vacation rental management: homeowner acquisition planning
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NLC 2015
Amy HinoteFounder and Editor, VRM Intel
Owner Acquisition Planning
For Vacation Rental
Managers
NLC 2015
Owner Acquisition Planning
Based on combining Business-to-Business (B2B) and Business-to-Consumer (B2C) strategies and tactics used in the vacation rental industry.
• Background in media buying, market research, consumer tourism, and vacation rental management
• B2B technology marketing for Instant Software, HomeAway, Vacation Storebuilder, TruPlace and more.
• In last 18 months, interviewed vacation rental managers in 20+ markets about what is and what is not effective in attracting and retaining new owners.
NLC 2015
B2B + B2C = B2O (Business-to-Owner)
Based on combining B2B and B2C strategies and tactics used in the vacation rental industry.
• B2B: Rational, logical, based on revenue and service needs, want education, want demonstrated expertise, cost-benefit analysis.
• B2C: Emotionally triggered, want to enjoy themselves, want to be happy with their purchase and have it adequately fulfill their needs.
For homeowners, choosing a property manager is driven both by expertise and emotion.
Therefore the strategy should connect on both levels.
NLC 2015
Homeowner Perceptions
Why small local companies (<50) do well:
1. Lower commissions
2. Owner-level attention
3. Hand-holding service
4. Not nickel and diming homeowner
5. Expectations managed (because communications are customer driven and reactive)
Is this perception or reality?
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Owner Acquisition Strategy
1. Be Proactive and Intentional
2. Assign Ownership of Strategy
3. Formulate a Plan
4. Allocate Systems, Technology and
Resources
5. Measure Performance
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Owner Acquisition Plan Components
1. Analysis
2. Targeting
3. Messaging and channel
identification
4. Goals
5. Implementation
6. Evaluation
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1. Analysis
Area
Analysis
Size of your market
Your market share
Economic
conditions
Government
regulation
Tourism behavior
Pricing
Historic changes
Your market
position
Inventory
Revenue
Management
Internal
Analysis
Strengths
Weaknesses
Opportunities
Threats
Current Messaging
Strengths
Weaknesses
Opportunities
Competitive
Analysis
Top competitors
Your competitive
position
Competitive pricing
VRBO
Competitive
advantage
NLC 2015
1. Analysis: Market
8
Market
SizeMarket Share
Economic
Conditions
Government
Regulation
1How many
vacation rentals
are in your
market?
2How many
properties do
you manage
and what is
your market
share?
3What are
the
economic
conditions in
your area?
4Are you
facing any
regulatory
issues?
5Has tourism
behavior
changed in
your area?
Tourism
Behavior
NLC 2015
1. Analysis: Competitive
Top
competitors
Competitive
position
Competitive
PricingVRBOs
Competitive
Advantage
1Who are your
top
competitors?
2What is your
competitive
position?
3How is your
pricing
different from
your
competitors?
4Are you
competing
against
VRBOs?
5What are
your
competitive
advantages?
NLC 2015
1. Analysis
• Pricing and Inventory:
– Identify Profitable Types, neighborhoods and
communities, and recent losses signifying an
area of bleeding
• Internal:– Current Messaging and Strategy
– SWOT
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SWOT
Your company
STRENGTHS
For example:
Awareness
Market Share
Longevity
Technology
Service
WEAKNESSES
OPPORTUNITIES THREATSFor example:
Types
Competitive Advantage
New buildings/communities
For example:
Awareness
Market Share
Technology
New company
For example:
New business models
Economy
Regulation
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2. Targeting
Based on analysis and information from team members, software and data sources.
• Property type, size
• Amenities
• Location
• Specific buildings, developments or communities
• Competition
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4. Messaging
Messaging: Instead of telling homeowners “WHAT WE DO” tell homeowners “WHAT’S IN IT FOR YOU”
• Identify the problems that your target homeowner experiences.
• Present your USP as a simple cure for all the pain and suffering the homeowner is feeling.
• Identify all the benefits of your solution and how those benefits will improve the life of the homeowner.
• Present the results you've produced for other people in the same situation (Results, Projections, Testimonials)
• Explain what makes you different from your competitors.
NLC 2015
3. Messaging and channel identification
Channels: Like any marketing plan, the program used multiple frequency-based touch points, based on proposed strategy and budget approval:
• Email marketing
• Direct mail
• Digital marketing
• Content Strategy
• B2B Channels
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OFFLINE MARKETING CHANNELS
PR Collateral Partnerships/Referrals
Print Ads Direct Mail Sponsorships
NLC 2015
How to find owners for outbound
marketing
• Public Records Online Directory
• Courthouse Public Records
• Realtors
• HOA’s
• Offer free rental projections to realtors
The national companies (e.g. Vacasa and Wyndham) have lead generation, sales and marketing teams who do nothing but target homeowners.
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4. Implementation
1. Combine elements and research
2. Submit and present written Owner
Acquisition Plan
3. Make any edits from your team
4. Get sign-off/buy-in
5. Execute
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5. Evaluation
1. Metrics and ROI by channel
2. Communications
3. Leads generated
4. Status of leads
5. Contracts signed
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