Our number one focus in March was helping our customers navigate the impact Coronavirus is having on the vacation rental industry. Read on to learn more about the recent trends we have seen, as well as the new feature and faces we added to Beyond Pricing in March.
Navigating Coronavirus with Beyond Pricing
In March we implemented a COVID-19 Discount Feature that is currently applied to all suggested nightly pricing until June. Combining the experience of our Revenue Management team with the key performance indicators of each market, such as booking pace, cancellation rates, booking lead time and future pick-ups, as well as global COVID-19 indicators, we have developed a gradual schema reducing your current pricing. With the objective of positioning our customers for a bounce back in travel and bookings, we have calibrated those discounts per-market, taking into account all of the factors impacting the performance in the short-medium term.
Our Revenue Management and Data Science teams have been hard at work monitoring the daily trends we've been seeing in the market. You can find daily updates on trends on reservations and cancellations on our Coronavirus Support page.
Over the past month, our revenue managers have also shared their insights on our blog and discussed topics such as emerging cancellation trends both around the globe and in the United States in particular. Some people have been lucky enough to continue to receive bookings, but often at lower prices, so they also looked at trends around Average Daily Rates around the globe. Another growing trend they saw was drastic shifts in booking lead times in urban markets, so they put together both pricing and non-pricing related tips for capturing bookings.
We hosted a webinar near the end of the month to take a look at the data we were seeing so far, and to offer practical advice on what you can do in the short term. Watch the recording here.
For more information and resources surrounding COVID-19, check out the Coronavirus Support Page on our website. We will continue to provide daily updates on the latest news and data trends we see to help you navigate these waters.
In the words of our CEO, David Kelso - we hear you, we are here for you, and we will continue to be here for you. Let's navigate this together.
Feature Release: Bulk Actions
In a nutshell, Bulk Actions enable you to update settings, including Base Prices, Minimum Prices, Seasonal Minimum Stays and Manual Overrides by percentage, in bulk, right in the Beyond Pricing Dashboard.
We know you are busy, and it can become time-consuming updating your listings one at a time. So we have introduced Bulk Actions to help streamline some of these processes.
Hitting your Minimum Price more than 50% of the time for several listings over the next 90 days? Use Bulk Actions to decrease your Minimum Prices by 20%! Usually have a two night minimum stay requirement, but want to set a requirement of three nights for Labor Day weekend for all of your properties? Use Bulk Actions to set Seasonal Minimum Night Stays!
To learn more including additional examples of when this feature may come in handy, click here.
Welcome to the Team
Also in March, we welcomed four new team members across four different locations in four different departments! We are happy to welcome:
Brittany as a Customer Success Manager based in Palm Harbor, FL
Graham as a VP of Product based in San Francisco, CA
Jorge as a Software Engineer in Lisbon, Portugal
Jose as a Business Development Representative in Barcelona, Spain
Traditionally in our monthly wrap ups we highlight upcoming conferences where we look forward to connecting with you on the road. As you can imagine, there are no conferences planned in the immediate short term. Instead, we are looking forward to hosting webinars and catching up with all our partners and friends in webinars they host.
In March (and April), we joined forces with some of our partners and co-hosted a couple of webinars to provide further insight on current data trends as well as actionable advice on how to be prepared for the near future. Click the links below to watch the recordings.
April 6, 2020 - Navigating Coronavirus with BookingSync + Beyond Pricing
Stay tuned for more exciting announcements, including a VRM Intel Live event we are thrilled to be a part of - coming soon!