How to use our dynamic pricing module and implement that strategy in your course
To utilize this feature, navigate to the Dynamic Pricing tab on the menu.
Once on the menu, you will see two sections: configuration and templates.
Initial setup
Our dynamic pricing module relies on three variables: days of the week, time of day, and occupancy to determine either an increase or decrease in the rack rates at your facility!
Click on Create to start building your template.
You can set a name for your template, thereby segmenting the various templates by the time of year! (eg: Peak Season or Shoulder Season)
On the left-hand corner, you will see a "tree" icon to view the variables you can select to include in your template.
Proceed to assign player types that will impact the variables you build on the template.
Building your template
Days in advance: We recommend basing this on your online booking window. (eg: 0-7 and 8-14, should you allow online bookings up to 14 days out!)
Tee Times: We recommend basing this on how you break down your different times of the day. (eg: morning (06:00 am- 09:59 am), mid-day, (10:00 am- 02:59 pm) twilight(03:00 pm- 07:00 pm))
Occupancy: Since this is contingent on many external factors such as the geographic location of your facility, seasonality, course conditions, the economic climate in your location, etc, we recommend building this out based on your customer behavior patterns. (eg 0-30%, 31-60%, 61-100%)
Set your variation by either adding a negative sign (-) ahead of the number for a price drop or adding a positive number for an increase in price.
Once built out, you can set your variations in price based on the three variables.
Your dynamic pricing template is now ready!
Reporting
You can either completely enable or disable this module at your facility.
Once enabled, select a template to go live with the module!
Important note: With dynamic pricing on and the price (based on your template) drops, it will not show a discount from the original price but rather display the lower rate. For example, should the price drop from $50 to $36 based on occupancy and time of day, it will only display the price at $36 as opposed to $50 $36
Prior to setting up dynamic pricing at your facility, we recommend consulting your reports and studying the online booking patterns of your customers to make your dynamic pricing scheme data-driven.
The recommended reports are: Occupancy Report (02-01) in Business Intelligence, as well as the Dates/Channels, report under the Rounds Report section (01-04)
