How to improve my business on OTAs (2)
Key Strategies to Increase Revenue on OTAs ( part 2)
Our Travelotopos Market Expert has already mentioned that you should see OTAs as your marketing and sales opportunity and befriend them.
The Online Travel Agents offer great data information which you can use to optimise your revenue through them with the below three (3) important strategies taken into consideration. Let’s have a look.
Create a rate strategy, build on the demand and apply rate options for your potential customers to select from, break them into dynamic / seasonal and deals.
Contact your Travelotopos Market Expert or OTA Market Manager and promote exclusive seasonal packages or announce hot deals you participate in when the OTAs are running campaigns.
Focus on specific markets
Analyse your market and the pricing applied through the OTA data provided. Identify trends of the market, understand which one to focus on market or even create new sales opportunities through new markets. By narrowing down your target you will impact specific customers who are more likely to secure the booking with you.
Keep in mind that a Business Market is not only the geotargeted one, this is only a small piece from the Market puzzle. If you want to learn more contact your Travelotopos Market Expert.
Understand your local competition
Do you know your local competition? Why someone should book with you and not your competitor? Is your competitor on the same OTAs as you? What are your differences?
It is crucial to understand and know the similar players in your market otherwise how you will compete? Reply on the above questions and elaborate the why someone should book with you instead of your competitor. Analyse your weaknesses and points of opportunity, then you will have a clear picture of where your business stands among your competition and what should be your market share.
Takeaways from today, all three (3) points above are depended from each other.
Rate intelligence is defined by understanding your market and analysing the pricing applied. By identifying trends, market conditions and your local competitor rates. The OTAs provide you great data to work with. Apply the knowledge and build up a strong and intelligent strategy.
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