Hosted by Paul Stevens of Short Term Rentalz, Tyann's hospitality expert co-panellists were Isaac French, founder of Live Oak Lake, Dale Smith, founder and director of Host & Stay, and Lauren Madewell, happy operations manager at Auntie Belham’s Cabins.
Customer Lifetime Value (CLV) is a pivotal metric in the short-term rental industry, measuring the long-term worth of a guest to a property manager. It’s an important metric to track because it helps you to identify your most valuable customers and focus your marketing and retention on them. Each expert guest delved into strategies for enhancing CLV and discussed how Touch Stay digital guidebooks play a central role increasing revenue and pitching upsells.
08:32 - Tyann mentions the importance of communications and the impact of digital guidebooks on guest satisfaction and revenue.
12:35 - Isaac shares one of the biggest factors in revenue growth has been upselling amenities.
17:40 - Dale highlights the potential for ancillary revenue growth through guest services.
20:03 - Lauren discusses various strategies to drive revenue, including property spotlights, special offers, discounts, and blog content.
25:38 - Isaac discusses strategies like influencer collaborations, giveaways, and offering discounts.
28:02 - Isaac shares tips for filling orphan nights, including promoting last-minute openings on Instagram and offering discounts to quickly attract bookings.
32:43 - Dale mentions the use of Touch Stay guides for upselling to guests.
40:06 - Lauren discusses the impact of using videos and how it has connected with guests.
43:28 - Isaac mentions using message sequences to communicate with guests before and after their stay, creating emotional connections.
49:18 - Tyann emphasises the importance of staying top of mind with guests through various communication channels.
The power of communication and digital guidebooks
Effective communication is at the heart of creating memorable guest experiences. Isaac emphasised the importance of communication in the webinar:
I’ve tested it myself, but now we’re going to have this actual data that shows how important communications are.
- Effective communication is crucial: strong communication is a fundamental element of guest satisfaction and customer lifetime value. Guests appreciate prompt and helpful responses to the enquiries and concerns.
- Digital guidebooks enhance communication: digital guidebooks serve as a bridge between property managers and guests. They provide guests with comprehensive information about the property, local attractions, and important instructions, reducing the need for frequent communication.
- Reducing communication gaps: digital guidebooks minimise misunderstandings and miscommunication, ensuring a smoother guest experience. They become a one-stop resource for guests, reducing the need to reach out for information.
Strategies for boosting revenue
The panellists shared their strategies for revenue growth during the webinar:
- Strategic property selection: choosing the right properties is essential for revenue growth. Property managers should focus on slow, purposeful growth to ensure they are working with the right homeowners and properties that align with their brand and target audience.
- Maximising revenue opportunities: digital guidebooks play a pivotal role in showcasing property features and upsell opportunities. Property managers can use guidebooks to highlight additional services, amenities and experiences available to guests.
- Enhancing guest experience: a positive guest experience often translates into higher revenue. Digital guidebooks can help set guest expectations, provide recommendations for local experiences and make guests feel valued, thereby increasing the likelihood of return visits and referrals.
Nurturing ancillary revenue
Tyann discussed how Touch Stay digital guidebooks help her increase revenue during the webinar:
We very much see the growth of our ancillary revenue through that guest channel.
- Increased revenue potential: ancillary revenue from guests presents a significant growth opportunity for property managers. Guests are willing to pay more for a property that offers them a lot of value-added services, such as experiences, packages and add-ons.
- Promoting upsells and additional services: digital guidebooks can effectively promote and facilitate these ancillary services. Property managers can include detailed information about the services, pricing and how guests can book them directly through the guidebook.
- Guest-centric approach: focussing on guest satisfaction and anticipating their needs leads to increased ancillary revenue. By providing guests with convenient options to enhance their stay, property managers can tap into this revenue stream.
Local business collaborations
Isaac French also highlighted the importance of collaborating with local businesses during the webinar:
We’ve been going heavily on that… there’s massive value in it to the guest.
- Local business partnerships: partnering with local businesses can significantly enhance the guest experience. Property managers can collaborate with restaurants, attractions and services to offer discounts and special offers to guests.
- Incentives for guests: digital guidebooks can include information about these collaborations and incentives for guests to engage with local businesses. This not only improves the guest experience, but also supports the local community.
- Community connection: collaborating with local businesses demonstrates that property managers are connected to the community, fostering positive relationships and encouraging referrals. Guests appreciate recommendations from local experts.
Fostering repeat bookings
Lauren emphasised the importance of fostering repeat bookings by creating genuine connections:
Don’t be afraid to send emojis or to use exclamation marks. Talk to guests like your own friends and family - that will make the biggest difference. When they’re enjoying that, and when they feel comfortable with you, you will be their point of contact for everything.
- Building emotional connections: establishing an emotional connection with guests is crucial for fostering loyalty and encouraging repeat bookings. Guests who feel valued and understood are more likely to return.
- Personalised content: digital guidebooks allow property managers to provide personalised content for guests. This can include stay anniversary reminders, special offers for returning guests and tailored recommendations based on past stays.
- Treating guests like friends: property managers should aim to treat guests like friends and family, creating a warm and welcoming atmosphere. This approach leads to positive reviews, referrals and repeat bookings.
The webinar highlighted the significance of customer lifetime value in the short-term rental industry. Effective communication, strategic property selection, ancillary revenue, local collaborations, and fostering repeat bookings were all identified as key elements of increasing customer lifetime value.
As the short-term industry continues to evolve, the focus on innovative tools like Touch Stay will play a crucial role in enhancing guest experiences, promoting upsells and ultimately boosting revenue and CLV. They serve as a valuable resource for guests by reducing communication gaps, and allowing property managers to showcase their properties, upsell opportunities and collaborate with local businesses.
By incorporating a digital guidebook into their strategies, property managers can improve guest satisfaction, drive revenue growth and further long-term relationships with their guests.
Watch the Short Term Rentalz x Touch Stay webinar in its entirety below: