Wheelhouse increased revenue by 5x through dynamic pricing
Wheelhouse customers captured 800% more than the normal nightly rate for Dreamforce thanks to PredictHQ.
Introducing Wheelhouse
Wheelhouse is a dynamic pricing platform that helps short-term rental owners earn more revenue. They were founded in 2014 and have grown to a team of 45 as a result of delivering amazing results to a growing number of hosts & owners.
For their business to succeed, it is imperative that Wheelhouse provide the correct data and insights customers need in order to earn more money and work less. The travel and tourism business partnered with PredictHQ two years ago in order to help customers better understand how events near them impacted the nightly prices they could charge for their homes so they could enhance their dynamic pricing models.
The level of insight that PredictHQ provides has led to a 5X increase in revenue in the last 10 months with an extraordinary retention rate. Arguably more importantly, the data allows us to deepen the trust we have with our customers and the value we provide to them.
Wheelhouse leverages demand intelligence
In partnering with PredictHQ, Wheelhouse’s goal was to display the most accurate event information to our users. They evaluated a number of potential partnerships but concluded that PredictHQ’s depth and breadth of data, along with their superior usability, made them an extremely compelling partner.
Using the demand intelligence API, the business pulled event data into our Wheelhouse calendar. This integration allows Wheelhouse customers to see that we’re pulling in and using event data to effectively price listings. For the customers, event intelligence is extremely important.
A great example of this is from an individual who used Wheelhouse to capture 800% more than his normal nightly rate for Dreamforce, a massive Salesforce conference in the San Francisco Bay Area. He was able to cover his entire month’s rent by selling two nights at Wheelhouse’s recommended rates.
Events like this that drive huge demand are actually not uncommon, especially in urban markets, and Wheelhouse wants their users to always be in the know about them; this is where PredictHQ has made such an integral difference — it allows Wheelhouse customers to feel confident that we know their markets well enough to personalize our recommendations for them.
Wheelhouse has also leveraged PredictHQ’s powerful data to improve our dynamic pricing algorithm for far-future events
One of the biggest challenges in dynamic pricing short-term rentals is predicting demand before inventory starts booking. If Wheelhouse waited to adjust prices until booking patterns started to emerge, the company might miss out on the biggest revenue drivers for hosts & owners — and that’s not helping them achieve their goals!
With PredictHQ, Wheelhouse can now use their data and predicted impact to analyze and recommend prices for major events much more easily and accurately.
To help showcase to new customers what Wheelhouse can do for them, the company has a demo that uses sample listings with real data. This not only includes the events powered by PredictHQ, but provides real Wheelhouse Pricing recommendations too.
Results
Wheelhouse can now use their data and predicted impact to analyze and recommend prices for major events much more easily and accurately.
Wheelhouse customers captured 800% more than the normal nightly rate for Dreamforce thanks to PredictHQ.
Our customers are happy they have events in place in order to get the best possible recommendations for their listings.
Up next, Wheelhouse would like to provide customers the chance to input their own event data of local market happenings so that we have a strong feedback loop of what events are important to property managers and Airbnb renters. This also allows their customers to feel more involved in the process of being able to get the events they care about to show up on their Wheelhouse calendar.
