listing site independence for vacation rental managers by vrm intel
TRANSCRIPT
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Listing Site Independence for Vacation Rental Managers
Streamline Summit 2016
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3 reasons to list your homes on 3rd party channels
To reach customers who would not otherwise
find you
To make sure you are where your competitors are
To appease homeowners and gain a competitive advantage
Attract Compete
Appease
3rd Party Channels
But if there isn’t a plan for conversion and retention, listing on 3rd party channels doesn’t provide the ROI needed by VRMs.
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Increase in OTA penetration
According to Phocuswright, rental listing sites and online travel agencies (OTAs) will
account for 70 percent of online bookings of private accommodations by 2018.
Over the next few years, the cost of booking through these channels is forecast to increase while the amount of customer data you receive is expected to decrease.
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Steps to Listing Site Independence
Step 1
Step 2
Step 3
Step 4MeasureConvert
RetainOptimize
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Measure Your Performance On Channels
Number of Inquiries
Number of Repeat Stays From Bookings
Number of bookings
Number of Leads
Average and median booking window
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Pro Tip: Track Additional Information
01
02
03
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Party size and type
Feeder Market
Special needs (e.g., pets, accessibility)
Reason for stay
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ROI Worksheet
Example You
How many listings do you have on XXX.com? 20
In the last year, what did you spend on XYZ.com? $10,000
How many bookings did you get on the site (online booking)? 80
What was the value of those online bookings? $80,000
How many leads/inquiries did you receive? 800
How many leads converted offline? 96
What was the value of those offline bookings? $96,000
What is your conversion rate for leads? 12%
What is your total revenue from XXX.com? $176,000
What is your ROI? 1660%
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Create a Plan to Convert Leads to Bookings
Create a Remarketing Plan
• Stay date• Date of inquiry• Reason for stay
Implement aTrue Sales Strategy
Collect Lead Information
Inbound Lead
Response
BookingRetention Marketing
Follow-up Remarketing
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Marketing Communications Flow for Online Leads
LEADAuto-
responder
Follow Up
Reminder
Next Year
Inquiry Date
Next Year 30
Days Out
Move Out of Automation
Distribution & Website
Autoresponder(AI)
Follow UpXX Days
30 Days From Booking
Email following year STSP
Reminder of vacation
days
Gone cold
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Create and Implement a Plan for Guest Retention
Travelers who stayed in owner-managed rentals reported higher levels of
guest satisfaction that was driven by increased
interaction with the host or owner. Talk to your team
and brainstorm ways to play to your strengths to
personalize the guest stay.
Personalize Your Relationship with
Guests
…not just the ones who made the reservations
• Guest Apps• Internet Access• Activities Promotions • Surveys and Reviews• Pool Passes, Parking
Passes, and Amenity Access
Collect emails from all of your
guests.
Travelers who stay in vacation rentals take more trips per year than those who stay in hotels.
Target those guests with special offers, event information, and
reasons to return. Make an effort to communicate
differently to guests who live in drive-to markets vs. fly-to
markets.
Target repeat guests w/special offers & reasons to return.
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Guest Emails/Communications
Transactional Upselling Rebooking Additional Stays
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Optimize Channels
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Monitor changes to OTA’s search algorithms
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Take new professional
photos
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Add an office photo to your
listings
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Add floor plan images or links, if
allowed
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Use professional, descriptive, and
authentic language
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Use descriptions and photos to address
special needs (e.g., pet-friendly, kids, access)
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Write great headlines
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Review amenities
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Look for the fall of VRM Intel Magazine issue in two weeks!
http://www.slideshare.net/amyhinoteLook for the Fall 2016 Issue of VRM Intel
Magazine in Your Mailbox!