How Price Labs has dramatically increased profits for this host

All right, welcome to the Boostly podcast. Very special episode coming up Today, I interviewed Liam Carolan of Ginger and Gold over in Norwich for a Behind the Host special. This is where I'm going to be interviewing hosts just like you all over the world to discover the tools and the tactics and the advice that they have in the business and that they can pass on to you. Today was a really good one. I'm really glad we started with Liam, a real nice guy. Please do reach out to him and say thank you for this. So without further ado, please do go and start. Say hi to Liam. But most importantly, let's get on with the show. You very briefly mentioned your dynamic pricing software tool, which I feel like is really important. So, number one, why did you decide to take the plunge with dynamic software pricing and what made you choose Price Labs?

The simple answer is it's a must. It's got to be something that you put into your business. And the reason being is if not, you're leaving money on the table. I ran Ginger Gold for two years, probably without any dynamic pricing software, and that was by checking local prices, making sure that we were high on key dates, lower on winter dates. And I always thought that we had it kind of right. As soon as we plugged in, switched to hostfully plugged in the Dynamics pricing software through Price Labs, the rate just went up to prices, which we wouldn't necessarily always put on there, but it realized when the highest demand weekends are. So it would adjust the price depending on demand. You can cap it if you're uncomfortable with the prices as well. So you've got so much more control, even if you're not worried about, you know, increasing your prices, which I imagine most people will want to if the option's there. The other benefit is about the length of stay. So one thing that we've always struggled with is we, of course, like all hosts, we want the longest stays available. The trouble is that you don't want to have a minimum of six night stays coming up within the next week. If you've got a gap. What Price Labs allows you to do, and I imagine other pricing softwares will allow you to do, is to adjust the number of nights depending on how far in the future. So for us at the moment, we'll allow a six night stay between 30 and 60 days out. Anything over 60 days out and we'll actually be looking for a minimum of 10 night stays, you know, like get them big chunky bookings in and anything, you know, as the time gets closer, it goes down to a two night stay. So anything any gaps within 10 days and we'll drop it down to two night stay minimum. The other thing it allows you to do is to capitalize on nights which you may not have sold otherwise. So if during the week you've got a stay of three nights at the start of the week and towards the end of the week you've got a couple of nights and you've got a stay in the middle which is less than your minimum night. So say it's a two night stay and your minimum night stay is three nights. What this software will do will automatically open up your calendar providing you instructor two for those two nights even if it's further off. So it means that you can really capitalize on the amount of occupancy. You can get higher nightly stays and also you don't then need to spend time. One of the biggest things for me is freeing up myself from the business and not spending time looking at prices and that sort of thing. It's not a case of switching on forget but you can just daily have a quick check and then you know the software is doing its job. You can make adjustments if you need to. It's so much quicker and you'll save so much time with dynamic software. So lots three good reasons.

I think you've, I think you just summed it up perfectly why everybody, everybody in the world should be looking to implement into their business as soon as, as soon as possible. And I know that you were restricted before because the software that you were with before didn't give you the ability to do so. But yeah, I think you're 100% right. I think this year of all year and you know I was talking about it back in January this year I believe that there's two really important things that every, every host need to have this year is a digital guidebook and of course that the dynamic pricing software tool.