Compare short-term rental metrics with your neighbors and competitors for destination success
In the intricate and growing tapestry of the travel industry, identifying and learning from your competition is a critical constituent of destination success.
As guardians of their locales, it is necessary for DMOs and public sector institutions to understand who their competing destinations are, and learn how to improve and protect. Moreover, a comprehensive and digestible notion of short-term rental market dynamics for benchmarking and informing strategy can be the difference between surviving and thriving. What sets Destination Insight data apart is our commitment to granularity. With access to a host of short-term metrics from the industry’s most comprehensive dataset, and the power to compare short-term rental metrics in any competing or similar destinations around the globe, you can equip yourself with unparalleled insight and stay a step ahead.
For instance with the rapid rise of sustainability concerns and increasing competition for demand in key tourist destinations globally demanding informed strategy, Lighthouse has developed Destination Insight to help manage these complex landscapes and shape marketing strategies for success.
Your neighboring markets are probably competing for your domestic visitors. Likely, destinations in the same seasonality bracket who attract visitation peaks at the same time, or comparable market types who may appeal to the same traveler segments are seeking to attract the same guests. Those whose principal visitor origins or price points are typically aligned will also be siphoning demand from your destination.
How to compare short-term rental market performance with other destinations
The Destination Insight dashboard allows you to make direct comparisons with similar, contrasting or competing markets to compare and contrast data on their occupancy rates, average daily rates (ADRs), booking windows and length of stays (LoS). Generally speaking, tracking these differences over time can help identify the realities of your market and others, make projections and establish targets. Furthermore, comparable markets can be selected according to your interests, and can be cities, regions, states or countries. For example, Athens can assess a neighboring city’s length of stay against their own to measure and track sustainability efforts.
Occupancy rate comparison
Compare how tax incentives, tourism development regulations and other policies are impacting demand in different destinations
Benchmark occupancies and the the seasonal economic impact of tourists in different destinations with varying degrees of dependence on the tourism sector
Average Daily rate comparison
Discover how accessible markets are, which ones are catering to a wider, smaller or similar target audience
Compare sustainability efforts and seasonal ADRs indicating what destinations are implementing economic sustainability initiatives that attract higher paying guests
Bookings window comparison
Track how marketing campaigns and large-scale events create periods of higher or lower compression and impact sustainability by exploring expanding or diminishing booking windows in and around markets
Length of Stay comparison
Gauge an idea of economic and environmental sustainability and how you benchmark
Investigate how destinations where tax incentives and other policies influence travel behavior through length of stay metrics
As you can see, through comparing destinations, you can assess your market positioning and strengths and weaknesses, and furthermore capitalize on visitor interest around event scheduling and garner adaptive strategies by monitoring competing strategies. Lastly, compare contrasting destinations by diversifying your destinations tourism portfolio and mitigate risks arising in contrasting destinations. Further, identify opportunities to collaborate, and innovate within your own destination from inspiration of contrasting destination offerings.
Why compare short-term rental market performance with other destinations
Altogether embracing the holistic approach to short-term rental data provision can be an invaluable strategy for you. Critically it enables DMOs to maintain a competitive advantage when benchmarking against and learning from other destinations.
Strategic Marketing Insights
Optimize event scheduling & marketing campaigns by pinpointing periods of consistently high or low occupancy rates
Evaluate the effectiveness of marketing campaigns & channels
Understand guest behaviours by analyzing booking windows across comparable destinations
Understand occupancy patterns over certain time frames to target promotions & optimize scheduling
Proactively respond to identified impacts of regulations or external factors on demand fluctuations & compression
Compare sustainability efforts, such as occupancy rates for eco-friendly markets
Encourage eco-conscious travel choices among visitors by benchmarking length of stays and ADRs
Monitor seasonal peaks and troughs in occupancy to mitigate challenges to economic sustainability
Gauge your competitive standing within the market by assessing occupancy rates
Identify key traveller segments with competitive and optimized rates
Visitor Satisfaction Enhancement:
Identify comparing markets with formidable performance metrics to learn how to elevate your own visitor satisfaction levels
Pinpoint & promote what sets your locale apart & enable USPs for effective campaigns & enhancing the overall visitor experience
Optimize your destination with comparative accommodation metrics today
In brief, from scrutinizing occupancy rates and pricing trends to discerning marketing opportunities and identifying strengths and weaknesses in demand metrics, Lighthouse solutions offer a detailed yet actionable panorama of the landscape. As a result, DMOs drive growth, raise their destinations’ profiles and social sustainability, and gain a competitive advantage. So, want to learn more about measuring and mapping short-term rental supply in your destination? Possibly your strategy needs more effective calculations in short-term rental impact and performance?
Finally, the cutting-edge Destination Insight Dashboard meets these challenges head-on with the ability to conduct granular analysis of short-term rental data across markets worldwide.