.png)
The Beyond team was excited to join industry revenue management professionals in Nashville this week at the 5th annual Data & Revenue Management (DARM) conference! Over two days, the team connected with property managers, hosts, and owners looking to chat all things revenue management.
DARM is one of the most innovative events of the year with lots of new and exciting updates for the industry scattered across two days, so we’ve compiled our top takeaways from the event.
Data Transparency is Key
Naturally, data management always becomes a big topic of discussion at the Data & Revenue Management conference every year. In the past, breakout sessions have discussed the value of scraped versus direct data and the implications of using both. This year, it became clear that the industry is looking for more transparency around how industry data is used in revenue management software.
Issues regarding the health and consistency of different data sources have made it clear that it is imperative for revenue management tools to own their own data pipeline. Not maintaining control of data sources that power revenue management tools introduce risks should there be any updates from the data source, like an online travel agency.
Dynamic Pricing is Popular
The definition of revenue management has certainly evolved over the years and has gone way past just the idea of dynamic pricing. Most of the conversations at DARM this year centered around revenue management ideas beyond just dynamic pricing, especially as revenue managers look for ways to stand out from their competition in 2024. There was a lot of discussion about marketing tactics to complement revenue management, as well as minimum stay and promotional strategies that can help increase booking activity and revenue.
Artificial Intelligence: Hot or Not?
2023’s hottest topic by far is the use of Artificial Intelligence (AI) across the world. AI was certainly a big topic at DARM this year as attendees wanted insight into how AI will continue to help vacation rental technology evolve. Most discussions primarily highlighted the popularity of generative AI versus predictive AI to help level-set for the vacation rental industry.
In general, there are tools that are harnessing the power of AI and machine learning, but the hospitality industry in general has a long way to go before AI becomes commonplace in property management technology.
2024 is Looking Like 2023
There was certainly a surplus of data presented at the conference, including some learnings from 2023 and a peek into the future of 2024 and how vacation rental markets are shaping up.
One common theme stood out: early data trends show that occupancy and average daily rates are staying flat to 2023. Property managers are not bracing for a massive shift from 2023 next year, making revenue management practices more important that ever before. More importantly, attendees were encouraged to ensure that they have access to both historical and future pacing and booking data for their listings and their market.
New Data Sources
Revenue management analysis paralysis was certainly a topic of discussion at this year’s event, there were also new data sources and tools introduced to help advance revenue management for the industry. From detailed market supply data and owner acquisition tools to minimum stay recommendations and search-powered pricing, there was no shortage of data innovation this year. These new data sources and tools make DARM one of the most exciting conferences of the year.
Connecting with revenue management professionals this week was a great way to wrap up our 2023 conference and event season. Learn more about Beyond’s newly-announced features like Search Powered Pricing here!
.png)
.png)
.png){kind=small}
.png){kind=small}
