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Summary
This article is an episode breakdown from the 'Get Paid For Your Pad' podcast. It highlights the importance of implementing a structured revenue management routine to optimize pricing and booking strategies. Hosts can discover how to analyze booking data, adjust prices, and improve profitability by focusing on daily and weekly pricing workflows.
Key Insights
- •The article discusses that early bookings can indicate underpricing or upcoming events, highlighting the importance of regularly reviewing bookings.
- •The episode highlights that STR pricing is dramatically harder than hotel pricing due to product uniqueness, booking windows, and operational constraints.
Action Items
- ✓Hosts should familiarize themselves with the Market Penetration Index (MPI) and use it when reviewing pacing on a weekly basis.Effort: mediumImpact: medium
- ✓Hosts should review every booking to identify pricing and demand signals and spot mistakes in minimum stays and pricing settings.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com)
- →Jasper Ribbers: Follow Jasper Ribbers(https://www.linkedin.com/in/jasperribbers)
Common Mistakes
- ⚠The article warns that hosts often underperform not because they lack tools, but because they don’t know what to look at, when to look at it, or how to interpret booking behavior.
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Curated by Learn STR by GoStudioM