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: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.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.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!
