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5 Niche Marketing Strategies for Vacation Rental Managers Definition of Niche Marketing “Marketing that targets a specific geographic, demographic or industry niche.” (Source: Veria Glossary) Concept Behind Niche Marketing • • • • • • • Your goal is targeted leads Operate in smaller, more defined market Advertising: More Reach = More Money Sacrifice Less Reach Spend Less Money Have Less Competition Higher Conversion Why Use Niche Marketing • • • • • • Be “first in mind.” First, Largest, Best Growth Strategies Find a smaller market You become best Become the big fish in a small pond (then expand). Benefits of Niche Marketing • • • • • • Better compete in smaller markets Better serve your guests with targeted service Grow your inventory by targeting owners Increase the efficiency of your marketing Increase business through referrals / add-ons Better brand your business What We’ll Cover • How to identify your niche – Rob Holderness, LiveRez Marketing/PR • How to target guests and owners with MicroSites – Brooke Pfautz, President, Vantage Resort Realty • How to master long-tail keywords – Sam Martin, LiveRez SEO/SEM • How to partner with local vendors – Tyler Hurst, LiveRez Sales • How to become an authority within your niche – Rob Holderness, LiveRez Marketing/PR 1. How to Identify Your Niche Niche Market Examples • Specific Locations (Sandbridge section of Va. Beach) • Complexes and Resorts (Ocean Reef, Belmont Towers) • Vacation Themes (Disney, Fishing, Adventure Sports, Romance) • Price Range (Value, Luxury) • Inventory (Condos, Villas, Large Houses) • Other Categories (Pet Friendly, Waterfront) • Combinations – Pet Friendly Condos near Disney World – Romantic Getaways at Sun Valley Lodge Look at Your Current Guests • • • • • Where are they from? Why did they stay with you? Why were they taking the vacation? What did they do when they were there? What did they like about their experience? Look at Your Available Markets Based on your business, what markets make sense for you? Look at: • Your location • Your services • Your inventory Gauge Your Competition • • • • • Who are your major competitors? How are they marketing? Do a Google Search? Check out the Google Adwords keyword tool. How many people are searching for keywords related to your niche? Find a Need and Fill It From your analysis, determine the following: • What are the travelers needs? • How many business are competing to fill them? • Based on my business, where can I best compete? Determine Your Niche and Keywords • Use this analysis to determine the most profitable markets that you can do well in. • Focus your marketing efforts on the demographic of traveler whose needs are met by your niche(s). • The idea is targeted marketing 2. How to Target Guests and Owners with MicroSites My Background • President of Vantage Resort Realty • LiveRez Partner since 2009 • Early Adopter of LiveRez MicroSites How I Started • I started with one site with all of my properties • Then, I expanded to additional sites, each targeting a niche How LiveRez MicroSites Work Why Use Additional Sites Or Landing Pages? • • • • • • Content is targeted to desired demographic Content tailored to meet travelers’ need Content optimized for niche SEO strategy Website specific to potential owners More distribution points for properties More pages for Google to crawl and guests to find online. 3. How to Master Long-Tail Keywords What are Long-Tail Keywords? • Long tail keywords are keyword phrases that have at least three, and some times as many as five words in the phrase – More qualified search term and consumer • Not the most popular search terms – Typically a vacation is not planned with one search • Shop Refine (Refine )Purchase – But highest converting • 80-20 Rule • The Long Tail is your Niche – i.e. condo in pensacola florida to see blue angels fly How to Determine Your Keywords • Brainstorm – Are there any events coming up – Vacation Rental(s) that is or are unique in some sort • Utilize Google Analytics – Filter your referring and or converting keywords • Remove the generics and see what you are left with • Think and act like the consumer! – Start searching; see what your competitors are doing; then out-do them! SEO Benefits • Less competition – Shoot up the ranks more quickly • Not searched as often, but again higher conversion rates • Position yourself as the expert – Relevant content – Search Engines LOVE this SEM Benefits • Less competition • More qualified consumer • Cheaper clicks – Higher conversion rate – More ROI! • Unique and relevant ad copy – Alter your display URL to show keyword – MyRentals.com/BlueAngels2012 • Plug for Google Remarketing – If you do catch the consumer in the shopping phase 4. How to Partner with Local Vendors Examples of Partnership Opportunities • • • • • • • • Massage Therapist Boat / Canoe Groceries White Glove Service Rafting / Fishing Trips Ski Items / Lift Tickets Resort or Amusement Park Tickets Sell Your Area Attractions or know who does. Examples of Partnership Opportunities Examples of Partnership Opportunities Examples of Partnership Opportunities Ways to Partners • Exclusive Referral Business • Offer Check Out Options • Basic Referral Business • Offer Others’ Services • Brochure and Collateral Trade • Sell Each Others Goods/ Services Benefits of Partnership • • • • • • Build Business Network Understand your Guest Referral Business Residual Business Additional Revenue Streams Mark up Others Goods / Services Think Long Term • • • • Relationships = Undefined Revenue Word of Mouth Educate yourself to the guests needs Tailor to the guests demographic (short-term and long term) 5. How to Become an Authority Within Your Niche Showcase Your Expertise Online • Put comprehensive information on your website regarding your niche • Write about your niche on your blog • Share information on your social media channels Build Strong Networks Within Your Niche • Make sure you’re talking to vendors that share your customers to learn more about these customers • Start approaching key influencers within your niche, initially to learn from them and then to become a trusted ally Volunteer within Your Niche • Helping others within your niche is a good way to get involved, gain notoriety and create good will • You’ll learn more about your customers in the process Pitch Yourself to the Media • • • • • • You are knowledgeable about your niche Journalists are looking for good sources Start communicating with them Check out HARO Requests Set up Google News Alerts Set up events that are worthy of news coverage Conclusion Review • • • • • Identify Your Niche Use MicroSites Master Long-Tail Keywords Partner with local vendors Become an authority within your niche Questions? Thank You for Attending!