Watch our video tutorial here
How to migrate in 5 simple steps
- From the Pricing Dashboard, click Row/column visibility, and tick the checkbox for Algorithm Version. You will see a "Migrate" button. (Note that you'll not see Migrate button for child listings, moving parent listings to HLP will move child too.)
- Click the "Migrate" button. Then, enable the toggle for "Switch to New Algorithm". Select "New Algorithm (Hyper Local Pulse)" from the dropdown.
- See the recommended base price right under the chart. Make adjustments if necessary. Click Refresh Graph after the change to update the graph.
- Make the changes in customization as mentioned in the "Tip". Click Refresh graph after every changes to update the graph.
- 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.
If you have questions or want to learn more, please scroll down for more details.
Major changes that you might need to make while moving to HLP
HLP is a better algorithm than our previous version. So if you had made some customization changes to work with our previous algorithm - you may need to undo some of those.
- Changes in customization(s): With HLP, you might not need following customizations to adjust your prices -
- Day of Week Pricing Adjustment: HLP is better at handling day of week pricing adjustment based on hyper-local data.
- Demand Factor Sensitivity: HLP should be better at handing your neighborhood Demand, and we recommend you to select the "Recommended" option
- Seasonal Base Prices: Seasonality is again hyper-local, and we think you might not need to adjust your seasonal base prices, but we recommend keeping seasonal min and max prices but removing base prices.
- Seasonality: Related to Seasonal Base Prices, you would have most likely turned off PriceLabs seasonality, In case you are using No seasonality, or even aggressive, or conservative as the setting, you might want to make this Recommended.
- Changes in base price:
- Some listings might require changes in base price to match average rates over the year with older algorithm. During the process of migration, a recommended base price will be shown right under the chart.
Please note that you'll be guided with changes required with clear instructions in the personalized migration email you'll receive from PriceLabs.
Detailed steps to migrate to HLP
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 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, you will not see a Migrate button. Moving Parent listing to HLP will automatically move your child listing to HLP.
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 "Migrate" button for listings that are on old algorithm
Step 2 ➝ Open Migration Screen
- Click the "Migrate" button >> it will open a new screen dedicated to HLP Migration
- Toggle the switch for "Switch to New Algorithm", and select the "New Algorithm (Hyper Local Pulse)" option
- 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
- 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)
- An example view is shown below -
Personalized Migration Screen
- This view is personalized to your listing! Only suggestions applicable to you will be present in your view.
- We will ask you to update some customizations as applicable. More information will be visible when you hover over the
- 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 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 4 ➝ Make changes in the other customization(s) [if needed]
Changes in Customization
- 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:
- 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:
- 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 profiles. We recommend to keep Min Price and Max Price. Below image shows how the setting looks like at listing and group/account level:
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 in this section
Step 5 ➝ Preview Chart & Save Changes
Below the "Switch to New Algorithm" customization, you'll see a chart showing the following lines -
- Present Prices - Saved Customization
- This translates to the current settings and old algorithm (assuming you are on the older version)
- Final Price - New Algo (Unsaved Customization)
- This translates to final prices with the new algorithm (Hyper Local Pulse) but with customization/settings you changed in Step 4
- 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)
- 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
- Price with default customizations - New Algo
- 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)
- 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
- 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.
- If you adjust any customization that you updated in Step 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 1-5 for all the listings you have to migrate to New Algorithm.
Note that child listings are automatically migrated once the parent listing is migrated. So you won't see a migrate button on the child listing. Please make sure you visit base price help
for child listing to see updated base price recommendations.
How do I review my price change before moving to HLP?
The step 5 of the migration process talks about previewing changes. 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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