Far Future Pricing : Wheelhouse Blog

Far Future Pricing

October 18, 2022 | Andrew Kitchell

Today, we’re rolling out a new & significantly improved version of Wheelhouse’s Far Future Pricing (i.e. recommended prices 12+ months out)

What does this mean for you?

If your far-future nights (12+ months out) are blocked, this update will not affect any of your current prices.
If your far-future nights (12+ months out) are available & using a Data-Driven Pre-Set (recommended, conservative, or aggressive) we are confident that your updated far-future prices will more accurately reflect potential market conditions.
If your far-future nights (12+ months out) are available & using Rule-Based settings (e.g. you raised prices in the far future by 20%), we’d ask/recommend you review your far-future prices strategy, to make sure the combination of our updates & your settings reflects your ideal pricing strategy.

Why was/is pricing the far-future difficult?

At Wheelhouse, our pricing engine relies on both pricing data & booking data to price listings perfectly. In a low, normal or rich data environment, we believe this approach is by far the most effective approach to pricing supply.

However, in the far-future , there is a risk of being in a very-low data environment.

The farther we go in the future, the less market & booking data is available, and therefore pricing the far-future has been one of the harder technical problems we’ve had to address.

How is Wheelhouse solving far-future pricing now?

With our latest work, we have improved our ability to understand how events (holidays, conferences, big travel weekends, etc) translate into the following year’s optimal pricing strategy.

Will this updated far-future pricing be perfect for everyone? Certainly not! Why? Markets are always dynamic, and each operator has unique goals that our system tries hard to understand. Therefore, much like any aspect of a data-driven pricing engine, you will want to review our pricing recommendations to make sure they are perfect for you & your business.

However, overall we are very confident that our efforts reflect a significant improvement in how we can project far-future demand for all markets.

Where can I see my new recommendations?

You can login in to Wheelhouse here, and take a look at any listing’s calendar or settings. To further adjust your Far Future pricing, head over to your listing’s Far Future setting!