In this tough economic climate, businesses both small and large can falter.
In just the last few years we've seen everything ranging from major financial institutions to airlines to luxury goods shut their doors.
When such essentials businesses are closing, how can a luxury like a vacation rental property stay afloat? By playing smart with your customers and using a mix of new and old marketing strategies.
Here are four tips that will help you not only save your business, but to recession proof it in these difficult economic times that it will actually grow in this.
Get on a Team "Before you can multiply, you must first learn to divide", says Stephen Shapiro in 24/7 Innovation.
Revenue sharing is a good way for others to have a vested interest in your business and your success.
Make deals to share customers or advertising with businesses that target the same sorts of customers that you do, but don't compete directly.
Local restaurants, newspapers or shops in town are ideal candidates.
A great example of a revenue share would be working out deals with a tourist attraction in town to give your clients special rates, in exchange for promoting them in your materials.
This discount you an advantage over other rentals.
The possibilities are limitless.
Reinvent Yourself in the Off-Season If your vacation rental is more a seasonal rental then you can show other ways in which guests could use the property during the off-season.
For a ski chalet, you may want to illuminate the gourmet restaurants available during the summer.
A beachfront property might turn into a boat house or a corporate retreat.
Having a dynamic website or a Content Management System can help show your new colors with each season.
Increase Loyalty through Rewards Your vacation rental may have a premium brand, such as exotic or upscale, that suggests a higher price point.
How can you offer a discount without compromising your stature? Brad Sugars suggest that rather than dilute your brand, focus on increasing your loyalties instead.
Reserve your discounts for current, repeat customers and make them public.
"You're trying to breed loyalty" without diminishing your brand's value, says Sugars.
And why does this work? Because you are bringing your loyal customers back for more, while showing the existing demand to new customers.
Technology - Meet Your New Best Friend Imagine if you had the chance to talk to dozens or hundreds of travelers each week? Would you mutter a lackluster greeting, or would you put your best foot forward and make every selling point of your property known? While that golden opportunity may seem like a long-shot for you, your website does actually get that chance! Having an effective website is crucial to communicate with the national and global consumer.
Your website is your first point of contact and should serve as admin, marketer and a salesman in one.
It can inform clients of availability and detailed rates, show them pictures of your herb garden and tell them where to get the best dinner in town; then take their RSVP request...
all while you sleep.
Make sure that your website is working for you; not only can cutting edge website technology save you money, but it can also increase your bottom line!
In just the last few years we've seen everything ranging from major financial institutions to airlines to luxury goods shut their doors.
When such essentials businesses are closing, how can a luxury like a vacation rental property stay afloat? By playing smart with your customers and using a mix of new and old marketing strategies.
Here are four tips that will help you not only save your business, but to recession proof it in these difficult economic times that it will actually grow in this.
Get on a Team "Before you can multiply, you must first learn to divide", says Stephen Shapiro in 24/7 Innovation.
Revenue sharing is a good way for others to have a vested interest in your business and your success.
Make deals to share customers or advertising with businesses that target the same sorts of customers that you do, but don't compete directly.
Local restaurants, newspapers or shops in town are ideal candidates.
A great example of a revenue share would be working out deals with a tourist attraction in town to give your clients special rates, in exchange for promoting them in your materials.
This discount you an advantage over other rentals.
The possibilities are limitless.
Reinvent Yourself in the Off-Season If your vacation rental is more a seasonal rental then you can show other ways in which guests could use the property during the off-season.
For a ski chalet, you may want to illuminate the gourmet restaurants available during the summer.
A beachfront property might turn into a boat house or a corporate retreat.
Having a dynamic website or a Content Management System can help show your new colors with each season.
Increase Loyalty through Rewards Your vacation rental may have a premium brand, such as exotic or upscale, that suggests a higher price point.
How can you offer a discount without compromising your stature? Brad Sugars suggest that rather than dilute your brand, focus on increasing your loyalties instead.
Reserve your discounts for current, repeat customers and make them public.
"You're trying to breed loyalty" without diminishing your brand's value, says Sugars.
And why does this work? Because you are bringing your loyal customers back for more, while showing the existing demand to new customers.
Technology - Meet Your New Best Friend Imagine if you had the chance to talk to dozens or hundreds of travelers each week? Would you mutter a lackluster greeting, or would you put your best foot forward and make every selling point of your property known? While that golden opportunity may seem like a long-shot for you, your website does actually get that chance! Having an effective website is crucial to communicate with the national and global consumer.
Your website is your first point of contact and should serve as admin, marketer and a salesman in one.
It can inform clients of availability and detailed rates, show them pictures of your herb garden and tell them where to get the best dinner in town; then take their RSVP request...
all while you sleep.
Make sure that your website is working for you; not only can cutting edge website technology save you money, but it can also increase your bottom line!
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