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The summer season is more competitive than ever with economic headwinds making travelers discerning and increased supply in many markets. Tim and Tiffany share actionable strategies to maximize your summer business without panicking or devaluing your properties.
• Don't panic and drop rates – implement a thoughtful, data-driven review process
• Understand changing booking dynamics like the shift to shorter stays
• Communicate clearly with owners and understand their specific goals
• Use dynamic pricing tools but override algorithms when local knowledge dictates
• Target your existing customer base with exclusive offers and personalized outreach
• Create value-add programs instead of slashing rates (gift cards, event tickets, welcome baskets)
• Fill "gap nights" between longer bookings with strategic discounts
• Use data analytics to identify which dates are being searched but not booked
• Review and optimize your listing presentations across all platforms
• Scrutinize all discretionary spending and recurring subscriptions
• Monitor overtime and staff scheduling closely
• Re-forecast your budget if revenue projections have shifted
• Review credit card charges line by line and negotiate with vendors
Choose one or two points from today's discussion and put them into action this week to improve your summer performance.