Now more than ever, rental managers must watch market trends, results, and data points. Knowing which data points to observe and how to leverage them effectively in marketing efforts plays a critical role in adapting to an ever-changing landscape.
As a dedicated partner in your success, our marketing experts have collaborated with a local property manager to put together a list of best practices on how best to navigate today and tomorrow’s challenges, specifically when it relates to email marketing. Providing the property manager’s “take” is Mark Bastin, CMO of Yonder Luxury Vacation Rentals.
Powered by Data
The best email marketing strategies are powered by data. Leveraging data means working smarter, not harder, and generating better results.
Here are three data points we believe that, when tracked and acted on, can improve your email marketing:
- Booking window
- Average daily rate
- Abandonment rate
Booking Window – Better control over rates/be proactive.
What is your booking window? Also known as lead time, your booking window is the period between when a booking was placed and when the guest arrives for their reservation.
The Property Manager Take – Project Confidence
Observe your inventory as a whole and industry trends. Consider your bedroom configuration and forecast success when setting rates. Protect your ADR by trusting the demand will be there.
Cross-reference on underperforming homes with:
- Occupancy Rate
- ADR
- RevPan
- Historical Trends
Marketing Application – The Ultimate Timeline
The booking window is a ready-made marketing timeline. Apply the booking window data point by developing targeted email campaigns highlighting open dates within the booking window. Be proactive in prompting available dates to control your ADR better.
Average daily rate – Maximize Revenue.
What is your Average Daily Rate? Your average daily rate, also known as ADR, is the average unit revenue paid by your guests for the nights sold in a given period.
The Property Manager Take – Protect Your Brand
Focus on a strong ADR and healthy occupancy. Implement weekly reviews to find a balance. Keep your eyes on the future and make adjustments as needed.
Marketing Application – Be Willing to Adapt
Watch your ADR and pivot in advance. Maximize revenue with advanced bookings by applying your ADR as part of your discount strategy.
Abandonment rate – Maximize Conversions.
What is your abandonment rate? Your abandonment rate is the number of guests that exit the checkout page without completing the checkout process.
The Property Manager Take – Don’t Let it be the Boogie Man
Be aware of this data point and proactively take action.
Marketing Application – Maximize Conversions
Gain insights into your abandonment rate by creating a checkout complete goal in Google Analytics. From here, you can implement cart abandonment solutions to follow up with users and reconnect them with their vacation planning.
Takeaways
The goal of this article was to provide you with specific takeaways that you can apply to your business and put into action:
- Maximize your revenue by monitoring average daily rates
- Get better control over your rates by analyzing booking windows
- Increase conversions by acting on your abandonment rate
Challenge yourself or your team to look for insights in your data to inform your email marketing strategies better. Remember, it’s about paying attention to a few items, acting, and then scaling.