Guest Experience, Revenue Hacks & Mindset Shifts for STR Success
Summary
This article is a compilation of insights from various podcast episodes of "Get Paid For Your Pad," covering guest experience, revenue management, and CEO strategies. Hosts can learn about optimizing pricing with tools like PriceLabs, enhancing guest experience through personalized touches, and the importance of strategic focus for business growth.
Key Insights
- •STR pricing is dramatically harder than hotel pricing due to product uniqueness and operational constraints.
- •Personalized touches can elevate the guest experience and secure five-star ratings.
- •Using tools like PriceLabs for optimizing pricing and implementing length-of-stay discounts can help increase revenue.
- •STR operators must stay tightly connected to operations to ensure accurate pricing.
Action Items
- ✓Consider implementing length-of-stay discounts to potentially increase revenue.Effort: lowImpact: medium
- ✓Review booking behavior to identify pricing and demand signals.Effort: lowImpact: medium
- ✓Prioritize strategic focus by recognizing business bottlenecks to optimize operations and avoid low-value tasks.Effort: mediumImpact: high
Tools & Resources
- →Calendar: Derek Gisriel uses a calendar for planning his week and content.
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com/)
- →PriceLabs: Derek Gisriel uses PriceLabs for optimizing pricing.
Common Mistakes
- ⚠Most STR operators 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 once it shows up.
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Curated by Learn STR by GoStudioM