The vacation rental industry is becoming more and more diverse each day. As audiences become more distinctive, so too should marketing strategies.
Steve Milo gets plenty of questions and comments about how to grow business without being wholly dependent on online travel booking platforms. The founder and CEO of VTrips is a prominent industry thought leader on the evolution of the highly fragmented vacation rental lodging industry.
Diversification of vacation rental marketing strategies
Milo is a regular on the North American and European keynote circuit and often discusses the evolution of the vacation rental industry. At a recent vacation summit in Europe, he caught the attention of industry professionals when he gave tips on marketing vacation rental properties with those questions in mind. 19 tips, to be exact. Sounds like a lot to manage, but, according to Milo, it demonstrates that marketing in today's vacation rental industry has to be diverse to keep pace.
"Diversification really has resonated well with them," said Milo of the summit. "I think it kind of hit the sweet spot, what they are thinking about. They don't want to be dependent on any one channel."
Most of the questions he fielded at the summit were about how to really utilize booking rooms and rate adjustments to create true dynamic pricing and challenges dealing with online travel agency platforms.
Tactics for driving incremental revenue
KigoWorld ’19 attendees will gain insights from Milo as he presents “19 Must-Have Marketing Tactics for 2019 with Special Tips on OTA's.” The session will share best practices for working with listing channels, as well as a range of other tips, including boosting revenue through remarketing and search engine optimization.
“These 19 tips are effectively how property managers can use diversification, including their websites, social media marketing, working with OTA's, and other ways to drive incremental revenue,” said Milo.
Milo says everything starts with a property's website, and that quality content, imagery and search engine optimization are essential. Also important is collecting data from every customer, creating pay-per-click search programs and remarketing campaigns, and understanding how what kind of channel managers make the best partners.
Emerging trends and established best practices
Milo will also touch on leading edge technology, like voice search, which is expected to be more than 50 percent of online searches within the next year.
Not all of the tips Milo will offer are about deep marketing dives or techie new things on the horizon. He offers at least one simple practice within an ultra-competitive industry that just about everyone can understand: Tip No. 19- Low price sells.
“Always communicate to guests that the lower price is booking directly on your website,” Milo says.
Hear Marketing insights from Milo firsthand at KigoWorld. Register now!