New Feature: Wheelhouse Insights : Wheelhouse Blog

New Feature: Wheelhouse Insights

July 20, 2021 | Andrew Kitchell

We’re excited to tell you about another new feature we’re releasing that will help revenue managers get an even more detailed understanding of how we’re calculating our prices called Insights. If you’ve been following us here at Wheelhouse, you’ll know that we’ve been talking a lot about transparency and making our data more available to revenue managers. We know that pricing is a super-sensitive and important task for revenue managers, and that it has the single biggest impact on how much revenue you’re bringing in from your properties. So, here at Wheelhouse, we’re making a huge effort to ensure you know exactly what we’re doing when we’re making pricing recommendations and how we’re collecting and using the data that goes into those calculations. This is supported by the fact that we’re the only team in the revenue management space to publish our research in-depth. Continuing with that trend, we’re going to be opening up even more insights into our pricing algorithm for you to access on our new Insights Tab. Giving you a clear and accessible window into how we’re using data science to help revenue managers excel and make the most out of their pricing. See it in action.

The Insights Tab will be available for every one of your listings. When you click into this tab, you’ll see a breakdown of all the ways our model recognizes prices and bookings in your area, as well as how that affects your price.

We have a number of tabs within the Insights Tab that we think you’ll find incredibly useful. These are: Overview – This tab gives you the pricing recommendations that our system is generating for your listing. You can overlay your data for Base, Current, Recommended, Predictive, and Reactive pricing models to find the price that works best for you. Recommended Demand Model – This tab provides more data on each of our models. You can take a deep dive into the impact things like seasonality and local events and explore their effect on your pricing. In addition, you can drill down into how temporality, min/max restrictions, and gap nights affect your pricing. Reactive Demand Model – In the Reactive Demand Model tab, you’re able to see the same kind of information as the recommended demand model tab. However, this is a good way to identify bookings that are outside the norm. You can easily see any spikes in demand and look for opportunities to make more revenue from them. Predictive Demand Model – The Predictive Demand Model tab gives you more detailed insights into how our algorithm adjusts prices based on time. As well as how factors like temporality, booking restrictions, and gap nights are having an impact. Weight – The Weight tab shows you how we’re blending all of these models together with a weighted visual graph. It gives you a great visual of how we’re using different booking signals to generate your prices, giving you greater visibility into our pricing algorithm. For example, you can clearly see how we’re using the reactive and predictive models to produce more accurate rates. As we get more booking signals from that data, the Weight tab shows you how we’re using those booking signals to calculate your nightly prices. See Insights in action.

Export and Use the Data How You Want To

Following the trend that we’ve been using with our other features, you can export any of the data from the Insights Tab in various formats. We’re excited to release our Insights Tab for revenue managers to use and gain even better insights into how Wheelhouse works on the backend. If you would like to talk to us more about how we can help your specific portfolio or if you have any questions regarding our new Insights Tab feature, please do not hesitate to reach out to us!

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