Create smart pricing strategies

In this article, you will learn how to implement Smart Pricing strategies for your products sales.

1. Which smart pricing strategy to use

2. How to create a customized smart pricing strategy

3. How to activate a smart pricing strategy for the sale of a product 

1. Which smart pricing strategy to use


The choice is not simple. To familiarise you with smart pricing, our specialists have prepared 3 ready-to-use strategies that are already present in your Smeetz for Business account. You can modify them without further ado to see how they have been configured and adapt them to your needs.

To access them, click on "Smart Pricing" in the navigation bar of your account, then "Strategy".

The three pre-existing strategies are the following:
  1. Exponential Growth
  2. Linear Growth
  3. Revenue Growth

If you are already familiar with smart pricing, you can create your own strategies from scratch.

2. How to create a customised smart pricing strategy

To benefit from dynamic pricing for the sale of your products, there are 2 steps:

  1. Set up specific smart pricing strategies (choice of parameters and pricing model)
  2. Insert these strategies into your tickets, as well as into the different prices

    Steps to replicate to create a smart pricing strategy: Smart Pricing > Strategies > Create a strategy

    On the right, a new tab opens with the configuration of your strategy. The elements to be filled in are as follows:

    • Details: name and description of your strategy
    • Activation: By checking this box, smart pricing will only be activated when a certain occupancy threshold has been reached.

    The occupancy threshold is chosen as a percentage of the total number of tickets.

    For example, if you choose a 10% occupancy threshold with a total quantity of 100 tickets; the smart-pricing strategy applies after selling 10 tickets.

    • Recalculation: Here you choose when your price has to be recalculated, i.e. modified with a new amount. You can choose between two options:
      • Define a number of minutes: the sales price will be recalculated every x minutes (e.g. every hour if you choose 60 minutes).
      • Define a number of tickets sold: the sales price will be recalculated when x tickets are sold (e.g. every 50 tickets if you choose 50).
    • A/B Testing: by ticking this box you are setting up an A/B testing strategy. This means that one group will be affected by dynamic price changes and another group will only see your base price which will remain static. With this control group you can easily measure the impact of your smart pricing strategy on your customer base. 

    You choose the percentage of your sales to which you want to apply smart pricing.


    For example, by choosing 80%, 80% of the customers who see your activity will be subject to dynamic pricing and 20% only see your normal.

    • Model: The pricing method you choose is the most important element of your strategy. This will define how our algorithm will calculate your optimal prices.

    The 6 pricing models to choose from:

    linstepsexpRandomoptimisation du revenuoptimisation de la fréquentation

    1. Linear price change: your price will increase linearly between a starting price and an end price while the strategy is activated.  
      1. You choose the start and end price as a percentage of your normal price.
      2. For example, if your starting price is 80% of your normal price and your final price 120% of your normal price, with a normal price of CHF 100, the price will increase linearly between CHF 80 and CHF 120.
    2. Step-price change: your price will vary at each step you set.
      1. This method is perfect if you are interested in selling several "packs" of tickets at different prices (e.g. early-bird tickets).
      2. Each time you add a step:
        1. you choose the selling price by indicating a percentage of the normal price.
        2. and you can choose whether or not to select how many days before the ticket date the smart pricing strategy is activated and how many days before the ticket date the smart pricing strategy is deactivated.
    3. Exponential price change: your price will increase exponentially between a starting price and an end price while the strategy is activated.
      1. You choose the start and end price as a percentage of your normal price.
      2. For example, if your starting price is 80% of your normal price and your final price 120% of your normal price, with a normal price of CHF 100, the price will increase exponentially between CHF 80 and CHF 120.
    4. Random price change: your price will vary completely randomly between a minimum and a maximum price.
      1. You choose the minimum and maximum price as a percentage of your normal price. The price thus varies randomly within the defined range.
    5. Machine learning optimisation for more: your price will vary with the objective of increasing your income by taking into account the number of tickets sold.
      1. You choose the minimum and maximum price as a percentage of your normal price. The price thus varies within the defined range.
      2. You can also choose to take other factors into account, such as:
        1. Weather forecasts: favourable weather forecasts => price increase
        2. Sales forecasts: increase in sales => price increase
        3. Web traffic forecasts: increase in web traffix => price increase
    6. Machine learning optimisation for more attendants: your price will vary with the objective of selling as many tickets as possible taking into account the flow of tickets sold. 
      1. You choose the minimum and maximum price as a percentage of your normal price. The price thus varies within the defined range.
      2. You can also choose to take other factors into account, such as:
        1. Weather forecasts: favourable weather forecasts => price increase
        2. Sales forecasts: increase in sales => price increase
        3. Web traffic forecasts: increase in web traffix => price increase

    After filling in all the fields, please click on "Save" at the bottom right to save your strategy.

    3. How to activate a smart pricing strategy for the sale of a product

    To activate a smart pricing strategy, you need to associate it with a ticket (for more information, read the knowledge "Create your first product on Smeetz"). 

    Steps to reproduce to activate a smart pricing strategy:

    1. Choose a product, then select a ticket
    2. Go to the price list of this ticket and add a new price
    3. First, fill in all the usual fields of a prize
    4. To activate a smart pricing strategy, choose a strategy under the "Smart Pricing" category. Existing strategies will be displayed. You choose the one you want to apply to the ticket in question.
    5. Choose the time period during which the smart pricing strategy will apply to the sale of this ticket.
    6. Finally, click on "Save" to add the price with your smart pricing strategy to your ticket.