Archive for the ‘Online Bookings’ Category

The Trust Accounting Myths

Tuesday, August 19th, 2008

Again and again I run into a discussion about ‘trust accounting’.  Trust accounting is one of those terms that people throw around, but usually mean many different things.  So I thought I would put my ’stake in the ground’ about how I utilize the term trust accounting. First, I use the term ‘formal trust accounting’ when I refer the requirement of detailed records and separate bank accounts for the owner bank accounts and records.  I do this because many property managers utilize the term trust accounting when they refer to the regular accounting that needs to be done to track the reservations & owner activity.  A monthly statement, a formal trust accounting solution does not make, but it meets all the requirements of most states. The biggest myth – QuickBooks cannot do formal trust accounting.  QuickBooks is the most widely used and extremely user friendly solution on the market and can absolutely be used for formal trust accounting. Formal trust accounting record requirements require a detailed accounting of the following four items: (these vary somewhat from state to state where formal trust accounting is required): 1) Ledger for each owner
a.       Name of the owner and identification of the bank account
b.      Dates of each activity
c.       Amounts received and from whom
d.      Amounts disbursed and to whom
e.       Current balances of funds for each owner, each month, or as of any date2) Journal for each owner trust account
a.       Name of the account (including the bank and account number)
b.      Date of each transaction, each debit and credit to the account
c.       Names of the sources of each deposit
d.      Names of each person receiving a payment
e.       Current balance in the account3) Copies of all bank statements, canceled checks for each owner trust account4) Monthly reconciliation of each of the above items.  

All of the above are tracked and available in QuickBooks for vacation rental property management.  So, find out what the requirements are for your state and do not be confused into thinking that QuickBooks cannot manage your accounting needs.

Ralf

LiveRez.com 

SEO Test Your Vacation Home Rental Site Today

Thursday, June 19th, 2008

I just found a great new tool.  www.spidertest.com

This tool allows you to enter your website and get a complete listing of how the search engine spiders see your website.  It itemizes out what features of your site may not be friendly or read at all by the spiders.  It also provides information about how often certain key terms appear on your site.

Look at these results very carefully and tune your website updates to make improvements.  Remember that SEO improvements do not show up immediately but require a few weeks and months to translate into measurable results.

What Guests are Looking for Before Booking

Wednesday, June 4th, 2008

They are looking for a reliable friend.  Show them you can be that friend.

This is one of the things that scares them away from the vrbo and sends them towards a property management company that is experienced and equipped in dealing with the unforeseen things that happen during a vacation.  A good property mgmt company will be there to ensure they have a great vacation – from booking to check-out.  That needs to be you – their best friend.

How do they judge you to be that friend:
A quality website to get a feel for your company, the property, and the service you provide.

Clear rules - check-in/out, smoking policies, or pet policies

Good online pictures are also important.

Amenities are important (pool, hairdryers, computers, etc.)

Location information – map, attractions, etc.

Booking details – charges, taxes, etc. – Clarity is Key!

  • Some questions you should anticipate:
    What if my flight comes in after your office has closed?
    What is the cancellation policy?
    Is housekeeping available?
    Is there a deposit or will charges be billed to my credit card?
    How many parking spaces are available to me?
    Are laundry facilities available?

Be their best friend, and they will be your best customers.

Ralf
www.liverez.com

Flashy Site – Not Too Flashy I Hope

Tuesday, June 3rd, 2008

In trying to capture the interest of the vacation shopper, we constantly try to make our website and our vacation rental homes more engaging and exciting.  Like all things, this is something that needs to be balanced and carefully planned.  Too much of anything is a bad thing.

Tood Folandsbee, of WebMarketingResources.net explains the best use of flash and animation on your website in a recent article.

While conducting usability testing with many people as they visit different websites, we hear lots of complaints about the use of Flash or JavaScript to cycle images and messages on homepages. We wonder: Is Flash truly a killer app? Or is it a sales killer?

I’m not talking about the Flash site introduction pages, which fortunately have nearly disappeared. I am talking about an increasing number of small sites which are cycling images, changing messages, and sending offers across the screen — generally causing havoc among people trying to understand an often complex webpage.

This is not a tirade against Flash or JavaScript. It is an appeal for improved usability.

Problems with Scrolling Messages

Here are the problems caused by changing messages and scrolling offers:

  1. Distraction. A large percentage of people, especially those with ADD (Attention Deficit Disorder), find them incredibly distracting. It is difficult to read — let alone comprehend — a webpage where dominant images continue to change and distract.

    The first rule to get conversions is: Convey your value proposition. Make clear what business you are in and why it is of benefit to the reader. But Flash often distracts viewers from understanding this essential mess age.

    Eyes are naturally attracted to motion and light. If your visitors don’t finish reading a paragraph, they won’t understand the value proposition. And unless they understand your value proposition, nothing will happen. Our user testing constantly reveals this pattern of distraction.
     

  2. Disappearing messages. Some sites cycle images and messages a few times and then stop. However, once the cycling has stopped, it is impossible to go back and look at the messages. Visitors become frustrated when they can’t review them.
     
  3. Ineffectiveness. Flash does not seem to increase the effectiveness of messaging. Flash images alone convey little beyond an attractive look and feel, but these displays often consume 10% to 30% of valuable homepage real estate.
     
  4. Transitoriness. When we allow test users 8 to 10 seconds to view a homepage — and then hide the page — they rarely remember the content of the Flash messages. Far more often they are able to remember simple static headlines.
     
  5. Trained avoidance. Our testing indicates that Flash is becoming like banner ads that people have trained themselves to ignore.

A Better Solution — User Control

Let others continue to run Flash and lose conversions, while our clients implement this simple and effective solution: On every instance of Flash on your site use the common video icon controls for play and pause (and mute, if you use audio). Start with your primary message and let people move through the display if they choose. Such controls allow users to:

·  Run a display if they want to. ·  Stop on any message they are interested in. (Hint: Hyperlink the image to take users to an appropriate landing page.) With this approach you avoid annoying anyone. Flash can be an engaging, entertaining, and impactful tool if you simply yield control to the user and end the forced distraction.

If you watched users get frustrated day in and day out with cycling images and messages, you might lose patience — as we often do — with sites that don’t spend the time to determine exactly the kind of impressions they generate. As you explore new and supposedly engaging website technologies, be sure to test them before fully implementing them on your site.

Take the time to understand how your customers shop for their vacation rental property.  What information do they want to spend time on, and where the best place is to utilize animation.  I really like the concept – users want to have control.  I know my wife always does. : )

Offline US Travelers are Moving Online

Wednesday, May 28th, 2008

A new report out by PhocusWright highlight the many online travel trends.  No surprise, online travel is strong and growing.  Following are a couple of highlights from the report: 

  • Exclusive online buyers account for two-thirds of all online travelers and represent an important source of future revenue opportunity. Players in the U.S. online travel market need to stay on top of the latest intelligence about their customers.
  • OTAs dominate every leisure travel component category purchased online and across different travel scenarios tested. This underscores not only the power of increased advertising spend but their broadening reach, brand awareness, appeal to the novice user, diverse content, complex offering and user-focused approach.
  • Despite increased rates and increasing economic pressures last year, hotel was the top component purchased overall. This underscores consumers’ need for a change in venue to really disengage while traveling for leisure, ability to find deals and the plethora of inventory and more unique hotel options available online.
  • With half of online travelers using the same purchase method for leisure as they do for business travel, travel providers have the opportunity to cross-sell leisure travel to this coveted group of business travelers.
  • Frequent travelers and seasoned online buyers continue to dominate, but now the former “diehard” offline users have begun to use the Internet as their usual method for travel shopping and purchasing. As novice users, this “late majority” possesses different travel and purchase behavior, has varying levels of online technology savvy, requires different messaging and is demographically unique.
  • The PhoCusWright Consumer Travel Trends Survey Tenth Edition

    What does this mean to you, the vacation rental manager?  You better be online – in a simple & pleasant way.  Have an online experience that is similar to what travelers will find in booking business travel.  Vacation homes are right in the sweet-spot of the trend that people need a change of scenario to vacation.  Know your target customer, and niche – because you will get outspent in marketing by the big online travel agencies.

    Ralf
    www.liverez.com

    Forget Keywords; It is about Keyphrases for Vacation Rental Searches

    Tuesday, May 27th, 2008

    Whether you are SEO’ing or PPC’ing – it all comes down to having the right words in mind, and focusing your efforts on those words.  The word ‘New York’ is very powerful.  So is the word ‘Skiing’.  But think about how many different contexts these words can be used in, and how many cyber-sellers are using these works to position themselves and their products/services on the web.

    OK – nothing new so far.  But here is the new statistic – the Average Google search has 4 words!!  One place to check out how different keywords, and keyword phrases compare to each other is in Google Trends:  http://www.google.com/trends

    That means your target vacationers are not thinking about which word they should search on, but which phrase to search on.  Shoppers are no longer inputting single words or a couple of related words.  They are searching on meaningful phrases that define very specific target content.

    So my advice is, think in terms of meaningful phrases that define what your target prospects are searching for.  Not ‘New York’ or ‘Skiing’, but ‘New York Family Ski Vacation’.

    Happy booking!

    Ralf
    www.liverez.com

    More Online Bookings – Easy as Algebra?

    Monday, May 19th, 2008

    The folks at Marketing Experiments are focused on eCommerce – which also includes online vacation rental vacation bookings in my definition of getting online bookings. 

    I have always liked their ‘Conversion Index’:  Conversion = 4m + 3v + 2(i-f) – 2a is a great way of looking at how to dissect the various aspects of what gets prospects to book a vacation on your site. 

    Here are the definitions for the Conversion Index (above) there are four elements that are critical to increasing conversion:

    •  Motivation (m) of the prospect visiting your website to make a purchase.
    • The clarity with which Value Proposition (v) is expressed. After motivation, it’s the most important factor in determining whether a customer buys from a site or not.
    • Incentives (i) such as specials, rewards, etc. are used to mitigate Friction–producing (f) elements such as finding information, clicking many buttons, etc. in the conversion process.
    • Anxiety–causing (a) elements, such as asking for personal and credit card information.

    Evaluate your vacation property rental website with these principles in mind. 

    Thanks.

    Ralf
    www.liverez.com

    Seeing the Forest for the Trees – Do you need traffic or bookings?

    Friday, May 16th, 2008

    Today I had another one of those conversations I often have about online vacation rental solutions:

    “Hi, this is Ralf”
    “Hi, I need some help with getting online bookings.  I need to get SEO.  I need to get PPC.  I need to get more traffic to my site.”
    “Ok.  What do you know about the visitors to your site?  Where are they coming from?  What are the clicking on?  How many are booking?”
    “I don’t know.  I know I need more traffic”

    This is when I take a long sigh, and start into my spiel about the importance of conversions.  Suddenly he says, “Well of course.  Kind of forgot about that equation.”

    The equation he is referring to is the “impressions turn into click-throughs, turn into site visitors, turn into bookings”.  So it is as much about what you do with the visitors once they are on your site, as it is about how much traffic you generate to the site.  It is something that in the ‘heat of the battle’ is often forgotten because some of us are judged on characteristics such as number of visitors, or impressions.

    So always remember, the key statistic is the number of bookings.  Work backwards from there and see how you can influence the numbers in the equation – whether conversion or audience.

    Conversions – that is the trick, not just traffic

    Thursday, March 27th, 2008

    There are lots of ways to increase conversions on your website. Using the right images, testing different buttons on calls to action, decreasing the number of pages in your booking process. There are tools to help you do this, multivariate and split testing tools.

    But one thing you can do before you even get to that point is proper keyword research. Conversions on your site start way back here.

    I have seen many people bid on (or worse yet, SEO for) a keyword because it has a lot of searches. Obviously we want traffic to our website, because more traffic = more sales. Well, yes and no, more of the right kind of traffic = more sales.

    A good way to do this is to take your internal site search and run some reports. There is a lot of information about how people view and search for your vacations. For example, you may have properties in Southern California.  However, your internal search reports may show that most of your visitors search for “california beaches”.

    Semantics right? However, if that makes the difference in how people view your offering and influences them to book, then it’s obvious what word you should use in your marketing.

    The research is worth it, in the long run it will pay off. Instead of trying to fit square pegs into round holes, you can spend your conversion efforts fitting round pegs into round holes.

    Ralf

    Trends – PhoCusWright’s U.S. Online Travel Overview Seventh Edition

    Tuesday, March 25th, 2008

    Here is a summary of what these rather educated and well-researched folks had to say about what is going on in the travel industry:

    The U.S. travel market entered a new era of channel balance in 2007. This was the first year that more travel was purchased online than offline in the U.S. While online travel continues to grow faster than the market as a whole, the maturity of the channel has led to a significant slowdown in growth compared to the torrid pace of the past.

    However, the gap between online and offline will continue to widen as more and more travelers shift behavior to online shopping and buying. But the future is less about share shift and more about the realization that consumers will continue to use multiple channels as long as they are available to them and the price differential is acceptable. This price differential, if there is one, will be measured against the convenience of using one channel versus another, various perks, relationships with brand, and the type and complexities of the trip.

    While online sales continue to grow, the pace is not the same for certain segments of the market. Depending on the channel (online travel agency or supplier-direct Web site) or the product (point-to-point air, chain hotel, cruise, complex itineraries), online is still in various stages of development.

    Consumer marketing is more complex due to search, social media and other Internet outlets that need to be more closely aligned with a holistic marketing program.

    Key Findings Include:

    • While suppliers are gaining share in most segments (air, car, hotel), online travel agencies are competing via packaging and add-ons, corporate tools, distressed inventory, international expansion in Europe and Asia, independent hotel properties, U.S. chains, and cross-product and provider customer service initiatives.
    • Online travel agencies are lagging in integration of Travel 2.0 tools and will need acquisitions or partnerships to catch up even as they labor to develop targeted marketing based on their massive stores of consumer behavior data.
    • Alternative monetization of traffic will in the medium term reduce the overall significance of gross bookings to the bottom line for online agencies.
    • Search and metasearch continue to work in favor of suppliers as they drive traffic to their Web sites to book after their comparative shopping experience.
    • All travel companies must embrace the consumer desire to shift among online and offline channels.
    • Packaging components such as air, car, hotel plus local tours, spa treatments, golf, events and other destination services allows hotels and online travel agencies to upsell the customer and combat commoditization. To date, this is best done by online travel agencies, although hotels are increasing their efforts.