Setting Custom Pricing Rules in RadHIL

RadHIL's AI-driven pricing system offers powerful customization options to ensure your pricing strategy aligns perfectly with your business goals. This guide will walk you through the process of setting up custom pricing rules to fine-tune your property's pricing.

1. Accessing the Custom Pricing Rules

To begin, navigate to the 'Pricing' section in your RadHIL dashboard and select 'Custom Rules' from the submenu. This will open the custom pricing rules interface.

2. Understanding Rule Types

RadHIL offers several types of custom pricing rules:

• Date-based rules: Set specific prices for particular dates or date ranges.
• Day-of-week rules: Adjust prices based on the day of the week.
• Length-of-stay rules: Modify prices based on the duration of the booking.
• Last-minute booking rules: Adjust prices for bookings made close to the check-in date.
• Occupancy-based rules: Vary prices based on the number of guests.
• Special event rules: Set prices for local events or holidays.

3. Creating a New Rule

1. Click the 'Add New Rule' button in the custom pricing rules interface.
2. Select the rule type from the dropdown menu.
3. Fill in the required fields for your chosen rule type.
4. Set the price adjustment (fixed amount or percentage).
5. Specify the priority level of the rule.
6. Click 'Save' to activate the rule.

4. Rule Priority and Conflicts

When multiple rules apply to the same date, RadHIL uses the priority level to determine which rule takes precedence. Higher priority rules override lower priority ones. In case of equal priority, the most specific rule is applied.

5. Testing Your Rules

After creating your custom rules, use the 'Rule Tester' tool to verify how they will affect your pricing. Input specific dates and booking details to see how your rules interact and impact the final price.

6. Monitoring and Adjusting

Regularly review the performance of your custom rules using RadHIL's analytics tools. Pay attention to metrics like occupancy rate and revenue to determine if your rules are achieving the desired results. Adjust your rules as needed based on this data.

7. Advanced Rule Setting: AI Integration

RadHIL's unique AI-driven system can work in conjunction with your custom rules. Enable the 'AI Optimization' feature to allow our algorithm to suggest refinements to your rules based on market trends and booking patterns.

8. Best Practices

• Start with a few simple rules and gradually add complexity.
• Avoid setting too many overlapping rules to prevent confusion.
• Regularly review and update your rules to reflect changing market conditions.
• Use the 'Rule Description' field to keep notes on why you created each rule.
• Consider the impact of your rules on your property's competitiveness in the market.

By mastering custom pricing rules, you can create a nuanced pricing strategy that maximizes your revenue while maintaining competitive rates. Remember, RadHIL's support team is always available to help you optimize your pricing strategy.

For more advanced pricing strategies, check out our guide on Implementing Dynamic Pricing.