New data set powers actionable insights and enhanced dynamic pricing, enabling Beyond users to adjust revenue strategies based on consumer search trends
Beyond, a revenue management solution for vacation rental managers and owners, announced today the launch of a new capability to collect, analyze and automate actions using real-time consumer search data for the short-term vacation rental industry. The data, collected by our Beacon plug-in, feeds into our advanced Insights Pro and Pricing Pro offerings and users with visibility into what consumers are searching for as well as automatically adjusting pricing based on consumer searches rather than having to wait to see trends based on previous bookings. Early adopters of our Pro features see 9% higher RevPAN (Revenue per Available Listing) versus those not utilizing our Pro features.
“Beyond pioneered dynamic pricing for the vacation rental industry using future occupancy, historical trends, and booking pacing. But consumers are reacting faster than ever to newly announced events, snapping up underpriced units before managers can react. And managers can’t always rely on their competitors being underpriced to help them identify peak demand,” said David Kelso, Founder and CTO at Beyond. “We built our Beacon capability to ensure that our users are incorporating all possible data and insights into their revenue strategies so they can understand what types of short term rentals consumers are searching for in their region and adjust their pricing and marketing strategies accordingly.”
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“Adding search data into our revenue management is such a game changer. Early data about what people are searching for showed us that we could be charging substantially more per night for units that have air conditioning, which is intuitive, but hard data is a better decision-making tool than intuition,” said Daniel Landis, General Manager at Kauai Kahuna Vacation Rentals. “We can quantify the potential revenue increase, and now we’re focused on using these insights to talk with owners who have been on the fence about installing air conditioning, and we have the data to support why they should do it. I love that this new data set is helping us not only price even more specifically, but it’s going to improve the relationships we have with our owners because we’ll be able to show them how long guests want to stay, what amenities they want, and more.”
Pricing Pro
Our enhanced dynamic pricing solutions incorporate consumer search data into our pricing algorithm, so we can automatically increase or decrease rates based on demand for that night in order to capture the most bookings. With this enhanced solution property managers will:
- Avoid sacrificial units because Beyond’s algorithm will capture spikes in consumer demand in real-time, and increase prices accordingly
- React quickly to events in their market, and advise owners on why prices are increasing or decreasing, thereby avoiding reactive owner conversations
- Avoid low bookings due to too high prices when there is low demand for a particular date or day of the week
Insights Pro
The visualization of this consumer search data is powered within our new Insights Pro offering, along with improved Comp Sets, enabling users to make data-driven decisions & recommendations to owners that will directly impact their bottom line, such as ad spend optimization, property investments that will give them the most bang for their buck, pricing & customization adjustments, and website improvements.
This data unlocks key information for Property Managers such as how many visitors convert to paid guests, where guests are searching from, what they are searching for, & when they are searching. With it, PMs can:
- Immediately identify if a new event is happening in your area and adjust prices accordingly
- Identify if consumers are looking at your website but not converting to paid guests
- Understand what types of vacation rental listings consumers are searching for in your area – such as pet friendly options, properties with hot tubs, 2 bedroom vs 5 bedroom, 3-nights vs a week, etc.
- Uncover where your potential guests are searching from, so you can target your marketing spend
- Understand how other listings in your market are performing, their pricing & how fast they’re booking via OTAs, including crucial data, like Health Score, Base Price & Occupancy
- Save time (& money) with the ability to view, edit & save different listings in their market – all in one view.
- Understand how the market is performing at all times, without needing to manually maintain the data, via our automatically updated dashboards
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