Vacation rentals have already become a popular accommodation alternative to hotels and resorts. But the popularity of vacation rentals is projected to rise even more over the coming years. While this may mean good news for the companies operating within the vacation rental market, it also means that most of them will continue to compete with each other for the same pool of potential guests. In an increasingly competitive market, setting your business apart from the competition can be difficult. Since there’s no simple answer to how you can beat your competition, here are 7 tactics that could help you nullify the effect of your direct competitors and increase your market share.
1. Identify Your Target Audience – Identifying your target audience basically means defining your ideal guest profile. In general, the ideal guest profile for a vacation rental management company will fall into at least one of the following categories:
- Young travelers
- Business travelers
- Senior travelers
- Families with children
- Larger groups
- People who travel often and/or book extended stays
- People who travel with their pets
Identifying the types of travelers who would stay at the properties you manage will allow you to better understand and address their specific needs. This can help you differentiate your business from your competitors. Let’s say that families with children are your primary target audience. In that case, providing certain amenities, like high chairs, cribs, extra beds, toys/books for kids, family board games, and other in-home entertainment options, will make your properties more appealing to the category of travelers you target. Also, including information about activities and events for children, daycare centers, kids’ clubs, as well as babysitter recommendations in your digital guidebook could help you turn a good stay into a memorable experience for parents and kids alike.
2. Select the Most Appropriate Social Media Channels for Your Business – While being active on different social media platforms can help you expand your reach, narrowing down your choices to just a few options will allow you to focus your marketing efforts only on the travelers who are interested in the types of vacation rentals you manage. Since each channel attracts different categories of users, knowing which social media platforms your target audience spends time on will allow you to select the right channels for your company.
3. Become Social Media Savvy – Facebook, Instagram, Twitter, TikTok, and LinkedIn are just a few social media platforms you can use to:
- interact with past, current, and prospective guests;
- respond to questions and reviews;
- offer special discounts and deals;
- share photos and videos of the properties you oversee;
- cross-promote with different local businesses,
- promote local events and activities that could attract tourists to your area;
- create different paid advertising campaigns that will help you expand your market reach.
But the greatest thing is that many businesses fail to use social media platforms to their full potential. This means that you can get ahead of your competition. Nowadays, an effective social media strategy can help you build brand awareness and then turn awareness into conversions.
4. Make the Most of Videos and Virtual Tours – A video or virtual tour will allow potential guests to see and experience your vacation rentals in a way that photos can’t provide. In short, walk-through property videos and virtual tours give travelers the chance to virtually visit your vacation rentals, so they can make a truly informed decision before booking a piece of property.
5. Create an Enticing Vacation Rental Website – Even if you list your vacation rentals on different OTA platforms, having your own website brings along a series of benefits. Since your website will be your company’s digital front door, it shouldn’t just be aesthetically pleasing and user-friendly but also packed with useful information and available in different languages.
6. Create a Blog that Captivates – Blogging is an excellent way to personalize your brand, particularly if you manage multiple vacation rentals. Besides posting photos and videos that showcase your properties, you can use your blog to promote local attractions and activities, offer recommendations, and provide various details that will allow travelers to get to know your area better. This may help you attract more tourists to your area, which could increase the likelihood of your properties getting booked. Not to mention that, by updating your blog regularly, you can generate unique content for your social media channels, which may encourage even more travelers to book directly with you.
7. Opt for Specialized Property Management Software – When running a vacation rental management company, change is constant. It is for this reason that you need a vacation rental management system that’s flexible enough not only to adapt to different workloads and user demands but also to help you meet guest expectations. In a nutshell, opting for a comprehensive software solution that can take the traditional lodging management business model to the next level is the only surefire way to improve your business and beat your competition.
Improving on an existing property management business model without the help of an advanced vacation rental software solution can take months, if not years. Luckily, our system can speed up the entire process by providing you with the level of support and assistance you need at every step of your journey. If you wonder how it can do that, contact our experts to find out!