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This episode is Sponsored by MarketMySTR.com the STR Industries #1 marketing platform.
In this episode, Bill Faeth discusses the importance of understanding who the target customers are in the short-term rental business. This includes knowing demographic information such as whether the booking market is male or female-dominated and what cities they are coming from. Bill emphasizes the need to think about who will be renting the property from start to finish and to design and market the property accordingly. Much of the discussion revolves around targeting 'Wealthy Wendy', a persona representing the majority female bookers at his properties. Bill also talks about the amenities and features of a property that can make a significant difference in customer satisfaction, such as comfortable blankets, paper plates, a personalized coffee bar in the master suite and a boot warmer. Apart from physical additions, he also mentions the use of analytics and data to improve service offerings and customer understanding.
00:01 Introduction and Overview
00:15 The Importance of Marketing and Positioning
00:52 The Investment Process and Property Selection
02:24 Understanding Your Ideal Buyer
02:51 Focusing on the Guest Experience
03:09 The Importance of Property Location and Design
03:56 Understanding Your Market and Target Audience
06:42 Creating a Comfortable and Memorable Stay
08:28 The Power of Small Details in Hospitality
13:04 Leveraging Reviews for Continuous Improvement
13:43 Conclusion: The Competitive Advantage of Going the Extra Mile
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Bill Faeth Unfiltered