Marketing Planpsychology Essay
Do a Situational Analysis Target Markets We set our target market based on several aspects below:- Demographic Most of potential customers in Mont Kiara and Taman Laguna are came from high income family that has a higher education and status who has their own level of comfort ability that they wish to live in their daily lives. Geographic Some of people in Mont Kiara are come from Korea and other countries. They came and stay here by renting out house and transportation to go to their destinated destination. Psychographic Mont Kiara are famous with golf tournament that invites many guest around the world.
Some are coming for tournament but there are some are coming for a holiday and business. So might need a short term rental with transportation also. Market Needs & Trends Look at your local holiday rental market as a whole. Are there any traveller groups that don’t seem to be well catered for? Has your local area undergone any major changes in the past year? 5 years? 10 years? Look for trends in the number of visitors, demographics of visitors, new construction in the area, sharp increases or decreases in the value of property, significant increases in property taxes, or new or proposed regulations regarding short-term rentals.
SWOT (Strengths, Weaknesses, Opportunities, and Threats) Analysis Completing a SWOT analysis will help you determine where the strengths of your holiday rentals business, where you can improve, and what opportunities exist in the market, and what threats loom on the horizon. Strengths: What does your holiday home offer that other homes in your area do not? What makes your home special? Are your rates competitive? What do you do as an owner that is better than other owners in your market? Examine your online adverts. What does your ad do well? Weaknesses: What do other holiday homes in your area offer that you do not?
Are there any areas where your home could be improved (facilities, decor, furnishings, etc. )? Examine your portal website listings. What could be improved about your ads (better photos, better written descriptions, etc. )? Opportunities: Are there any improvements being made or attractions being added in your market (have the beaches been given a special award, or is there a new activity centre opening)? Does your property cater to any of the following growing market segments: retirees, business travellers, families with grown children? Is the area opening up to travellers from a new geographic region?
Threats: Are there any new property developments coming to your area (i. e. increased competition)? Has there been a significant increase in property taxes for second homes? Are there any new regulations being imposed on holiday rentals in your area? Competition In positioning your holiday home, you should consider who you are competing with for business, what they offer, and how their pricing compares to yours. After you’ve compiled a list of your biggest competition, take note of where they currently advertise, which marketing tactics they’ve chosen to implement.
Then launch your counter attack, by applying strategies that will more effectively or persuasively reach the target customers you have in common. Other Holiday Accommodations in Your Holiday Market This could include other holiday rentals in your area, as well as hotels, bed and breakfasts, all-inclusive resorts, hostels, caravan parks or camp sites. Other Holiday Destinations Often you’re not just competing against other accommodations in your area. You may also be competing against holiday homes and hotels in surrounding areas, or even other markets altogether. Holiday Rental Benefits
What does your home have to offer travellers? Amenities An amenity is anything included in your home that may be of interest to potential guests. The next time you’re at your vacation home, go room-to-room and make a list of the items in each room. Download the Equipment and Facilities Checklist to see if you’re missing anything. Suitability Who is your home perfectly situated for? Families with small children? People with disabilities? The elderly? Travellers with pets? 2. Determine Your Marketing Strategy Marketing Objectives What are your most important goals for marketing your holiday home? To receive enquiries?
To book a certain number of weeks? To generate a specific amount of revenue? Positioning When setting your marketing strategy, it’s important to determine how you plan to market your retnal. That is, who your home is suitable for, and how you plan to ? Many holiday home owners make the mistake of trying to target uncomplimentary groups of travellers. For example, if you have a large property in the Algarve, Portugal, creating a home that is too family friendly (for example turning ample sized bedrooms into children’s bedrooms) could alienate groups of adult friends on golfing breaks or girls getaways.
However, become too broad in your appeal, and you could seem bland or irrelevant to travellers. Marketing Mix Most marketing activities conducted by holiday rental homeowners fall into the categories of online advertising, offline advertising, and word-of-mouth marketing. Online Advertising Portal websites like HomeAway. co. uk or OwnersDirect. co. uk Specialised websites like your local tourist board Personal websites (your holiday rentals business website) Offline Advertising Print media like newspapers and magazines Radio or TV Collateral material like business cards, fliers or vouchers
Word-of-Mouth Customer relationship marketing efforts to past guests, or friends and family discounts Referrals Charitable donations Marketing Research – Get to Know Your Target Customer Take the time to do some research about your target renter. The best way to do this is by talking to past guests, friends, and family members about what they enjoy about your home, what could be improved, and whether or not it fulfils the requirements they are looking for in a holiday home. You can also download our Guest Feedback Survey to send to your previous guests
Become an Expert on Your Local Area Travellers will often look to you for advice about your area. Put on your travel agent hat and learn about the area attractions and restaurants that may interest your target renters. Stay Current with Events in Your Market It’s important to stay abreast of events in your area. Consider subscribing to the local newspaper in your vacation home market or set up Google News Alerts to come to your email. Follow Industry Trends Staying educated on the holiday rental industry will give you a leg up in marketing your home.
Keep an eye on our Industry News section, for the latest reports. 3. Get Your Financials in Order (Budgets and Forecasts) Break-Even Analysis Even if you do not rely heavily on rentals to cover the expenses for your home, it’s important to determine how much money you have coming in and how much you have going out each month. Revenue How much rental income do you hope to generate from your holiday home this year? Formula for projected revenue for primarily weekly rental markets: (Number of Peak Weeks x Peak Rate) + (Number of Off-Peak Weeks x Off-Peak Rate) + (Number of Weekends x Weekend Rate)
Formula for projected revenue for primarily nightly rental markets: (Number of Peak Nights x Peak Nightly Rate) + (Number of Off-Peak Nights x Off-Peak Nightly Rate) Expenses What do you expect to spend this year to keep your holiday rental running? Note: This formula does not include capital improvements. Cash Flow Calculating your projected cash flow should help keep you aware of where you stand in relation to your rental goals. In addition, consider setting milestones or benchmarks for where you should be when.
If you hit a milestone and determine that you’re not on course, then it’s time to implement a contingency plan. Sales Forecast During which months do you get the majority of your income? Be sure to factor in payment schedules, but to simplify the cash flow process, do not include any refundable deposits (otherwise you’ll have to also include the refund in your expenses). Expense Forecast Determine when you will have money coming out of pocket. Which expenses occur monthly (e. g. mortgage, utilities, etc. )? Quarterly? Annually?
Don’t forget about seasonal fixed expenses like such as home or grounds maintenance. Contingency Planning What potential difficulties do you foresee in renting your holiday home? Brainstorm all of the potential problems you could face in your rentals process, and create a plan and a backup plan to deal with each one if it occurs. By preparing contingency plans, you won’t be caught off-guard when a less-than-ideal situation arises. 4. Determine Your Personal Keys to Success in Renting Your Home After creating a marketing plan for your holiday rental home, you should be able to answer the following questions:
Who is your target market and how is your home best suited for them? What is your home’s theme or position in the market? Which marketing vehicles should you use to reach your target renters? How many peak weeks, off-peak weeks, and weekends do you need to rent to break-even on your fixed expenses? What are the potential risks in renting your holiday home and what can you proactively do to prepare for them? What you define as success may be different to what other owners in your area would. The key to personal success in renting is to set goals for yourself and your holiday rental.
By setting goals before you begin, you always have a number of booked weeks (or nights) to work toward and will more likely stay motivated and fulfilled. Although many minibuses may look the same and built to carry 16 passengers, there are circumstances where you cannot drive a minibus on your normal car licence. For example: A 16 seater minibus owned and operated as part of a private hire business, carrying a private group of passengers to an airport who have “paid the minibus owner for the hire of the minibus”, would require that driver to hold a PCV (Passenger Carrying Vehicle) category on their licence.
The D1 category commonly seen on a photo card licence, issued through passing a car test before 1997 has a restriction which forbids the holder to drive a minibus as described above, this is identified with the licence code “101” (not for hire and reward). This specific category is NOT a PCV licence but was only granted as a grandfather right to existing licence holders when licence changes were made back in 1997. Any driver now wishing to attain a PCV category must successfully pass the DSA’s (Driving Standards Agency) PCV theory and practical driving tests, in addition to those already taken for a normal car licence.
From September 2008 the laws regarding PCV licensing and entitlements to drive changed again, as there are now two types of PCV (D1) licence entitlements commercial and non-commercial. A commercial entitlement, otherwise known as the Driver CPC acquisition will entitle the driver to drive a minibus regardless of whether it is used by a charity under a section 19 permit or abroad within the EC for a private business.
Alternatively if you wish to upgrade your car licence to one which will allow you to drive a minibus just used by a charity or organisation with a charitable status under a section 19 permit, then you need to add just the basic non commercial PCV category to your licence. Please use the following Step by step and reference guides to help you decide which category and training you need. Location Business address: Suite A-05-01, Plaza Mont’ Kiara, 2 Jln 1/70C Mont’ Kiara, 50480 Kuala Lumpur. Suria Stonor: Sunway Pallazio: Taman Laguna:
Bayu Mont Kiara: All of this property is owned by Datuk Astaman Abdul Aziz and will be leased. All of the revenue will be debited into Magna Heights’ account. There will be some renovation or modification to be done to the property in order to provide facilities to suite the renting condition. Estimation cost will be around RM5,000 per property. All of this property is located at a very strategic place. Each property has their own customer target and customer focus. We need to differ the customer segregation according to places