Dominate The Vacation Rental Market by Understanding Consumer Trends
Understand the importance of data and use it properly to make good decisions. Collect and leverage it to improve your business.
Data vs. Information vs. Knowledge People tend to use these three words interchangeably but it’s important to understand the differences. Data is facts. A description of the world that can never change or be wrong. Data should always feed your information base and when combined with knowledge effective decision making can take place. Information captures data at a single point Knowledge is our own personal map/model of the world.
Secondary Data vs. Primary Data “Data Data Data! I can’t make bricks without clay.” – — Sherlock Holmes, The Adventure of the Copper Beeches
There are two kinds of data: Secondary data which are industry trends and market facts collected from outside sources such as government statistics, industry associations, trade publications, company website, market research reports and more.
Primary Data which is data we collect ourselves through interviews, surveys, focus groups, social media monitoring etc.
How to Build an Information Funnel | What Data do You Need to Succeed?
Industry Trends: The vacation rental industry is growing FAST. How do we know? We’ll give you one guess: Data. (Are you seeing a trend here? Pun intended) According to Statista, global vacation rental revenue reached $57.7 billion in 2019 and the projected # of vacation rental users will reach 297.17 million by the end of this year. Knowing how big the overall market is will give you a better understanding of where and how your market fits in and how much room there is to grow. Examples of awesome industry data sources: VRMA U.S. Travel Association BuildUp Bookings
Market Facts: Once you understand the overarching industry trends you can go granular by deep diving into your local market data. This includes facts such as who is visiting your state? Your town? How long does the average visitor stay and how much are they spending? If you aren’t staying on top of traveler preferences, growth trends etc. and your competitors are… let’s face it… you’re practically asking them to eat your lunch for you. Don’t share your lunch! Examples of awesome market fact data sources: California Travel & Tourism Commission Greater Palm Springs CVB South Padre Island CVB Desert Sun
Customer Insights: Know your customers. We have provided some great sources below that will help you collect secondary customer/visitor data however, this is really your opportunity to get in on some of that juicy primary data. Send out surveys to consumers who have stayed in your vacation rentals, get a group of past visitors together for a discussion on your business or just reach out and ask for feedback. All feedback is good feedback so don’t be afraid to ask. Social Media monitoring is also an extremely effective way to eavesdrop on some of the conversations surrounding your industry, your company and your competitors. For more information on how RedAwning can help with your social listening abilities, check out our digital marketing solutions for property managers. YP – The Real Yellow Pages AIRDNA MarketMinder or VRMintel CompSet Data HomeAway/VRBO CompSet Data HomeToGo
Company Performance: Know your company performance? How are you doing? What can you do better? What are you doing well? Use softwares like QuickBooks to help you get ahold of your numbers or refer to performance data from your partner sources including us! RedAwning is always here to help.
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