After years of spending their vacations within the United States, Americans are traveling abroad again in increasing numbers. But with international tourists not returning to the US in a similar way, demand for rental accommodation has been softer this summer.
It’s a recipe that has fired up competition for visitors between states, and tourism bodies and Destination Marketing Organizations (DMOs) have needed to rely more than ever on DestinationData to lift themselves above both domestic and international rivals.
Short term rental data helps DMOs understand visitor trends, helping them to update their offering to increase appeal to specific audiences.
Spot The Hotspots
When you’re trying to analyze the competition so that you can tailor destination marketing strategies, there’s little value in comparing performance at a macro level — you need to compare the performance of areas with a similar visitor profile to your own.
The granularity of DestinationData can not only distinguish between different target audiences in the same market, but also visitor preferences in destinations only miles apart. This sub-market analysis allows you to pinpoint what’s working for your direct competitors — including what type of visitor they are able to attract and how valuable they are.
Acting on these insights will trickle down to the rental level, potentially resulting in more visitors, longer booking windows, and increased occupancy and ADRs. Some of the most high-level changes to DMO marketing efforts could be identifying entirely new feeder markets or a realization that an annual marketing push is missing the start of a key feeder market’s main booking season.
Dramatic Differences Can Exist Between Feeder Markets
Not all tourists are created equal. A recent study found that Maryland residents have the biggest holiday budgets of all the states, putting aside $2,700 on average for their vacation. By comparison, residents of West Virginia have only $355 in their holiday pot. That's a significant difference for residents geographically close.
Delving into visitor origin market data means users can see where guests are coming from, and confidently predict market trends.
Armed with this information, users can target marketing budgets to suit the budgets of the visitors they want.
Your Tourism Crystal Ball
Historical data can be useful for spotting long-term trends and patterns, but it’s not ideal for adapting in real-time to fast-moving changes in visitor behavior.
DestinationData takes in real-time data from property management companies all over the world, unlocking the ability to react fast to real-time information on current tourism trends.
More importantly, users can gaze into the future. Pacing reports reveal the dates when visitors are making reservations for future stays. This data can be instantly compared to previous years so users can spot the sorts of changes that demand a response.
Forward-looking hotel data adds another layer or insights, allowing DMOs and the property managers they support to react early to changing market conditions.
The Power Of Data
From entire states to single properties, DestinationData puts all the information you need at your fingertips and strips away the mystery surrounding underperformance. With the help of DestinationData, underperformance can be identified early.
Want to see Key Data in action and learn how DestinationData can supercharge your strategy? Book a demo with a member of our team today.