May 3rd, 2013 Price with Demand by the Hour
Ventata has created an addition to our application which allows users to dynamically price their hourly billing rates.
We have been receiving inquiries from business owners who sell, not physical goods, but their time. Doctors, lawyers, personal trainers, tutors, consultants all have a unique item to offer — their expertise to a given audience on a given date at a certain time.
Professionals looking to maximize the value of their unique product — i.e. themselves — ought to be able to price their service in response to demand. Inefficient rate pricing leads to foregone revenue when demand outstrips availability during peak hours at a given rate and foregone revenue when available slots go unfilled at lower demand times.
We have created an addition to our tool for automated adjustment of billing rates for discrete hours and days. Not all hours and days are equally desirable — that is obvious from observation. How much should prices be adjusted to account for this and encourage optimal use of those hours?
That is what our tool, using math, machine language, and economic theory provides the answer for in a way that is demonstrably superior to guessing/leaving prices static. Currently, we offer our dynamic pricing tool for hourly service in conjunction with scheduling management software providers, such as Setster.
For anyone who struggles with having to turn away clients for peak demand hours and/or who struggles to fill low demand slots, our dynamic pricing tool can help you maximize the dollars you receive for the hours you make available.