If you are looking to enable overnight rentals for a specific price, you must first enable autosave, as conditional pricing requires autosave leads to be turned on. To do so, go to Settings -> General Preferences -> scroll down and select Autosave Leads:
Once you have turned this on, save and close.
Filters
Conditional pricing is based on Filters. Settings -> Filters.
To create a filter for an overnight rental, you'll first have to Add a Filter. Enter Filter Name -> Filter Type is Pricing. Field Name is Lead Number Of Nights (which is the number of times midnights is crossed) -> equals -> Value: 1 -> Add
Here is an example of what an overnight pricing filter would look like:
Save and close this filter.
Applying the Filter to your Items
To add the overnight filter, go to Settings -> Inventory, select the inventory item in which you would like to add the overnight filter to -> Pricing (If not already automatically pulled up, select the Show Conditional Pricing option). Once in conditional pricing, Behavior is Add to Price, Filter is Overnight, Price Name is an amount you want to charge additionally for overnight rentals.
In the example provided below, we chose $75 as our price name (which was created in Item Prices. For more information on pricing, please see this article). This $75 is in addition to the price of the rental item and any fees associated to that item, as this is for an overnight charge. To see the price for this item, please ensure that you have entered at least three characters.
Once this filter has been set to the inventory item, save and close.
You will have to do this for each inventory item you have that is using overnight pricing.
To verify this filter is working, you can go to Leads/Events, add lead time and date (for overnight rental, price after 24 hours) and the price should auto-calculate the new price.
If the software auto-calculates the price, you may change or ignore this change.
Changing this will cause the overnight filter to go into effect.
If you ignore this change, you will not be charging an overnight filter to the customer.
Pricing Behavior
Add to Price: When you're adding the pricing point to the item. Most commonly used when you're applying a flat amount to the initial base price set up.
Override & Stop: When you're bypassing the initial base price and creating a new one with a new pricing structure.
Benefits to Conditional Pricing
- Customized Pricing: Conditional pricing allows businesses to tailor pricing based on specific conditions or criteria. This customization enables your business to offer personalized pricing that reflects the unique needs and preferences of individual customers or market segments.
- Maximized Revenue: By dynamically adjusting prices based on various conditions, businesses can optimize revenue generation. For example, offering discounts to customers who meet certain criteria or bundling products together can incentivize larger purchases and increase overall sales volume.
- Competitive Advantage: Conditional pricing strategies can help your business gain a competitive edge by offering more flexible and attractive pricing options compared to competitors. By aligning pricing with customer value and demand, you can differentiate yourself in the market and attract more customers.
- Improved Customer Relationships: Conditional pricing allows businesses to reward loyal customers or incentivize desired behaviors, such as repeat purchases or referrals. This can help foster stronger relationships with customers and enhance brand loyalty over time.
- Inventory Management: Conditional pricing can also be used to manage inventory levels more effectively. For example, you can offer discounts on slow-moving or excess inventory to encourage faster sales and reduce carrying costs.
- Seasonal Promotions: You can leverage conditional pricing to implement seasonal promotions or special offers that coincide with specific events or holidays. By adjusting prices based on seasonal demand or inventory levels, you can capitalize on opportunities to drive sales during peak periods, such as overnight rentals.
- Dynamic Pricing: Conditional pricing allows you to implement dynamic pricing strategies that respond to changes in market conditions, competitor pricing, or customer demand in real-time. This flexibility enables your company to optimize pricing for maximum profitability and revenue generation.
Overall, conditional pricing offers the flexibility to customize pricing strategies, maximize revenue, gain a competitive advantage, strengthen customer relationships, manage inventory effectively, and adapt to changing market dynamics. By implementing conditional pricing strategies, you can unlock new opportunities for growth and profitability in today's competitive business environment.