Once you’re making consistent profit from successful Airbnb listings, it’s time to grow your business beyond one channel.
Diversifying your revenue streams is the key to growth and increased revenue.
Now you’ve mastered Airbnb, we’ll show you how to reach the next level.
In Lesson 7:
- Must-have major channels
- Finding the right specialist channels for your business
- Direct booking strategies to boost your earnings
Why diversify your revenue streams?
Diversifying your revenue streams with a multi-channel strategy means you list the same properties on several different booking sites.
The reason for doing this is clear.
With more channels, you get exposure to a greater number of guests and increase your chances of getting bookings.
A strategic approach usually involves listing on all the most popular major booking sites, plus any smaller and specialist sites that are appropriate for your business.
Listing on several channels at once requires a channel manager so that you can avoid the risk of getting double bookings. Channel manager will sync your calendars across channels so that as soon as a booking is made on Airbnb, those dates will become unavailable on all the other channels you list on.
Must-have major channels to list on
Airbnb might be the most famous listing site but it’s certainly not the only major channel that attracts a global audience
Two of the most popular booking sites worldwide beside Airbnb are Booking.com and Vrbo. Similar to Airbnb, they have properties of every type on their platform, and are a great place to start expanding your channel strategy.
Finding specialist channels for your business
In addition to major channels there are several reasons to consider smaller, specialist channels to list on.
Benefits of these channels include:
- More exposure (among an audience that is right for your property)
- Attracting your specific target customers
- Earning more from your bookings (customers are willing to pay more if it means getting exactly what they’re looking for)
So how do you find the right specialist channels for your business?
- Understand your unique offering. What makes your property unique? What kind of stays and experiences do you offer guests? Is your property ideal for a city break, or does it offer beach views? Are you situated in a well known area? Or more off the beaten track?
- Get to know your target guests — Who typically books your property, or who SHOULD book? Are you perfect for families, or better set up to offer a romantic getaway or even a solo trip? Are your guests looking to splash their cash, or hoping for a kitchen where they can prepare some home cooked dinners?
- Research different channels out there. Use our channel guide to help you get to know all the different channels on the market, and the benefits of each one.
Our Channelizer tool can also suggest all the best channels to list on based on your property characteristics.
Remember that specialist channels may have particular requirements that your property will have to meet in order to list.
Direct bookings strategies to boost your earnings
In addition to listing on more channels, you should also aim to get direct bookings.
Direct bookings are when guests book directly with you.
You’ll benefit from direct bookings in many ways.
Firstly, it’s good to establish your business outside of OTAs so you do not rely solely on channels for your income.
Direct bookings can be more profitable as you don’t have to pay any commission or fees to an OTA.
Plus, you can set your own policies and terms for bookings.
In order to get direct bookings, you will need to set up a website for your business, and do plenty of marketing and promotion, possibly using social media to promote your business.
Your website should contain all the information guests need about your property and guests should be able to book securely and directly on your website. Check out Rentals United’s My Website for a solution that will allow you to create a website in minutes.
So, now you’re an Airbnb mastermind, it’s time to look to new ways to grow your business. Remember, diversifying your revenue streams is the key to growth and increased revenue. With more channels, you get exposure to a greater number of guests and increase your chances of getting bookings.
Choosing the right channels for your property might seem like a daunting task with so many out there to pick from, but our free Channelizer tool can also suggest all the best channels to list on, based on your property’s unique characteristics. Try it now for free.
Missed a lesson, or want to review what you’ve learnt? Our simple, 7-step course will walk you through the entire process of growing a successful and sustainable Airbnb business. Check out the full course here.