We’re excited to announce a new feature: Dashboard 2.0!
Dashboard 2.0 surfaces the secret sauce to revenue management with Beyond Pricing, bringing to the forefront the methodology we’ve honed in on over the past four years while helping our customers (you!) successfully manage rates and grow businesses.
You can now sort the Dashboard by booking pace and get a snapshot of prices and occupancy in the next 90 days for each listing. Clicking into “Adjust Price”, you can expand recent Base Price changes, view historical listing stats, and easily adjust rates in increments or decrements of 5-10%.
“I reference the booking pace every day when making Base Price decisions,” Taylor McManus, Head of Customer Success, explains. “All of the data points that are at the core of decisions that drive success have been pushed to the forefront to help you save time and make more money.”
Why did we update your Dashboard?
At Beyond Pricing, our goal is to get your listing booked at the best price at the right time. To determine your daily rates, we analyze over a billion data points a day, looking at factors that influence demand in your market including Seasonality, Day of the Week, and Local Events.
As you may be aware, rates fluctuate around the Base Price you set for your listing in Beyond Pricing. In general, we recommend monitoring for Base Price adjustments at least once every two weeks. Adjusting your Base Price when necessary ensures your pricing is right for the market (not underpriced, not overpriced!), and helps you maximize your revenue.
And this theory holds up in practice -- users that actively adjust Base Prices have higher Health Scores on average, meaning they are receiving the right number of bookings at the right time, and ultimately making more money. Specifically, out of users that have an average Health Score of 80 or above across their listings, 73% have been on Beyond Pricing monitoring their listings in the past two weeks. Additionally, Health Scores are 18% higher for listings that have had the Base Price adjusted in the past two weeks than those that have not, on average.
Knowing that our users make more money when they are reviewing and adjusting rates in the tool, we set off on a journey to simplify that process for everyone. Starting with the question -- how can we better present the information and tools we know our customers need to effectively adjust Base Prices and in turn grow their revenue? -- we arrived at an updated Dashboard.
Dive into your Dashboard 2.0 to check it out!
Need to brush up on best practices? Check out How to spend 5 mins/listing per week in Beyond Pricing.