In this webinar our audience learned how revenue management, marketing, and distribution blend together in vacation rentals. We deep-dived into how they work together to boost profits. Read on to discover how to integrate them effectively for success.
Host Thibault Masson, Head of Product Marketing at PriceLabs and Founder of Rental Scale-Up, talked with industry experts, experienced Property Management & Revenue professionals in the short-term rental space;
- Bryant Loy, Director of Revenue Management & Distribution, Brett/Robinson Vacation Rentals
- Amber Prickett, Solutions Consultant, PriceLabs
- Anurag Verma, Co-founder, PriceLabs
- Subhodeep Mandal, Independent Revenue Management Consultant
The panel provided diverse perspectives, leveraging real-life scenarios to deliver practical guidance suitable for property and revenue managers of all scales.
Session Highlights
- Collaborative Processes: Explore structured approaches for team cooperation.
- Problem Solving Together: Address common challenges across departments.
- Real-world Examples: Learn from successful coordinated efforts.
- Role of Data and Analytics: Utilize data for synchronized functions.
Watch the replay on YouTube
About the speakers
Bryant Loy serves as the Revenue Management Director at Brett Robinson, overseeing a diverse portfolio of 1,700 properties along the Gulf Coast. With experience in revenue management, marketing, and distribution, Bryant’s role includes crafting distribution strategies to maximize company objectives.
Amber Prickett is a Solutions Consultant with over four years of experience as a revenue manager in Northwest Florida. Managing revenue for properties from Pensacola Beach to Panama City Beach, she is committed to optimizing business strategies.
Subhodeep Mandal, an independent consultant for short-term rentals, draws from seven years of experience, including roles in revenue management with Marriott Hotels. With a clientele spanning the US and the UK, he specializes in optimizing revenue strategies for vacation rentals.
Anurag Verma, one of the co-founders at PriceLabs, brings a wealth of experience from his time in revenue management at United Airlines. With insights from numerous conversations within the vacation rental industry, he offers a unique perspective on integrating strategies.
Q.1. How can vacation rental businesses effectively set up and coordinate collaboration between marketing, distribution, and revenue management teams, especially considering the challenges of scale and multiple roles within these departments?
Bryant highlighted the challenge of aligning revenue management and marketing within a large property management company like Brett Robinson. He emphasized the importance of regular meetings between the revenue management and marketing teams to ensure alignment on pricing and promotional strategies. Bryant’s approach includes weekly meetings, daily check-ins via Slack, and separate revenue management-focused meetings to maintain close collaboration.
Amber shared her experience of working in companies where revenue management, marketing, and distribution were integrated into one team. She stressed the necessity of close collaboration between revenue management and marketing to address owner concerns and optimize property performance. Amber’s approach involves weekly team meetings, regular leadership meetings, and additional marketing meetings as needed for brainstorming and collaboration.
Subhodeep discussed his setup as an independent consultant, focusing on the importance of communication channels like Slack and Whatsapp for coordination between revenue management and marketing teams. He highlighted the weekly meetings to discuss pricing strategies, distribution channels, and property visibility. Subhodeep emphasized the need for data-driven discussions to enhance property performance and increase market penetration.
Anurag explored different organizational setups, comparing traditional departmental structures to more integrated approaches like his own company’s solution consultant model. He noted the benefits and drawbacks of each model and encouraged further discussion on what works best for different organizations. Anurag’s perspective underscored the importance of flexibility and adaptability in aligning strategies across departments for optimal outcomes.
Q.2. How does teamwork between marketing, distribution, and revenue management benefit vacation rentals?
Bryant emphasized the importance of timely communication and alignment between teams to optimize booking performance. He illustrated this with an example of how revenue management’s insights into pacing issues prompted coordinated marketing efforts to boost bookings, highlighting the necessity of collaboration in driving revenue.
Amber echoed Bryant’s sentiments, emphasizing the necessity of all three departments working in sync for success. She provided contrasting examples from her experience, showcasing the varying strategies regarding direct bookings versus OTA distribution. Amber stressed the importance of finding a balanced approach that maximizes revenue while considering market dynamics and budget constraints.
Subhodeep underscored the significance of data-driven decision-making and targeted marketing efforts in response to market trends. He emphasized the role of revenue management in providing insights to guide strategic decisions across departments, ensuring effective allocation of resources and maximizing revenue potential.
Anurag highlighted the value of collaboration in problem-solving, suggesting that coordination between departments can lead to faster resolution of issues and better revenue outcomes. He emphasized the need for a holistic approach to problem-solving, leveraging diverse perspectives to identify and address challenges efficiently.
Q.3. What three key performance indicators (KPIs) are essential for aligning distribution, marketing, and revenue management departments, ensuring effective communication and shared understanding of data-driven strategies in vacation rental businesses?
Subhodeep emphasized the importance of market data in aligning departmental efforts, focusing on metrics like repeat park, area trends, and occupancy rates. He suggested that understanding market trends is crucial for making informed decisions and prioritizing strategies effectively.
Amber highlighted three key performance indicators (KPIs) for effective communication among departments: Occupancy, Average Daily Rate (ADR), and Revenue per Available Room (RevPAR). She emphasized RevPAR as a balanced metric that combines ADR and occupancy, providing a comprehensive view of performance across different channels.
Bryant offered a contrasting perspective, prioritizing metrics like overall revenue pacing, occupancy, and ADR over RevPAR due to the complexity of their inventory distribution. He emphasized the importance of analyzing web traffic, conversion trends, and booking patterns to tailor pricing strategies effectively and maximize revenue.
Anurag focused on the significance of data sources provided by online travel agencies (OTAs) for property managers who rely heavily on external platforms. He stressed the importance of platforms like Airbnb’s analytics dashboard, which offers insights into property views, conversion rates, and sales channel performance. This helps property managers to make informed decisions despite limited direct traffic.