Beyond launches advanced Market Insights tool

US: Revenue management solution Beyond has the launch of Market Insights, an advanced data insights tool that enables users to capitalise on extensive local market dynamics in any region worldwide.

Market Insights is available as part of Beyond’s Pro package, and early adopters achieve nine per cent higher RevPAN [revenue per available night] than they were previously, according to Beyond.

David Kelso, co-founder and CTO of Beyond, said: “We live in a globally connected world, where millions of data points are available to every consumer and every company. This data has always been used to power our dynamic pricing solution, but there are so many other applications – understanding market changes, revealing investment opportunities, providing insight into competitors and more.

“We know all of this data is prescriptive, actionable and can make your vacation rental more successful, so we’ve exposed the data we’ve always used within our pricing algorithm and put it in our customers’ hands with Market Insights. We’ve curated the critical data points that will help hosts and property managers make revenue management decisions quickly and confidently,” he added.

In today’s world, it is essential to understand market-specific nightly prices, effective advertising channels, standout amenities, the most promising investment opportunities, and more. Beyond says that it has incorporated all of this information and more into its new Market Insights offering so users can use 14 key factors to understand critical market trends and then make changes to their pricing strategy based on those trends, all within one system.

With Beyond’s Market Insights, hosts and property managers can:

  • Calculate revenue projections using metrics such as adjusted occupancy, revenue per available night [RevPAN], average posted rate, length of stay, booking lead time, weekly booking activity, and more.
  • Determine popular booking channels and know which online travel agency [OTA] to focus marketing efforts on to boost your revenue.
  • Understand Booking lead times, average length of stay, and cancellation policies to meet guests’ expectations for your region and increase bookings.
  • Weekly booking activity to keep your finger on the pulse of your market and stay ahead of any shifts that occur.
  • Understand standout amenities in your area so you can include amenities that are popular in your market or differentiate your listing with less common amenities to gain a competitive edge.

Tatiana Perrault, customer relations at Southern Charm Realty & Retreats, said: “It’s super valuable being able to see where the most bookings are coming from across the board, whether it’s direct bookings, Airbnb, Vrbo, or any of the other small sites. This lets us understand which channels we should be focusing on from a marketing perspective to drive more business.”

In addition to Market Insights, Beyond’s Pro package provides users with advanced competitive analysis and enables users to collect, analyse and automate actions using real-time consumer search data for the short-term vacation rental industry.

The data, collected by our Beacon plug-in, drives our search-powered pricing and search visualisation capabilities, giving users 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.

Since “pioneering” dynamic pricing for the short-term rental market in 2013, Beyond has supported over 350,000 properties in more than 15,000 locations worldwide.

Beyond CEO Julie Brinkman will be discussing the launch of the Market Insights tool at the inaugural ShortTermRentalz Summit [in partnership with Skift] in London on 18 October. Click here for more information about the Summit and follow this link to book your tickets.