End of Year Observations
Wishing everyone a Happy New Year.
We’ve had a pretty decent year, 50% portfolio growth. We added properties organically and in November acquired a smaller company as well.
Although we begin next years planning in October (old habits die hard) I started reviewing statistics and reporting today to finalize the outlook. Some interesting results.
I’ve omitted Hotel data to narrow our focus toward our core competency - Luxury Vacation Rentals
We’ve captured 945 of 1811 inquiries Year to Date for a 52.18% conversion rate vs the global average of 1 in 11
AirBnb 50.27% conversion, average transaction $2162, %ofAllRevenue 30.72%, %ofAllBookings 41.22%
HA/VRBO 40.8% conversion, average transaction $3087, %ofAllRevenue 32.68%, %ofAllBookings 30.71%
MyVR 54.49% conversion, average transaction $3,980, %ofAllRevenue 33.79%, %ofAllBookings 24.63%
Per Google Analytics, we had 6,746 users visit one of our two Company Branded, Coast Estate web-sites to generate:
$700,480 in Revenue
Conclusion? That’s $103.84 per click.
Goal? Aim for 11,000 clicks at $114 per click in 2020
I must admit, at first I was reluctant to leave our WordPress website behind when we came on board with MyVR.
In 2018, we had done 4k in new users 5.9k in page views with the WordPress site , booking widgets, embedded calendars, etc.
We had to do double work with every new property we added, setting them up in MyVR as well as the WordPress site.
We waited five months after coming onboard to launch using the MyVR templates to create a far superior product in February, 2019. We left the WordPress site up.
Between the two, we cranked out the numbers above. Then 2020 came. We were shut down for leisure travel for three and a half months.
We pivoted to marketing for essential travelers, and as we reopened, our out of state travelers kept cancelling. We raised our Pandemic Discounted Rates each time we had a cancellation. We booked one property for the month of August FIVE times!
Our MyVR website really did a great job of pulling us back from the Spring. Our 2020 New Users grew to 10.1k with 18.3k pageviews as repeat customers returned. We actually booked $1,130k AFTER cancellations through the website.
Four months into 2021, we have seen 4k new visitors, 5.9k pageviews and $629k in Revenue. That’s greater than $150 per click.
Many thanks to the MyVR team for putting forth such a great product.