'Conservative' for hotels, as it gently adjusts prices during both high and low seasons. If you want more control over seasonal pricing, select 'No Seasonality' and create your own custom seasonal profile.
   
4. For more information, you can check Seasonality Factor Sensitivity. 
   

2. Demand Factor Sensitivity

1. This helps optimize pricing based on market demand and its fluctuations for specific dates, including major holidays, events, and day-of-week patterns.
   
2. We recommend setting this based on your preferred approach to responding to demand dates. Choose "Conservative" to secure earlier bookings at stable prices, "Recommended" to target higher rates closer to high-demand dates, or "Aggressive" to push for peak pricing during the busiest periods.
   
3. For more information, you can check: Demand Factor Sensitivity.
   
   

2.a. Customize Pricing Data Source

1. This setting is to select the data source for pricing recommendations - hotel data, short-term rental data or a mix of both. For example, a hotel may rely solely on hotel data or benefit from a blend of hotel data and vacation rentals based on its market dynamics.
   
2. For hotels, we suggest using 'Fully Hotels' or 'Mostly Hotels’.
   
3. For more information, you can check: Customized Hotel Weights.
   

2.b. Customize Hotel Comp Set

1. This setting is to define your competitor hotels and will partially influence the price recommendations.
   
2. By default, PriceLabs considers the 10 nearest hotels when factoring hotel pricing into your listing’s rates. If you have a specific comp set in mind you can switch to the 'Selected in Hotel Rate Shopper tab' option, and use the 'Hotel Rate Shopper' tab to select your competitors.
   
3. For more information about Customize Hotel Comp Set, you can check: Customize Hotel Comp Set. For information about the rate shopper, you can check: Hotel Rate Shopper
   

3. Multi-Room Occupancy Based Adjustments

1. This setting optimizes the hotel's pricing strategy by adjusting rates based on a room type’s occupancy level and booking window. Additionally, it can also be applied at the 'Group' level if you prefer to optimize pricing based on the combined occupancy levels of similar room types.
   
2. PriceLabs offers pre-filled pricing profiles based on occupancy levels and booking window ranges, so we recommend selecting your preferred option. For more control over price adjustments, choose ‘Custom’ to create your own profile.
   
3. For more information, you can check Portfolio Occupancy Based Adjustments.
   
   

4. Custom seasonal profile 

1. Custom Seasonal Profiles offer an additional layer of flexibility by allowing you to set different minimum, base, and maximum prices to reflect peak and off-peak periods. This allows you to capitalize on high-demand seasons, while maintaining competitive pricing during slower periods. 
   
2. We recommend carefully setting up the min/base/max prices and minimum stay requirements based on your hotel’s unique seasonal patterns.
   
3. For more information, you can check: Seasonal Pricing Settings.
   

5. Day of Week Pricing Adjustments

1. This option allows you to set percentage adjustments on certain days of the week. While we already apply factors such as demand to your rates so that demand days are likely to get higher prices, we understand that hotels often experience consistent demand trends based on the day of the week. 
   
2. In this case, Implement nuanced day-of-week pricing to align with your hotel's unique booking patterns.
   
3. For more information, you can check: Day of Week Pricing Adjustments.
   
   

6. Booking Recency Factor

1. The Booking Recency Factor is a smart pricing customization in PriceLabs that automatically applies a temporary discount to room types that haven’t received bookings for an extended period. 
   
2. The goal is to improve visibility and increase chances of securing bookings, especially for underperforming room types.
   
3. For more information, you can check Booking Recency Factor.
   
   

Additional customizations

1. Last Minute Prices
   
2. Far-out premium
   
3. Orphan Day Prices
   
4. Occupancy Based Adjustment
   
5. Rounding
   

1. Last Minute Prices

1. By default, we apply last minute discounts based on what is seen on your market. Since hotels don’t usually gradually decrease rates as the date approaches, we recommend you to select the “No last minute adjustment”.
   
2. For more information, you can check: Last Minute Prices 
   
   

2. Far-out premium

1. By default, we apply a Far-out premium, which increases the daily rates for bookings far in advance. However, this is usually not how hotels work. So, similar to the Last Minute Prices, we recommend you to select the “No Far-out premium” to ensure that your rates are not affected by whether the booking comes at the last minute or advance.
2. For more information, you can check: Far-out premium.
3. If this option is not available for your room types, please feel free to reach out to us at support@pricelabs.co so we can enable it for you.
   

3. Orphan Day Prices

1. By default, we apply orphan day, which will drop prices by 20% for gaps of 1 or 2 nights in your calendar. As a hotel, you are likely to work with shorter stays and won’t want this automatic rate drop. In such a case, you can remove this discount by setting “No orphan Day adjustment” for your Orphan Day Prices.
   
2. For more information, you can check: Orphan Day Prices
   

4. Occupancy Based Adjustment

1. By default, we apply a default Occupancy Based Adjustment to your room types. However, for hotels, you are likely to want to optimize your prices based on the hotel’s overall occupancy, or may be based on specific groups such as “beachfront room types” or “mountain view room types”, not based on individual rooms.
   
2. So, we recommend that you set your Occupancy Based Adjustment to “No Occupancy Based Adjustment” and then use Multi-Room Occupancy Based Adjustments instead.
   
3. For more information, you can check: Occupancy Based Adjustment
   

5. Rounding

1. It is common in hotels to set their rates in a more uniform way, such as all of the prices ending in 0 and 5 or 4 and 9 (e.g., $400, $1015, or $1499). If you prefer prices ending in specific numbers, you can indicate your preference in the Advanced Customizations.
   
2. For more information, you can check: Rounding