Revenue Management Lessons (Ep 601)
Summary
This podcast episode discusses how to leverage Airbnb's discount features to increase bookings. The speaker explains the benefits of using discounts, particularly for longer stays and past guests, and how they can affect your listing's visibility and conversion rates. Hosts should explore the discount options available within Airbnb's platform to potentially increase bookings.
Key Insights
- •Airbnb provides benefits to hosts who offer discounts, including an extra line item in the price breakdown, a strike-through of the original price, and the potential for a call-out under the price. At 20% or more discount you could also benefit from the platform sending emails to their customers to promote your listing. These features can increase conversion rates.
- •Airbnb discounts can be set up for long stays (weekly, monthly), early bird bookings, last-minute bookings, and trip length. The weekly discount was set to 13%, and the monthly discount was 20%.
Action Items
- ✓Review your Airbnb listing settings under 'Calendar' -> [Listing] -> 'Pricing' -> 'Discounts' to explore and implement available discount options, such as long-stay, early bird, and last minute discounts, which could improve conversion.Effort: lowImpact: medium
Tools & Resources
- →Hostfully: The host mentions using Pricelabs and Hostfully.
- →Pricelabs: The host mentions using Pricelabs and Hostfully.
Common Mistakes
- ⚠Not being aware of the discount functionality within Airbnb can lead to missed opportunities to increase bookings and improve conversion rates.
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