How to Make Your Pricing Strategy Smarter

How to Make Your Pricing Strategy Smarter 

Get the most out of your rentals using our new feature: Smart Boat Pricing!

Are you a boat owner trying to make extra money using Boatsetter’s extensive network? Have you been unsure that your boat is priced right? Want to get more bookings and increase your earnings? 

Stay ahead of the competition with the latest (and by far our smartest) pricing feature: Smart Boat Pricing. This tool will help you price your boat competitively by using data from local market trends and vessels similar to yours. Our new tool ensures your rates are just right for renters and for your wallet!

Pricing is based on metrics like:

• Local demand
• Boat length and category
• Boat age

Please note: Commercial fishing charters are excluded from this feature

Why choose Smart Boat Pricing

Correctly pricing your boats can be difficult. Setting your price too high in a competitive market may not bring you enough bookings, which means not enough reviews. Customers may be wary of booking a boat with little-to-no reviews. 

Here are just a few reasons why this feature will benefit you:

• Increasing your customer reach

You can expand your customer base by adjusting your prices to align with the Smart Boat Price! Prices that are just right will attract new customers and continue to bring current customers back.

• Increasing number of booking inquiries

Good price points can increase visibility for your boat and get you more booking inquiries and requests. People are drawn to renting boats for a good price.

• Less work for you

Our new feature can put you at ease, as it removes the stress of coming up with prices. Our new feature uses data and metrics to come up with the perfect boat price!

• Staying competitive in the market

Optimal prices can give your listing an edge when it comes to search, and keep your boat competitive when it comes to others on the site.

The benefits of choosing Smart Boat Pricing can eliminate these struggles, and ease your worries around pricing your boat, gaining new renters, and staying competitive. 

 

How to use Smart Boat Pricing

To opt into this feature, go to the ‘Durations & Pricing’ screen. There, you can see the following screen and toggle between ‘Smart boat pricing’ and ‘Custom pricing’:

Please note: Smart Boat Pricing only affects the boat price. It does NOT apply to captain pricing or on boats listed for fishing charters. To learn how to set up your captain pricing, click here.

If you select custom pricing, you may notice a color coded indicator showing how your current boat price compares to our recommendation:

Green will indicate if you are in line with our recommended price.

A warning will show you’re outside of the range of our recommendation..

We recommend adjusting your prices if you are out of the suggested price range. You will continue to be able to adjust your prices with either method through your calendar for any days, such as weekends and holidays, as you wish. The prices we recommend for your boat are unique to the duration and do not dynamically change day to day. If the rental price for any duration changes +/- five percent, you will be notified via email of the new price recommendation. 

 

Make top dollar as a Boatsetter owner. Head to My boats, start using Smart Boat Pricing today, and potentially earn an average of $20K!