Customer type: Property Manager
Region: North America
Products: Dynamic Pricing, Market Dashboards
Number of units: 1000+
PMS: Newbook
Executive Summary
This case study delves into the journey of IVEE Management Group, a campground and RV park management company in the United States, and their adoption of PriceLabs. IVEE, previously reliant on manual rate adjustments and lacking visibility into market trends, sought a solution to streamline pricing strategies and optimize revenue. PriceLabs proved to be the catalyst for transformation, offering tailored features and comprehensive data insights. Through diligent implementation and utilization of PriceLabs’ capabilities, IVEE witnessed tangible benefits, including enhanced revenue, improved occupancy rates, and simplified rate management.
Company Background
IVEE is a prominent management company specializing in RV parks and campgrounds. With a diverse portfolio including condos, campers, tents, and more, spanning multiple states across the United States, IVEE is committed to providing exceptional guest experiences while maximizing revenue potential for park owners.
“Beyond the product, PriceLabs’ tech support is very responsive. Anytime I have a query, the team helps me find a solution really fast!”
– Brad Blakey, Revenue Manager, IVEE Management Group
Challenges Before PriceLabs
Before bringing PriceLabs into its revenue management strategy, IVEE relied heavily on manual adjustments within its property management system (PMS) to set prices. This approach proved challenging as it required constant monitoring of market trends and occupancy data, often leading to missed revenue opportunities and inefficiencies. Additionally, the lack of visibility into long-term demand patterns made it difficult to anticipate pricing strategies effectively. With RV parks and campgrounds operating in diverse geographic locations leading to different weather patterns and seasonal fluctuations, the absence of a robust revenue management system hindered IVEE’s ability to optimize rates and maximize revenue potential.
PriceLabs as a Solution
Recognizing the need for an advanced revenue management solution, Brad Blakey, Revenue Manager at IVEE, explored various options and discovered PriceLabs. Despite initial hesitations regarding its adaptability to the RV park industry, Brad was impressed by PriceLabs’ intuitive interface, comprehensive features, and ability to customize pricing strategies based on specific park requirements. With PriceLabs, Brad gained invaluable visibility into demand patterns, pricing trends, and competitor analysis, empowering him to make data-driven decisions and automate rate adjustments. The platform’s robust algorithm and market data provided insights into revenue potential, enabling IVEE to stay competitive in the dynamic RV park market.
Brad also highlighted how it is useful that he can override rates for any date if the algorithm has not peaked it as much as he would like.
“The long-range visibility with the pacing is something I didn’t have before with our old system. We were doing a lot of legwork on our own to get some idea of our pacing but that was only for three months out. Now I can see a lot longer range in terms of pacing and I could anticipate pricing strategies ahead of time, and so that’s been something that’s really helped me.”
-Brad Blakey, Revenue Manager, IVEE Management Group
Implementation and Results
The addition of PriceLabs marked a pivotal moment for IVEE Management Group, empowering Brad to optimize pricing strategies with confidence. By using PriceLabs’ algorithms, IVEE witnessed tangible results across its portfolio of parks. The ability to anticipate demand and adjust rates accordingly led to increased revenue and improved occupancy rates. PriceLabs’ market dashboard validated IVEE’s pricing decisions, aligning with trends observed in the short-term rental market. Despite initial hesitations, Brad’s personalized setup and utilization of PriceLabs ensured its effectiveness in driving revenue growth for IVEE’s parks.
Future Outlook
Looking ahead, IVEE remains committed to leveraging PriceLabs as a strategic partner in its revenue management journey. As IVEE continues to expand its portfolio and refine its pricing strategies, PriceLabs will play a pivotal role in maximizing revenue potential and staying ahead of market trends. With ongoing support from PriceLabs’ team and the evolution of its platform, IVEE anticipates further optimization of its revenue management processes. As the RV park and campground industry evolves, IVEE is poised to thrive with PriceLabs.
Final Thoughts
“It’s hard to keep an eye on everything simultaneously and a system like PriceLabs can do that for you. You can sleep well at night knowing that if you get 10 bookings on some date six months in advance, there’s going to be a system that recognizes that immediately and is going to increase your rates therefore increasing your ADR.”
– Brad Blakey, Revenue Manager, IVEE Management Group
