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Today’s travelers have more accommodation options to choose from than ever before. Whether it’s a short term rental near the beach or a city-center hotel, the options are vast – and travelers are increasingly weighing up the different accommodation options available to them to make sure they’re getting the best value for money.
For destination marketing organizations, staying informed about short term rental and hotel booking data is crucial for success. In order to adapt your strategy, it’s important to have a full picture of your local market– in other words, what’s going on in the hotels and rentals around you. Understanding how accommodation providers in your local area are performing is key; with these insights, you can make more accurate data-driven decisions that ultimately benefit your bottom line.
Fortunately, the Key Data Dashboard makes it easy to assess how hotel performance is faring against the short term rental market at any time. Powered by Amadeus Hospitality, the Key Data Dashboard offers destination marketing organizations comprehensive hotel market data, ultimately providing a holistic view of the hospitality landscape around you.
Here’s how you can use this data to your advantage:
Gain Greater Insights Into Market Demand
Hotels have been using hotel demand data for years to predict peak seasons, understand guest preferences, and adjust their pricing strategies. Utilizing both hotel and short term rental data gives greater visibility of the travel and accommodation market and puts you in a better position to tap into guest demand.
Using hotel market data to understand when the demand for accommodation in your area is high allows you to capitalize on peak seasons and local events. Tapping into the full picture of accommodation bookings allows destinations to identify high-demand periods and plan for them accordingly.
For example, being able to see how far in advance guests are booking hotels, occupancy levels of hotels around you, or how much revenue is being made per room, can indicate when demand in a destination is falling away, leaving you vulnerable to voids and low occupancy unless you act early.
Identify Broader Travel Trends
Analyzing hotel room demand is a great way to identify broader travel trends and tap into seasonal fluctuations.
Using feeder market data, destination marketers can better understand when and why travelers visit their area during specific seasons. You can also use hotel market data combined with short term rental data in your dashboard to identify when people are most likely to travel and what types of travel are most popular (business travel vs leisure travel, for example).
If you know that there is a high demand for business travel in your area during a particular week, you can target your marketing efforts towards these types of travelers. By learning where travelers are coming from, you can better target your marketing efforts as well.
Step Up Your Marketing Efforts
Hotel market data can also provide valuable insights into the different types of amenities and properties being prioritized by travelers in your area, which can be worked into your marketing strategy.
If you see there is high demand for hotels with certain amenities, such as a pool or hot tub, you may consider emphasizing these types of amenities in your marketing. Perhaps it’s time to update your marketing visuals or messaging and really cast a spotlight on these features. Understanding these trends can also assist in communication with local hotels and property managers to help them plan for upcoming seasons or events.
Having this type of data at your fingertips ensures you’re always making informed decisions about your rental and puts you in a position to step up your marketing strategy.
For property managers, understanding what’s happening in your market and how you are performing against your competitive set is crucial. If you’re interested in learning how to improve your short term rental strategy with data insights, ask for a demo of our Key Data Dashboard.
