Analyzing success and market hitting strategy of Airbnb
Airbnb embarked on a commendable $31billion rental broker business-enterprise fueling the instincts of budding entrepreneurs.The story of two young brains hatching a common idea of sharing “Air-Bed and Breakfast” and turning it in to a huge success has reached every nook and corner. Their strategy of leasing out spare rooms, homes or even castles and properties from owners to travelers online was a sheer win-win. But like any other successful business story staggering through rags to riches, this global business giant has conquered enormous challenges with prudent strategies and business planning.
So, here, we get you through the Airbnb’s business success and methodologies to help entrepreneurs build a platform with essential properties.
Being responsive to market needs
“It requires proper vision and planning to guide your thoughts right from inception till execution of your idea”. Airbnb’s concept of a “peer to peer” rental business started small and met with some jerks in between. A major setback was when the business fell stagnant making only $200 a week for several months together.This called for some major strategic upgradation. They could find the pictures of the listed houses were not up to the mark and demanded clarity and reformation. So they personally captured the listed houses and this strategy helped them hitch a hike to $400 a week. Airbnb ensures to adhere to customer’s demands and provide them with an unambiguous, hassle-free & pleasant experience.
Building a foundation of Trust
If you are keen to thrive in such a vacation rental business you need to build an inspection mechanism to monitor both the parties and give due emphasis to framing of policies. You also need to build up online ID verification systems and peer review mechanisms to ensure honest and valuable business transactions. Airbnb ensures that the hosts are backed by insurance against any theft or vandalism. A 24-hour customer hotline is at the disposal of the customers.
Variety is the spice of ‘Marketing’ : Adding a tinge of variation to services
Airbnb has ramified its rental business into lucrative ideas to enhance customer-experience.The ideas cater to the needs of different segments of the market. Be it a plan to boost accommodation options for customers, offering resorts, castles and vilas at a discount or organizing LEGO houses for children, Airbnb offers a wide variety of exquisite offers to glaze the eyes of its customers.
Emphasizing on Ease
Work to lend your website a cleaner and leaner layout, it is indispensable to your success. Designing a user-friendly vacation rental software that offers a hassle-free experience can boost your revenue manifold. For instance, Airbnb’s highly interactive website instantly responds to the queries of customers.
Expanding Market Reach
You need to take a stride and widen up your horizon. Reaching out to varied countries and people may have an amazing impact on your Brand image. After-all there is no such step as crucial for your business as positioning yourself on a bigger platform! For instance, Airbnb caters to more than 8,00,000 listings in many countries.
Airbnb has laid the exemplary base for novice businessmen and start-ups. Following its strategies could give you a good chunk of Market-share. If you want to go ahead with your personalized vacation rental website, Agriya will guide you through your journey as a reliable partner. You could avail the benefits of our indigenous ‘Burrow’ – airbnb clone script and begin an exciting venture with hosts and travelers.