Updated: December 5, 2024
Reflect, Re-evaluate, and Reprioritize. As 2024 comes to a close, it’s the perfect time to look back on portfolio performance, assess opportunities for improvement, and set up your PriceLabs for success in 2025. By leveraging powerful tools and data-driven insights, you can maximize revenue, optimize operations, and confidently plan for the year ahead. Here’s a quick breakdown of the key takeaways and tools you can use to turn insights into action.
First, Reflect / Diagnose
Step back and evaluate your 2024 performance to set a solid foundation for 2025.
- Use Portfolio Analytics: Gain a high-level view of your KPIs to assess your portfolio’s health.
- Benchmark Performance: Compare your metrics with competitors and market trends using pacing charts and comp sets.
- Spot Revenue Blockers:
- Review owner contracts for constraints like restrictive min/max price settings or stay restrictions.
- Analyze operational inefficiencies and gather feedback from your team to identify process improvements.
- Monthly Revenue Trends:
- Use the Revenue on the Books template in Report Builder to compare 2024’s performance with 2023.
- Pinpoint high-performing periods and slow seasons to adjust pricing strategies.
- Customize and save reports to focus on metrics that matter most to your business.
Next, Re-evaluate / Explore Options
Identify opportunities for improvement and new areas to grow.
- Spot Market Insights:
- Use Leaderboard in Report Builder to rank properties and markets by performance.
- Explore underperforming areas with Neighborhood Data, enriched with AI insights.
- Segmented Analysis: Evaluate how different markets, cities, or bedroom types are pacing compared to the competition.
- Unlock Unbookable Dates: Use the Opportunities Report to spot gaps caused by restrictions and tweak stay rules for better results.
Finally, Re-prioritize / Execute
Focus on execution and track progress to maximize revenue in 2025.
- Set and Monitor Goals:
- Use Report Builder to set measurable revenue targets by month or year.
- Track performance with real-time updates on your dashboard.
- Optimize for Seasons and Events:
- Tailor your pricing profiles and min/max stay requirements for high-demand and low-demand seasons.
- Secure high-value bookings early by planning for key events and holidays in advance.
- Drive Owner Collaboration:
- Use data-backed metrics like Blocked Dates Potential Revenue to discuss lifting owner restrictions.
- Present clear insights to align on revenue-boosting strategies.
- Stay Market-Ready: Monitor trends with the Market Dashboard to stay ahead in a competitive landscape.
Turn insights into action and make 2025 your most successful year yet. With thoughtful reflection, strategic adjustments, and clear priorities, you’re set to optimize performance and capture new opportunities.
