Migrating to Hyper Local Pulse for more than 10 listings

Migrating to Hyper Local Pulse (more than 10 listings)

Please reach out to support@pricelabs.co if you have any questions.

Step 1: Create or Identify Groups

If you manage many listings, we hope you are typically using groups. But even then, moving each listing to the new algorithm while reviewing pricing changes can be a little time-consuming. We recommend the following best practices to follow for quicker migration -
  1. Identify how you manage your collection of listings. While some users use "Groups" to manage listings, others manage them by "City" or "Region" level.
    1. To elaborate, let's say I manage 100 listings of various sizes and in different neighborhoods. To start with, I consider the group which has, say, 50 listings of "Las Vegas 2 Bedrooms"
  2. Pick 2/3 listings in each such group or collection of listings
    1. To help you filter listings by group or a certain collection of your choice, you can do so by clicking on "Filter Listings" >> Filter by Group / City, etc. in the Pricing Dashboard
    2. Steps to migrate a listing to HLP are mentioned in the section below.
                        
                                                      Filtering listings on Pricing Dashboard

Step 2: Migrate 2/3 sample listings within the group

How to migrate individual listing to HLP in 5 steps (Summary)

Here's a quick video on 5 simple steps to migrate your listings to HLP. How to migrate your listing to HLP in 5 simple steps.
  1. From the Pricing Dashboard, click Row/column visibility, and tick the checkbox for Algorithm Version. You will see a "Start HLP Migration" button. (Note that you'll not see Migrate button for child listings, moving parent listings to HLP will move child too.)

  2. Click the "Start HLP Migration" button and enable the toggle for "Switch to New Algorithm". Select "New Algorithm (Hyper Local Pulse)".

  3. See the recommended base price right under the chart. Make adjustments if necessary. Click Refresh Graph after the change to update the graph. 
  4. Make the changes in customization as mentioned in the "Tip". Click Refresh graph after every changes to update the graph. 

  5. If new prices look good, "Accept Base Price & Save Changes". If you do not wish to use the recommended base price, put a check on "Don't save base price change" then hit Save Changes
    .

  6. When migrating a parent listing, you have the option to migrate the child listings as well. However, if you manage customizations for child listings separately (including minimum stay), it's best to migrate them separately by unchecking the 'Migrate Child Listings to HLP' checkbox. Otherwise, you can migrate them together with the parent listing. If you choose to migrate them together, please make sure you visit base price help for child listing to see updated base price recommendations. 
If you have questions or want to learn more, please scroll down for more details.

How to migrate individual listing to HLP in 5 steps (Detailed)

If you don't actively use groups in PriceLabs, we recommend you to migrate each listing individually after reviewing the pricing changes. However, if all or some of the listings are in a same neighborhood, you can review prices for 2-3 listings, and then migrate all of them together.

Step 2.1 ➝ Activate Algorithm Version on Pricing Dashboard

  • Go to Pricing Dashboard ➝ click tick the the "Row/Column Visibility" button and tick the checkbox for the "Algorithm Version" column
  • Once you do this, you should start seeing the column "Algorithm Version"
  • You can sort this column to see all the listings on old algorithm together
If you have child listings, by default they are migrated with parent listing. However, users can choose not to migrate child listings along with parent in case you manage child listings customization (including minimum stays separately by unchecking the 'Migrate Child Listings to HLP' checkbox. 

The Algorithm Version column is as of last Save & Refresh. What that means is if you changed any customization in Group or Account level, you'll have to Save & Refresh the listing before seeing updated changes.
        
You should see a "Start HLP Migration" button for listings that are on old algorithm

Step 2.2 ➝ Open Migration Screen

  1. Click the "Migrate" button >> it will open a new screen dedicated to HLP Migration
  2. Toggle the switch for "Switch to New Algorithm", and select the "New Algorithm (Hyper Local Pulse)" option
  3. Upon selecting the "New Algorithm (Hyper Local Pulse)" option, you will get a recommended base price, and have a personalized view of actions you need to take to move to Hyper Local Pulse
  4. You'll also see a chart, that shows you prices for various combinations. This chart will show you changes in your final prices with HLP and with changes you make in customizations shown in the screen. (Don't forget to click "Refresh Graph" button after every changes to see the updated graph)
  5. An example view is shown below -                                                       
 Personalized Migration Screen
  1. This view is personalized to your listing! Only suggestions applicable to you will be present in your view.
  2. We will ask you to update some customizations as applicable. More information will be visible when you hover over the  
  3. Do note that the changes in customization are suggestions from PriceLabs because we believe you might not need them anymore in HLP. However, if they are part of your revenue management strategy, you can consider keeping them.

Step 2.3 ➝ Review Base Price recommendation and Update the base price [if needed]

If there is a significant difference in the average prices due to the algorithm switch, you will receive a Base Price recommendation to account for these differences. You will see the recommended base price right under the chart. 


 If you do not wish to use the recommended base price, put a check on "Don't save base price change" option at the bottom. 

Step 2.4 ➝ Make changes in the other customization(s) [if needed]

Changes in Customization
  1. Demand Factor Sensitivity
    With HLP, the event and holiday pricing is improved, and we believe you don't need to make adjustment to this setting further. Hence we suggest you to switch it to "Recommended" option. Below image shows how the setting suggestions/tip looks like at listing and group/account level:

  1. Day of week pricing adjustment
    With Hyper Local Pulse, we believe you wouldn’t need to adjust your day of week pricing adjustments, as the algorithm should do it better. Hence we suggest you to change the values to 0 in all the fields. Below image shows how the setting suggestions/tip looks like at listing and group/account level:
  1. Custom Seasonal Profile (Seasonal Base Prices)
    With Hyper Local Pulse, we believe you don’t need to adjust your base price with season as the algorithm should be doing a better job at the same. Hence, we suggest you to remove “Base Price” field in your seasonal profilesWe recommend to keep Min Price and Max Price. Below image shows how the setting looks like at listing and group/account level:

  1. Seasonality
    With HLP, the seasonality calculation is improved, and we believe you don't need to make adjustment to this setting further. Hence we suggest you to switch it to "Recommended" option. Below image shows how the setting suggestions/tip looks like at listing and group/account level:

Please make sure you are using PriceLabs seasonality, and the "Seasonality" customization is selected to Recommended. Refer Step 2.2 in this section.

Step 2.5 ➝ Preview Chart & Save Changes

Below the "Switch to New Algorithm" customization, you'll see a chart showing the following lines - 

  1. Present Prices - Saved Customization
    1. This translates to the current settings and old algorithm (assuming you are on the older version)
  2. Final Price - New Algo (Unsaved Customization)
    1. This translates to final prices with the new algorithm (Hyper Local Pulse) but with customization/settings you changed in Step 4
    2. These prices are after incorporating base price changes we recommended. (You can change base price in the field provided, and refresh graph to see the pricing changes)
    3. This is provided to visualize how the prices are going to look like on the new algorithm if all the suggested customization changes (or the changes you did) have been made
  3. Price with default customizations - New Algo
    1. This translates to raw price recommendation from the new algorithm (Hyper Local Pulse) after applying default customizations (Last Minute, Far Out, Orphan Day Pricing, Occupancy Based Adjustment)
    2. This is provided to visualize how the prices are after applying default customizations. We believe (and as we have seen in testing), that the Price with default customization on the new algorithm matches the Present Prices on old algorithm (with better seasonality, day of week pricing, event and holiday pricing) thereby reducing the need to apply and manage fewer customizations
  1. The purpose of this chart is to let you visualize how your prices are changing over time, with new algorithm. You can evaluate your weekends, high season and low season pricing among other things. The chart itself can be zoomed in around your dates of interest.
  2. If you adjust any customization that you updated in Step 2.4, click on "Refresh Graph" button to see the desired changes in the prices before you Save Changes.

Once satisfied with pricing, click on "Accept Base price & Save Changes" ensuring that the "Switch to New Algorithm" customization/setting is on "New Algorithm (Hyper Local Pulse)" option. If you do not wish to use the recommended base price, you can put a check on "Don't save base price change" and then hit Save changes

Voila! 🎉 You have moved to Hyper Local Pulse (new algorithm).
Please repeat steps 2.1-2.5 for all the listings you have to migrate to New Algorithm.

Note that check box to migrate child listings along with the parent listings is checked by default. However, users can choose not to migrate child listings along with parent in case you manage child listings customization (including minimum stay) separately by unchecking the highlighted checkbox.  If you choose to migrate them together, please make sure you visit base price help for child listing to see updated base price recommendations.

Once you have checked the prices for few migrated listings, you can follow below steps to migrate your entire group to HLP.

Step 3: Migrate entire group to HLP

  1. Navigate to Dynamic Pricing > Customizations
  2. Go to either the Account or Group tab
  3. Select the Account or Group that you wish to migrate
  4. Click "Review Migration"


  5. The migration window will show up. From there, toggle on the "Switch to New Algorithm" switch and select "New Algorithm (Hyper Local Pulse)" from the dropdown.


  6. Make changes to your customizations based on the recommended settings. Hover your mouse over the yellow  boxes to view the recommended settings for each customizations. 

    Note that if you have the following customizations enabled at listing level, they will have to either be turned off or set to the following values:
         Demand Factor Sensitivity: Select "Recommended" option
         Day of Week Pricing Adjustment: Fill all the fields with value 0
         Seasonality: Select "Recommended" option
         Seasonal Base Price (Custom Seasonal Profile): Remove the base price field

  7. Click Save Changes at the bottom-right corner to finalize the migration. 
  8. After clicking on "Save Changes" button, it might take some time for us to process your listings and move them to HLP. For a group / account with 10 listings, it will take about 10 minutes.
  9. After your listing is moved to Hyper Local Pulse, please make sure to go to the Base Price Help of each of your listing, and see the new recommended Base Price.

Reviewing price changes while moving to HLP

To preview the price changes for a particular listing, you can follow the steps here. You can play with different customizations and see how the prices change when you move to HLP and compare with the old algorithm. Don't forget to click the "Refresh Graph" button to preview the changes.

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