October is a special month This update includes a handful of system improvements, which have been influenced by your suggestions to us. Cloudbeds is launching a new feature that will ease the daily routine of our customers in the management of pricing bottlenecks. It is an intelligent tool in which the will set up triggers to increase and reduce prices based on competitors comparison and occupancy.
The Price Intelligence Engine (PIE) allows properties to make rate decisions based on occupancy and competition. It consists of the following main functionality:
- Creating lists of closest competitors, known as “compsets”, to see where the property ranks in rates and availability compared to those competitors (retrieved by a third party via scraping of OTAs)
- Creating “rules” which will trigger a rate or restriction update (automated or flagged for approval) based on occupancy and/or comp sets
Below you will see a summary of each section in order to better understand how it works in general. We also have links to check more details of these tools.
The dashboard will show data related to occupancy, revenue and compsets. It is an overview of the hotel behavior in regards to performance and also a comparison with the competitors. There you can make a quick view on the actual, past and expected performance in order to make strategic decisions to optimize your revenue
You can check for more details about how to use this section int he following article: PIE - Price Intelligence Engine: Dashboard
One of the primary functionalities of PIE is creating and maintaining compsets - a list of similar properties with which the property competes for business, typically within the same geographical location and similar star rating. After indicating the list of properties that should appear on a comp set, we scrape data from the indicated OTAs such as Expedia and Booking.com, and provide the rates for each available room type. We will then take these to determine the high and low prices for each prices.
You can check for more details about how to use this section int he following article: PIE - How to create/add a compset
Here is where the magic begins! Hoteliers will be able to create rules based on occupancy and compsets to make price and rate conditions (min and max nights) changes. For example, you can create a trigger to increase the price in 10% when the occupancy reach 75%, this trigger can be automated or upon approval
In the following articles you will be able to check how to create these triggers:
After you set the “rules” for Price Intelligence tool, The Rate Manager will appear as a tape chart, just like Myfrontdesk calendar or availability matrix. It will list out all the room types, availability, base rate, rules triggered (if any), and events (if any). There you will be able to check, approve or deny the suggested changes.
You can check for more details about how to use this section int he following article: PIE - Rate Manager overview
Once compsets have been created, the Rate Shopper tool will display the data returned for each of them. You will be able to check the details of online prices per day of your compsets and also compare to your own property.
You can check for more details about how to use this section int he following article: PIE - Rate Shopper Overview
In the Events section of the PIE tool, you can add Events to indicate special dates which are expected to have higher or low occupancy due local event, an usual holiday, large concert or huge ones such as the World Cup.
You can check for more details about how to use this section int he following article: Events Overview