Can dynamic pricing and rate templates function simultaneously?

Yes, you can use both rate templates and dynamic pricing at the same time in Stayflexi. Rate templates let you set seasonal prices, while dynamic pricing adjusts rates based on real-time occupancy levels. When you set up seasonal prices, dynamic pricing will still work, making sure your rates reflect market conditions.
Here’s a simple guide on how to use them together:

1. What Are Rate Templates?
   • What They Do: Rate templates allow you to set specific prices for certain times of the year, like during busy seasons or holidays. You can schedule these rates in advance.
   • Why Use Them: They help you plan by setting fixed prices for high-demand periods like summer or festival seasons and it can be used multiple times.
2. What is Dynamic Pricing?
   • What It Does: Dynamic pricing automatically adjusts your room rates based on demand and how full your hotel is.
   • Why Use It: It helps you maximize revenue by adjusting rates in real time based on current demand.
   • Dynamic pricing adjusts the rates based on the overall occupancy of the entire property. However, if you want to set dynamic pricing for a specific room type, you can do that by enabling the ‘Enable room type-based occupancy’ option when creating the pricing rule.
3. How Do They Work Together?
   • Work Simultaneously: When you set a seasonal rate using a rate template (like for a holiday), dynamic pricing still works. The seasonal rate will be your base price.
   • Adjust Automatically: If demand changes during that season (for example, if your hotel starts filling up), dynamic pricing will increase or decrease the rate based on occupancy.

• How to Set Them Up?
  • Set Up a Rate Template:
    • Log in to the Stayflexi Dashboard.
    • Click the four boxes icon (more apps) in the top right corner.
    • A dropdown will appear.
    • Select “Revenue Management” from the list.
    • Click on “Rate Template” (second option on the left sidebar).
    • Click “Add New Template.”
    • Fill in the required fields (template name, color, and description).
    • Define the start and end dates for the season by using the template calendar button in the top right corner of the Rate template page (refer to the above Images).

• Configure Dynamic Pricing (refer to the above Images):
  • Go to “Dynamic Pricing” (third option on the left sidebar under Revenue Management).
  • Select “Rule-based Pricing.”
  • Set rules for price changes (for example, “If occupancy is above 80%, increase rates by 10%”) by clicking “Add New Dynamic Pricing Rule.”
• Why Use Both?
  • Maximize Earnings: Rate templates give you a plan for high-demand times, while dynamic pricing helps you adjust based on real-time changes. This way, you can always charge the best rates.
  • Stay Competitive: Using both strategies ensures your prices stay competitive no matter the season or occupancy level.

By following these steps, you can easily set up rate templates and dynamic pricing in Stayflexi, ensuring your rates are always optimized to help you earn more while staying flexible with market changes.