When Patrick Liberg joined Geneva Lakes Vacations, he inherited a revenue management system that wasn’t living up to its promise. The company had recently switched to new dynamic pricing provider, hoping to optimize revenue and stay competitive. Instead, Patrick discovered that their new system was costing them money—and a lot of it.
“When I started with the company, they switched over to Wheelhouse just before I started. When we compared year-to-date numbers, we noticed a significant decrease in revenue,” Patrick shared.
The Challenge
With One-Size-Fits-All Revenue Management
Wheelhouse had lumped Patrick’s market in with others more than 50 miles away, like Milwaukee and Chicago, because it lacked local data. This misclassification created ripple effects that wreaked havoc on pricing. For example, events in Chicago or Milwaukee would cause unjustified rate spikes in their drive-to destination, while local events in their own market—such as concerts or community festivals—went entirely unnoticed.
Patrick likened the situation to being in Orlando and having rates skyrocket due to a festival in Key West—completely irrelevant to local demand. The result? A revenue management system that failed to reflect market realities, leading to significant revenue losses.
Rather than applying a one-size-fits-all algorithm, Beyond combines machine-learning algorithms with the insights of revenue management experts.
The Solution
Why Beyond’s Approach Stands Out
Patrick’s experience underscored the importance of accurate, localized data and a nuanced approach to revenue management. That’s why his company ultimately switched to Beyond, and the results spoke for themselves. Beyond’s Revenue Management System (RMS) offers a unique blend of cutting-edge technology, comprehensive data sources, and human expertise, ensuring pricing strategies that actually align with each market’s realities.
1. Hyper-Localized Data Accuracy
Beyond’s RMS doesn’t rely solely on limited market data. Instead, it pulls from multiple data sources, including proprietary data, consumer search trends, and specific market clusters. This approach ensures that pricing reflects the actual dynamics of a given location, whether it’s a drive-to destination or a major metropolitan area.
2. Proactive Revenue Management with a Personal Touch
Rather than applying a one-size-fits-all algorithm, Beyond combines machine-learning algorithms with the insights of revenue management experts. This dual approach ensures that the unique characteristics of each market and property are accounted for.
3. A Data-Driven, Strategic Launch Process
Beyond’s onboarding process goes beyond immediate pricing adjustments. They dedicate the first month to gathering extensive insights, analyzing key performance indicators (KPIs), and understanding the nuances of the market. This deliberate approach lays the groundwork for exponential revenue growth.
For example, during the first month, Beyond’s team identified overlooked seasonal amenities and introduced Search Powered Pricing, leading to measurable improvements. From there, they entered an “acceleration phase,” fine-tuning pricing strategies to align with seasonal demand and emerging trends, ensuring revenue gains both in the short term and long term.
Beyond’s Revenue Management System (RMS) offers a unique blend of cutting-edge technology, comprehensive data sources, and human expertise, ensuring pricing strategies that actually align with each market’s realities.
Geneva Lakes Vacation Rentals
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Automated price adjustments based on real-time market trends, eliminating the need for manual corrections.
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Data-backed reports that help Arrived communicate with current and potential owners.
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Automated price adjustments based on real-time market trends, eliminating the need for manual corrections.
Beyond’s strategy balances intelligent pricing with long-term market adaptation.
