BooksterShort Stay Summit 2021 The Short Stay Summit of 2021 was held live on 14th September 2021 in Tobacco Docks. The goal of the event was to share advice and knowledge on attracting bookings to your holiday lets, specialising in tips to attract direct bookings. What did Bookster discuss at the Short Stay Summit? Optional Marketing Mix - how to mix it up with OTAs and Direct bookings. Direct Bookings and OTAs (otherwise known as Holiday Rental Channels and Portals) are two important channels to market and employ different strategies and tactics. We discussed what the optimal mix is, with tips to help you maximise the value of each to grow your business. Our favourite questions were: Why should we care about direct bookings? If we know the Online Travel Agents (OTAs) will probably send us lots of bookings, isn’t this enough? From a marketing perspective, direct bookings are a major factor in mitigating risk. If a property manager is reliant on an external channel for bookings, if that channel fails or changes its priorities, then this can have a devastating effect on your business results, as we saw during COVID. By spreading the risk, if something changes or goes wrong, the property manager still has other channels and strategies to support their business. Direct bookings provide opportunities for business. It is an umbrella term, in reality, direct bookings encompass a diverse strategy filled with lots of mini strategies (Instagram marketing, creating backlinks from content in directories, email marketing). Ultimately, Direct Bookings give you the power to control your own risk. Analysis of Cost Per Acquisition is something that is overlooked by many PMs when considering direct bookings v OTA bookings. Cost per acquisition is important, but it's not the only metric to measure. It is important as it will identify the factors to include in your business decisions: Prioritise the tasks to focus on. Understand if a channel is successful in driving bookings. There are lots of places to gather this data. Google Ads, Facebook: Tool: track in Analytics Channels with commission / payment: Tool: track commission payments in your channels Other metrics to consider: Costs of the business per acquisition. This takes into account your time and salaries - property managers often undervalue the cost of their own time, which could be spent better elsewhere. (Cost-Aquire-Customer) Value of the transaction per acquisition Some channels provide higher value, and this can be measured by checking the value of the bookings that each channel brings you, as opposed to the quantity. It could be that a channel brings higher-value customers, but at a lower frequency. This knowledge can help you choose to focus your efforts on optimising your property listings for these channels to increase bookings. So Cost Per Acquisition may not be the most important factor, but one to consider. Moderator: Damian Sheridan of The Book Direct Network and Book Direct Show. Speakers: Kelly Odor (Bookster) Marcus Rader (Hostaway) Mark Simpson (Boostly). Main takeaways from industry experts Industry Performance Urban still struggling Leisure travel is back largely, corporate travel not back Labour shortage due to Covid and Brexit Still a desire to travel post covid Expecting business travel to recover in 2023 Short booking window is lengthening Outlook Booking.com is focusing on Digital nomads with a Work friendly option. This must have WiFi, space, self contained What is the Short Stay Summit 2021? The Short Stay Summit 2021 is an event organised by The European Holiday Home Association (EHHA), UK Short Term Accommodation Association (STAA) and the Vacation Rental Management Association (VRMA). The event included educational talks, to support the growth of property managers skills and knowledge, learn new best practices, and network with other property managers and experts in the industry. How to find out more about the Short Stay Summit Visit the Short Stay Summit website for more details of future events. We'll be attending the Short Stay Summit 2022, meet us there!

Short Stay Summit 2021

At each international conference, we cover topics to support you attract bookings, manage your owners' needs and reduce the day-to-day tasks involved in managing bookings.

Read the summary of the points we covered.

Kelly Odor

Key summary

  • Short Stay Summit 2021 is complete!
  • Bookster discussed how to balance OTA and Direct Bookings
  • Direct bookings are a major factor in mitigating risk
  • There are a number of different metrics that your business should measure
  • After measuring your business, you should take action to improve results
  • The industry is struggling but demonstrating positive signs of recovery.

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Short Stay Summit 2021 - Bookster was delighted to be speaking on a panel at the Short Stay Summit 2021.

Direct bookings provide opportunities for business.

Short Stay Summit 2021

The Short Stay Summit of 2021 was held live on 14th September 2021 in Tobacco Docks. 

The goal of the event was to share advice and knowledge on attracting bookings to your holiday lets, specialising in tips to attract direct bookings.

What did Bookster discuss at the Short Stay Summit?

Optional Marketing Mix - how to mix it up with OTAs and Direct bookings.

Direct Bookings and OTAs (otherwise known as Holiday Rental Channels and Portals) are two important channels to market and employ different strategies and tactics.

We discussed what the optimal mix is, with tips to help you maximise the value of each to grow your business.

Our favourite questions were:

Why should we care about direct bookings?

If we know the Online Travel Agents (OTAs) will probably send us lots of bookings, isn’t this enough?  

From a marketing perspective, direct bookings are a major factor in mitigating risk.

If a property manager is reliant on an external channel for bookings, if that channel fails or changes its priorities, then this can have a devastating effect on your business results, as we saw during COVID. 

By spreading the risk, if something changes or goes wrong, the property manager still has other channels and strategies to support their business.

Direct bookings provide opportunities for business. It is an umbrella term, in reality, direct bookings encompass a diverse strategy filled with lots of mini strategies (Instagram marketing, creating backlinks from content in directories, email marketing). 

Ultimately, Direct Bookings give you the power to control your own risk.

Analysis of Cost Per Acquisition is something that is overlooked by many PMs when considering direct bookings v OTA bookings.

Cost per acquisition is important, but it's not the only metric to measure.

It is important as it will identify the factors to include in your business decisions: 

  • Prioritise the tasks to focus on.
  • Understand if a channel is successful in driving bookings.

There are lots of places to gather this data.

  • Google Ads, Facebook:
    Tool: track in Analytics
  • Channels with commission / payment:
    Tool: track commission payments in your channels

Other metrics to consider:

Costs of the business per acquisition.
This takes into account your time and salaries - property managers often undervalue the cost of their own time, which could be spent better elsewhere. (Cost-Aquire-Customer)

Value of the transaction per acquisition
Some channels provide higher value, and this can be measured by checking the value of the bookings that each channel brings you, as opposed to the quantity.

It could be that a channel brings higher-value customers, but at a lower frequency. This knowledge can help you choose to focus your efforts on optimising your property listings for these channels to increase bookings. 

So Cost Per Acquisition may not be the most important factor, but one to consider.

Moderator:

Speakers:

  • Kelly Odor (Bookster)
  • Marcus Rader (Hostaway)
  • Mark Simpson (Boostly).

Main takeaways from industry experts

Industry Performance 

  • Urban still struggling
  • Leisure travel is back largely, corporate travel not back
  • Labour shortage due to Covid and Brexit
  • Still a desire to travel post covid
  • Expecting business travel to recover in 2023
  • Short booking window is lengthening

Outlook 

  • Booking.com is focusing on Digital nomads with a Work friendly option. This must have WiFi, space, self contained

What is the Short Stay Summit 2021?

The Short Stay Summit 2021 is an event organised by The European Holiday Home Association (EHHA), UK Short Term Accommodation Association (STAA) and the Vacation Rental Management Association (VRMA). 

The event included educational talks, to support the growth of property managers skills and knowledge, learn new best practices, and network with other property managers and experts in the industry.


How to find out more about the Short Stay Summit

Visit the Short Stay Summit website for more details of future events. We'll be attending the Short Stay Summit 2022, meet us there!

Other vacation rental events

Bookster is attended and presented at a number of events for the holiday rental industry throughout 2021, including The Book Direct Show 2021, Vacation Rental World Summit 2021 and Host B2B.

We discussed a variety of aspects of holiday home management, from inclusivity to holiday booking technology to direct bookings and holiday rental channels.

Find out more on our Self-catering rentals events agenda 2021

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