The Three Pillars of a Successful Hospitality Brand
Summary
This article discusses the three key pillars of a successful hospitality brand: Vision, Streamlined Operations, and Scale. It also highlights the importance of revenue management routines, CEO focus, and understanding the differences between hotel and STR revenue management. Hosts should focus on building a clear vision, streamlining operations, and scheduling revenue management tasks.
Key Insights
- •STR pricing is dramatically harder than hotel pricing.
- •Successful short-term rental companies share three common ingredients: a clear vision, streamlined operations, and a focus on scale.
- •Most hosts 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.
- •CEOs waste 30 to 50 percent of their time on low-value activities.
Action Items
- ✓Review every booking to reveal pricing and demand signals.Effort: lowImpact: medium
- ✓Schedule revenue management; don't make it reactive.Effort: lowImpact: medium
- ✓Identify the biggest bottleneck in your STR business.Effort: mediumImpact: high
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry.
- →Freewyld Foundry: Get a Free Revenue Review from Freewyld Foundry.
Watch Out For
- ⚠The biggest revenue mistake most STR operators make isn’t their pricing tool… but the lack of a daily and weekly pricing routine.
- ⚠STR operators stay stuck in the hectic host stage even as they grow.
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