Campspot Analytics: Signals

Signals Dashboard: Advertised Rates Comparison

Explore how this dashboard can support you in optimizing your pricing strategy and keep you competitive.

Advertised Rates Comparison Overview

The Advertised Rates Comparison dashboard, part of the Signals dashboards within Campspot Analytics, provides a powerful tool to help you understand your property's pricing in relation to your competitors. This dashboard allows you to compare your daily rates against the average rates of your comp set, offering insights into how your pricing strategy stacks up. By analyzing these comparisons, you can make informed decisions to optimize your pricing, stay competitive, and attract more customers.

Importance of Reviewing Competitors' Rates

Reviewing competitors' rates is crucial for making informed revenue strategy decisions, particularly regarding the base pricing of your sites. Key benefits include:

  • Competitive Pricing: Adjust your pricing to ensure it is competitive and appealing to potential customers.
  • Maximized Occupancy and Revenue: Strategic alignment of your rates helps maximize occupancy and revenue.
  • Market Trends Insights: Monitoring competitors' rates provides insights into market trends and demand fluctuations.
  • Proactive Adjustments: Allows you to proactively adjust your rates to stay ahead of the competition.

Key Performance Metrics and Breakdowns

The dashboard offers three primary ways to break down and compare rates at both the park and comp set levels:

  1. Lowest Price Average: Averages the lowest prices of each park in the comp set.
  2. Average Price: Averages the average prices of each park in the comp set.
  3. Highest Price Average: Averages the highest prices of each park in the comp set.

These metrics can be filtered by Site Category, such as RV, Tent, Lodging, or a combination of all three, to provide detailed insights into different segments of your offerings.

The dashboard is divided into three main sections:

  1. Overview Section: Provides a quick summary of your park’s and your comp set’s pricing based on selected filters. This section includes a tile that shows the dollar value difference between your rates and your comp set’s rates each day.

  2. Rate Bands Section: Showcases the low, mid, and high prices of your park and your comp set. This section highlights the range of prices within each Site Category, offering a clear picture of the variance between entry-level and high-end priced Site Types.

  3. Comprehensive Comparison Section: Displays your rates and comp set averages side by side for all three Site Categories simultaneously. Here, you can view the price difference, calculated as Your Rate - Comp set Rate. A negative value indicates that your park's rates are cheaper than the comp set average.

Accessing the Dashboard

To access the Advertised Rates Comparison dashboard:

  1. Log in to your Campspot Analytics platform.
  2. Navigate to the Signals Dashboards section within Campspot Analytics.
  3. Select the Advertised Rates Comparison dashboard from the list.

Common Dashboard Uses

Strategic Pricing Adjustments: Use the dashboard to fine-tune your pricing strategy by identifying whether your rates are positioned competitively within your market.

Understanding Market Position: Gain insights into your market position by comparing your entry-level and high-end rates against your compset, allowing you to adjust your offerings to attract more customers.

Identifying Trends: Track pricing trends over time to understand how your competitors adjust their rates in response to market demand. This can help you anticipate changes and stay ahead of the curve.

Revenue Management: Align your revenue management strategies with the insights gained from the dashboard. Pricing is a key indicator of demand, and adjusting your rates proactively can help maximize occupancy and revenue.

Most Common FAQ:

Q: How is my comp set defined? Can I select my comp set?

As with all Signals dashboards, your competitive set consists of a minimum of five comparable parks based on proximity, amenity match, size and production. Some of the amenities considered in the amenity match include things like: waterfront, waterpark, beach, pool, restaurant, internet access, general store, playground, bathrooms, showers, and dump station. Seasonal-transient mix and whether the park has matching site categories (tent, RV and lodging) are also taken into account.

Q: Are my rates included in the comp set averages?

No, your rates are not included in the Comp set averages.

Q: How often does the dashboard update?

The dashboard updates once per day, around 8:00 AM Eastern.

Q: Why should I keep an eye on my competitors' pricing?

Monitoring competitors' pricing helps you position your property effectively in the market. Understanding competitor pricing can indicate their occupancy levels and market demand trends. Lower prices typically attract customers first, and parks often increase their rates as demand grows. Discuss revenue management strategies with your Market Manager for optimal pricing decisions.