In today's fast-paced and ever-changing market, staying ahead of the competition requires more than just intuition. To make informed pricing decisions and maximize revenue, you need access to real-time data on real-time demand. Just because a huge, global event is happening in your market doesn't automatically mean that you should continuously increase your prices. The key lies in identifying the right window of opportunity to capitalize on the surge in demand.
Fortunately, there is one valuable tool that can help hosts stay ahead of the game: search data. By analyzing search data, hosts can have a better understanding of the true demand of guests, so that they can adjust their pricing and marketing strategies accordingly.
And the best part? There is no extra effort; search data can be automatically factored into your dynamic pricing.
One key benefit we have seen from utilizing search data is its unique ability to better detect, not just events, but their timing and the pricing that should match. We look into the case of the Paris Olympics 2024 and how search data can help hosts predict demand patterns accurately.
- Match Guest Searches with Expected Demand
The Paris Olympics 2024 is one of the biggest world events happening next year, and being prepared for it can be a game-changer for vacation rental hosts. But how can hosts use search data to better understand demand? One of the ways is by looking at guest searches related to the event.
When the official tickets for the Olympics went on sale to the public in May 2023, the search demand for guests looking to stay in Paris in July and August 2024 started to increase significantly through the month of May, as shown in the chart below. So, we can definitively conclude that guests are in fact searching for vacation rental stays for the Olympics.
- Identify Peak Demand Periods
Moreover, by analyzing search data, hosts can also find out when peak demand periods occur during the event, allowing them to adjust their pricing and availability to maximize their revenue potential. This helps hosts to not only have an understanding of what the true demand is but also ensures that they are not leaving money on the table because of inaccurate pricing.
We can see that there was only slight demand in the week of May 7th, but the two weeks after saw searches explode by 688% before it declined the next week. Knowing this, we can now price our vacation rentals effectively to maximize occupancy and revenue. In other words, our pricing strategy will now be aligned with consumer demand.
Instead of solely relying on occupancy trends, which are based on past data, incorporating search data provides a real-time metric. By utilizing up-to-the-minute information, you can avoid missing out on potential bookings and make more informed decisions. Don't let outdated data hinder your success; stay ahead with real-time insights.
- Automatically Adjust Pricing For Maximum Bookings
As hosting vacation rentals become more and more competitive, it is crucial to automate search data into your revenue management strategy to stay ahead of the competition – especially for high-demand periods and events.
With Beyond, your rates are automatically adjusted in real-time based on search data. By analyzing both longer-term trends and daily search patterns, our algorithm immediately identifies changes, so we always know when to adjust prices for maximum bookings.
By using search data, hosts can better understand their guests' true demand patterns and adjust their pricing for maximum bookings. As demonstrated in the case of the Paris Olympics 2024, search data can provide real-time insight into demand patterns and help hosts optimize their revenue potential. Want to learn more? Reach out to us today!