Part of your pricing strategy should also consider the available inventory in your market.¬ While you are likely very familiar with who your nearby competitors are, in markets with high volatility, it’s important to keep track of the rapid changes in inventory that can occur. As an Optimize user, you can at a glance view the competition’s offerings by referring to Optimize’s Comp Overview page.¬
The Competitor Overview provides you with an at-a-glance view of all the stores in your market,¬ what type of competitor the are (small or large operator) and size of facility. You can also see what common unit types they are currently promoting on their website.
What can you deduct from this? This overview will show you whether certain unit types or sizes are being promoted by more stores than others.¬ For example, if the Competitor Overview is showing fewer stores in your market advertising rates for larger units, and you have more of these in inventory, this data might direct you to review and assess your pricing strategy on your current vacant larger units (and maybe encourage you to raise your rates on these!)
Need a refresh of Optimize? Contact our team today to schedule a demo! 1-800-969-7424