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May 25, 2023
As a vacation rental manager, you need a solid revenue management strategy to stay ahead of competitors and optimize profits. But how do you predict market trends and guest search habits? How do you switch from a reactive strategy to a proactive one? The answer is consumer search data. With this powerful tool, you can unlock valuable insights into what guests are searching for, when they're searching, and how they're searching.
To fully harness the power of consumer interest and a winning pricing strategy, it's crucial to combine consumer search data with market trends and competitive insights. How do you get there? And how can you best utilize consumer search data in your strategy? Whether you’re a beginner or more advanced, our blog has you covered!
Gain an Edge Over the Competition
Consumer search data is a must-have tool for vacation rental managers who want to gain an edge over their competition. It enables you to get insights into changing market conditions and demand trends before they happen. For instance, by analyzing search data, you may find out that certain dates are in higher demand, and then price them accordingly. Similarly, you may discover that there's an upcoming event in your market that would significantly affect the bookings. This way, you can adopt proactive measures and devise a revenue management strategy that takes these trends into account.
Avoid Sacrificial Bookings
Instead of a reactionary pricing strategy where you rely on historical data and current bookings to inform your plan, adding in search data allows you to analyze future trends. You’ll instantly see which dates are in the highest demand and detect any dips so that you can maximize occupancy and revenue. In other words, you don’t have to sacrifice bookings and potentially lose out on revenue just to understand where the market is at. With a close eye on the latest market trends, your pricing is set to capture the most bookings and revenue available.
Improve Owner Relationships
Another significant challenge that vacation rental managers face is explaining the owners' revenue strategies. With search data, you can provide evidence-based insights into why prices are moving up or down. You can then proactively advise owners about the same, which will avoid the reactive conversations that may arise otherwise.
Boost Direct Bookings with Effective Marketing
By analyzing consumer searches, vacation rental managers can understand where to focus their marketing efforts. It allows you to target the right customers at the right time, increase direct bookings, and save on commissions. If you know the search patterns of your potential customers, you can invest your marketing budget to attract them. Moreover, targeting the right customers results in better conversion rates.
Invest Smarter
From an investment perspective, you can use search data to reveal where to reinvest your profits for the highest return. For instance, if you find that guests mostly search for properties with a private pool, you could add pools to the properties to meet the demand. Similarly, if you observe that guests frequently search for pet-friendly vacation rentals, you can invest in making your properties pet-friendly to increase bookings.
Incorporating consumer search data into your revenue management strategy is easier than you think. Follow these three steps:
1. Beginner: Introduce search data to your strategy by optimizing your pricing with automated tools that use search data insights.
2. Intermediate: Activate automation to make even more money by fully incorporating search data into every part of your revenue management strategy. With more automation, you can take even more action based on the data and gain a deeper understanding of guests' booking habits.
3. Advanced: Accelerate your business with the right data by infusing search data into every part of your business, from investment decisions to marketing strategies. Use data-driven decisions to streamline your operations and increase profitability.
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Don't underestimate the value of consumer search data. Search data from Beyond helps you to unlock new sources of revenue and gain a competitive edge. Start incorporating search data into your revenue management strategy today and watch your profits soar.
Since pioneering dynamic pricing for the short-term rental market in 2013, Beyond has helped thousands of users price millions of listings and generate billions of dollars in revenue. Beyond’s unparalleled access to and analysis of real-time, advanced global short-term rental data powers its ability to unlock, inform, and automate action for every kind of hospitality business.
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