Brand Your Short-Term Rental For Success
Is Branding As Important As It Seems In The STR Industry?
Establishing a successful business in today’s day and age can be tricky, but one thing that will give a leg up in the short-term rental industry is building a brand. Branding is no longer just for large companies looking to stand out from the crowd–it is now a necessity for growth and long-term profitability for any business. But what if you’re a newbie to marketing and aren’t sure where to start?
Even if you’re not a creative professional or a marketing whiz, branding your vacation rental business doesn’t have to be a complicated task. Today, we’ll dive into the world of branding, exploring what exactly it is and why your business needs it before giving you a step-by-step guide to establishing your very own vacation rental brand identity.
What is Branding and Why Does Your Vacation Rental Business Need It?
Your brand is essentially defined as the image or perception that you portray to the public, and branding can be simplified as the ways in which you define and establish that brand. From your site’s color scheme to your company positioning, branding can help your short-term rental business grow in a variety of ways:
Branding Builds Trust With Potential Guests: When you present your vacation rental business as a brand rather than as a small cottage business, guests are far more likely to be able to trust and remain loyal to your brand. In fact, according to the 2019 Edelman Trust Barometer, 81% of consumers say that brand trust is a deciding factor in whether or not they purchase, but only around 1 in 3 can trust the brands that they buy or use.
Having a Brand Can Aid You in Gaining More Bookings: Branding is not just about gaining trust–it’s also a surefire way to boost the SEO ranking of your direct booking website, allowing you to reach more guests without having to lose profits from platform and booking fees.
Branding Helps You Set Yourself Apart From the Competition: For vacation rental owners who are located in homogenous markets, branding is a great way to set yourself apart and stand out from other competitors in your area.
3 Steps to Branding Your Short-Term Rental
The importance of establishing a brand for your short-term rental business cannot be overstated, but how do you actually go about the process? Here’s a short guide to branding your vacation rental in 3 easy steps.
#1: Gain Insight into the Needs of Your Local Market and Get a Good Idea of Your Target Guests
Rather than choosing your brand identity on a whim, take some time to analyze the needs of your local short-term rental market and gain insight into who your target market should be.
For instance, if your community is already full of budget and midscale rentals, it might be a good idea to target guests who don’t have as many options, such as the upscale and luxury markets. Or, if there are a lot of couple-friendly or single-occupancy rentals available, target families and larger groups. This analysis is also a great time to check out your competition–what are they providing, and what are they leaving on the table for you to take advantage of? Search for any gaps in the market that you can identify, and start there with building your brand’s identity.
#2: Establish the Basics of Your Brand
Once you’ve identified who your brand will hopefully reach and what gaps in the market it should fill, it’s time to start establishing the basics of your brand. All the research and analysis you did in the previous step should inform your positioning, brand design, and written information such as your brand name, slogan, and website content. Think about your ideal guest and their needs, then create all of the assets you’ll need to reach them. If you’re not sure where to start or have no graphic design experience to speak of, Canva is a great website to use for templates for your logo and any other image asset you could possibly need.
#3: Create Consistently Across All Areas of Your Business
The final step in branding your business is to standardize. When you establish consistency across every aspect of your business, from your website to your client communication, you’re far more likely to be recognized and remembered by potential guests.
One study by Reboot found that when brands used a signature color palette to stand out from the competition, people were more likely to recognize its colors than remember its name. That’s because, when you create consistency across your brand, you’re exposing potential customers to your imaging at every turn. Whether that's your social media profile picture or your website logo, the more chances you have to build up your brand identity in guest’s minds, the more likely they are to remember and trust it.
Learn More Ways to Be a Successful Vacation Rental Owner
There’s a lot that goes into creating a brand identity for your short-term rental business, and it can be tempting to ignore the whole process if you’re just starting out or you only have one vacation rental property to operate. However, branding comes with many benefits, and establishing your brand image can have a positive impact on your future bookings and business.
Want to learn more about how to become a successful vacation rental owner? Take a look at our blog on landing more business travelers or learn the basics of vacation rental SEO in our expert guide.