How to set up and change prices in Pricepoint?

To generate recommendations using Pricepoint, it's important to first set up the "Starting Price," which serves as the base price. Pricepoint generates recommendations based on this price, which can increase by 40% or decrease by 40% if the minimum price allows.

The starting price can be set in the Rate Setup section, and it can be modified either by an event or through manual edits.

The formula for calculating recommendations is as follows:

Recommendations = Starting Price + Event modifier (if applicable) + Pricepoint's algorithm modifier.

Each recommendation represents the price that Pricepoint will send to your PMS or CM.

How to use the Rate Setup:

In this section, you can set the starting price for each month, weekday, and weekend, as well as define the minimum price for each of them.

In the top left corner, you can select the room type for which you want to set prices. Please note that prices can only be set for "parent" rooms.

Remember to save your changes by clicking the save button located in the bottom right corner after modifying prices.

If you leave the minimum price field blank, Pricepoint will automatically save a minimum price based on the starting price minus 40%.

Additionally, you have the option to copy prices from another room type with a modifier, if necessary. Furthermore, you can copy prices based on the Average Daily Rate (ADR) from the previous year, provided that the data is available.

To gain more insight into current prices and past ADRs, you can customize the displayed graphics.

How to use the Bulk Update tool:

If you wish to make changes for specific days or weeks within a month, rather than applying changes to the entire month, you can utilize the Bulk Update tool available both here and on the Pricepoints tab.

Here is what you can do on Bulk Update:

Select the desired room types, dates, and weekdays for which you want to apply the changes.

You can remove all manually applied prices and minimum prices by selecting the corresponding options above the room type selection.

Set a minimum price.

Adjust the Starting Price by entering a specific amount into it.

Modify the demand level.

Keep in mind that changing prices through the Bulk Update tool will not affect the prices set in the Rate Setup section; it will override them.

When a month has manually applied prices, the starting price bar will be cross-hatched.

How to change the starting price for a single day:

On the Pricepoints tab, you can adjust the pricing for a specific day by following these steps:

Locate the day card for the desired day and click on the "Edit" button located in the bottom left corner.

If you wish to change the Starting Price, select it, modify the value, and save the changes.

To prevent Pricepoint from generating any recommendations beyond the Starting Price and only send the Starting Price as a recommendation, you can disable the recommendation feature by toggling the "OFF" button.

You can also adjust the demand level for that particular day by selecting the desired level and saving the changes.