Bill Schlosser, vice president -marketing at NAVIS, is the producer, director, assistant director, gaffer, and janitor for Bill's Blog. With an unabashed focus on marketing, especially as it relates to the vacation rental and resort markets, Bill's Blog will attempt to inform, provoke discussion, entertain, enlighten, and generally make you a smarter marketer.
Article comments welcome, or you can email me directly. Please include your name when replying. If you would like to receive Bill's Blog via RSS feed (RSS Reader required), click below. If you would prefer email notification of Blog updates, please indicate so in your email to me.
Added: August 27, 2008
Travel Cost Increases Not That Bad
Some of the signs point to an economy that is on the mend.
I read an interesting article from HSMAI (Hospitality Sales and Marketing Association International) that cites research from Travelocity showing that the increase in the cost of travel from 2007 to 2008 is not as bad as originally thought. The data is based on the cost of a flight and a 5-night hotel stay. The article includes a list of cities with less than a $50 increase. Another article from the New York Post pours water on the “staycation” by citing recent research from Harris which shows that people taking a vacation this summer is down only 4%. Of those, 22% are spending less than they did last year, but 33% are spending more.Combine this information with stories about sales of new and existing homes increasing and the dollar rebounding and I’d say it points to better times – more quickly than the doomsayers had hoped for.
I read an interesting article from HSMAI (Hospitality Sales and Marketing Association International) that cites research from Travelocity showing that the increase in the cost of travel from 2007 to 2008 is not as bad as originally thought. The data is based on the cost of a flight and a 5-night hotel stay. The article includes a list of cities with less than a $50 increase.
Another article from the New York Post pours water on the “staycation” by citing recent research from Harris which shows that people taking a vacation this summer is down only 4%. Of those, 22% are spending less than they did last year, but 33% are spending more.
Added: August 17, 2008
Not Booked is Not Necessarily Bad
When a caller books, you collect a lot of information. When a caller doesn’t book, are you still trying to collect as much information as possible and following up? NAVIS clients who follow up with their not-booked prospects are closing as many as 30% to 40%.
Unfortunately, many NAVIS clients will quickly dismiss a caller who doesn’t intend to book – maybe they don’t have dates, or they appear to be just shopping for information. When you consider the fact that the person took the time to call and that in doing so, has expressed an interest in your vacation rental or resort business, they are automatically qualified as a prospect. First, you have to collect the data. Before closing the call, try to get the person’s contact information, if it wasn’t automatically revealed by NAVIS Narrowcast. Tell the person you would like to send them information about special offers and events. Or, given the value of their contact information, you might offer to send them a discount coupon. Address, email – you should try to get it all. Next, follow up. A NAVIS client, Sandi Brinley at The Resort at Glade Springs, recently shared the following story about how a follow-up effort resulted in revenue: “We had an upcoming weekend with a good number of vacancies. A few days prior, we sorted our prospect data from NAVIS Narrowcast and looked for people who we thought would book at our rack rate vs a discounted rate. We started calling them and there was such interest that it turned into a bidding contest, with our reservation agents comparing rates with each other while on a call. The end result was that we completely sold out the weekend and made more than $11,000 in unrealized revenue. We couldn’t have done it without NAVIS.”So…just because you don’t book ‘em, don’t give up. Chase ‘em down and bring in more revenue.
Unfortunately, many NAVIS clients will quickly dismiss a caller who doesn’t intend to book – maybe they don’t have dates, or they appear to be just shopping for information.
When you consider the fact that the person took the time to call and that in doing so, has expressed an interest in your vacation rental or resort business, they are automatically qualified as a prospect.
First, you have to collect the data. Before closing the call, try to get the person’s contact information, if it wasn’t automatically revealed by NAVIS Narrowcast. Tell the person you would like to send them information about special offers and events. Or, given the value of their contact information, you might offer to send them a discount coupon. Address, email – you should try to get it all.
Next, follow up. A NAVIS client, Sandi Brinley at The Resort at Glade Springs, recently shared the following story about how a follow-up effort resulted in revenue:
“We had an upcoming weekend with a good number of vacancies. A few days prior, we sorted our prospect data from NAVIS Narrowcast and looked for people who we thought would book at our rack rate vs a discounted rate. We started calling them and there was such interest that it turned into a bidding contest, with our reservation agents comparing rates with each other while on a call. The end result was that we completely sold out the weekend and made more than $11,000 in unrealized revenue. We couldn’t have done it without NAVIS.”
Added: August 10, 2008
Success With NAVIS Depends On Owners
The employees at NAVIS get a big thrill when we hear about the successes that our clients realize when they fully implement our technologies and best practices. We see their conversion rates increase and their revenues go up. It is very gratifying to know that your hard work is having such a positive impact on vacation rental and resort businesses as well as the personal lives of those involved.
But one thing we’ve come to realize is the importance of the owner in this success. In most cases, the NAVIS System requires a paradigm shift in how business is conducted. Our tools and practices enable more visibility and smarter decisions based on real data about reservation agents, guests, prospects and homeowners. When we see that the data is not being collected or, worse yet, ignored, that is when we almost always see that our System is not producing the desired results. In most of these instances, we’ve found that the owner is not directly involved and typically unaware of the situation, how it could be fixed and how much revenue could be gained. When the owner is involved on a daily and weekly basis, is actively reviewing reports, scanning Pulse (our single-screen, real-time business barometer), and making the necessary adjustments, we see real improvements, real increases in revenue and real success. Owners…it’s up to you to make it happen.
But one thing we’ve come to realize is the importance of the owner in this success. In most cases, the NAVIS System requires a paradigm shift in how business is conducted. Our tools and practices enable more visibility and smarter decisions based on real data about reservation agents, guests, prospects and homeowners. When we see that the data is not being collected or, worse yet, ignored, that is when we almost always see that our System is not producing the desired results. In most of these instances, we’ve found that the owner is not directly involved and typically unaware of the situation, how it could be fixed and how much revenue could be gained.
When the owner is involved on a daily and weekly basis, is actively reviewing reports, scanning Pulse (our single-screen, real-time business barometer), and making the necessary adjustments, we see real improvements, real increases in revenue and real success.
Owners…it’s up to you to make it happen.