In the second episode of our blog series, we delve into crucial strategies for success in the serviced accommodation business in 2024. Building upon the insights from the first episode, this blog focuses on understanding lead time and implementing effective booking strategies.
1. Identifying Your Ideal Guest
Begin by contemplating your ideal guest. List potential guests who are the perfect fit for your property, whether it’s your current unit or the next one. Knowing your target audience sets the stage for successful booking strategies.
2. Deciphering Lead Time
A staggering 99% of individuals globally struggle with understanding lead time. Learn when customers typically book, when they check in, and the duration of their stay. This knowledge is indispensable for crafting effective advertising strategies.
3. The Significance of Lead Time
Explore the impact of lead time on your serviced accommodation business. Discover how lead time varies based on factors such as booking platforms (Airbnb, booking.com, direct bookings) and geographic locations. Unravel the mysteries of lead time to optimize your property’s occupancy.
4. Channel Manager Deployment
Delve into the question of when to set up a channel manager for your serviced accommodation unit. Gain insights into estimated lead times and the changing landscape of short-term rentals, which are reportedly affecting thousands of homes.
5. Key Performance Indicators (KPIs) in Serviced Accommodation
Many operators fail to grasp the importance of KPIs in the Airbnb and short-term rental business. Learn how investing time in understanding KPIs can be pivotal for long-term success and strategic booking approaches.
6. Case Studies: Tailoring Strategies to Guest Behavior
Explore real-life examples, such as a property in Liverpool catering to weekend bookings for stag and hen parties. Understand how analyzing guest behavior, lead time, and length of stay led to a successful business model.
7. Attracting Long-Term Bookings
Discover the secrets of attracting long-term bookings. Follow the journey of a Liverpool client transitioning from short-term to long-term rentals, achieving a 32-night booking within a short lead time.
8. Bridging the Gap: Strategic Booking vs. Taking Bookings as They Come
Shift your mindset from simply taking bookings as they come to implementing strategic approaches. Bridge the gap between a conventional operator and one who strategically attracts specific clients through targeted advertising.
Conclusion
As the serviced accommodation industry gears up for a busy year ahead, it’s crucial to adapt and think strategically. Understanding lead time, guest behaviors, and crafting tailored booking strategies are key to thriving in the competitive landscape. Stay tuned for the next episode, where we explore different guest types and how to leverage this knowledge for increased profitability in your Airbnb business.
Missed Episode 1: Read Here
