Second porch, the NEW word of mouth
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Second porch, the NEW word of mouth

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Second Porch has built the first referral and repeat customer marketing engine for the vacation renta

Second Porch has built the first referral and repeat customer marketing engine for the vacation renta

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Second porch, the NEW word of mouth Second porch, the NEW word of mouth Presentation Transcript

  • Vacation Rentals
    in 2011:
    Ready or not!
  • Who are we?
  • We’rethe newest
    channel partner.
  • Our first year
    • Over 100 countries
    • “Social reach” greater than 30 million
    “Second Porch is tackling the vacation rental trust issue head on…”
  • The ‘it list for 2010 travel
    NEW TO TRY: The Portland-based service helps you track down rentals through your Facebook connections
  • The structure of the Web has changed…
    and your business is about to change.
  • “Nine out of ten (90%) have a page posted on Facebook…”“One out of four (24%)has stayed in a vacation home or condo rental…”
  • "I get informationfrom my peers”
    SorayaDarabi,
    Former NYT social media marketing
  • The vacation rental industry
    is experiencing growing pains.
  • Word-of-mouth inherently solves most of these issues
  • “Word-of-mouth endorsements have been and remain the most believable endorsements…“The most credible are personal testimonials from friends and family members”“Marketing programs that leverage this credibility typically enjoy a much higher probability of success.”
    http://blog.ypartnership.com/?p=306
  • We loved the beach house we rented!
    Why “word of mouth”
    is perfect for vacation rentals:
    Creates interest: “I wonder what the home that Beth just rented was like?”
    Makes search easy: “If that home satisfied Beth, it will satisfy me too!”
    Removes the risk: “I know exactly what to expect in our vacation rental”
    And it solves two of the industry’s biggest hurdles: building awareness
    and overcoming trust issues.
  • The RBO secret to success…word-of-mouth!
    “73% of inquiries come from friends, family, past guests & referrals”
  • Word-of-mouth is the key to your success starting now…
  • Recommendations from known people are by far #1
    Make sure your company really internalizes this and agrees to focus on this opportunity
    1
    http://blog.nielsen.com/nielsenwire/consumer/global-advertising-consumers-trust-real-friends-and-virtual-strangers-the-most/
  • You need to plan and budget for programs. This needs to be intentional now.
  • Word-of-mouth on steroids
    Time duration
    Reach greatly increases since everyone with a social profile can participate with a single click.
    Influence increaseswhen socially relevant information is highlighted
    Review sites
    Guest referral network:friends and friends of friends
    Ad hoc
    Reach and influence on audience
  • Given two equally suitable homes, people will choose the safe bet…
    or
    “Looks nice online but how do I know it will really be nice?”
    “I know someone who knows this place is great”
  • Each home’s
    “word of mouth”
    social circleis enormous
    1,690,000
    Friends of friends
    13,000
    Friends
    Assuming 100 guests
  • Word of mouth
    Social reach:
    507,000
  • Word-of-mouth drives your marketing costs down. Way down.
  • Typical marketing channels
    Rental Portals
    Paid Ads
    Half the renters might become repeat customers
    The other half fade away with little value
  • Opportunity for smarter marketing
    + Word of mouth
    Rental Portals
    Paid Ads
    Social network adds 130 direct connections + 17,000 friends of friends!
    Non-repeaters have the same valuable “word of mouth” social reach
  • Your bookings funnel determines your profitability
    New customer acquisition spending
    Repeat customer
    Lower budget spending, higher staff training cost
    High budget items focused on Google SEO, SEM, and VR portals
    No competitive advantage, vulnerable to others spending more, better message
    $$$$$$
  • Changing the shape strengthens your business
    New customer acquisition
    Repeat customer
    Word-of-mouth referrals
    Social word of mouth becomes a self-growing and self-sustaining strategy.
    Competitive advantage: Your Guest Referral Network cannot be duplicated
    Spend less on Google, increasing profitability.
    $$$$$$
  • Smarter marketing
    Booking sources today
  • Smarter marketing
    Future booking sources:
  • Word-of-mouth impact long term:
    Your business will be more profitable
    Less resistance to competitors
    New VR customers will have better experiences
    (and tell more friends about it)
    Our industry starts a flywheel effect
    We will double the industry in the next 5 years.
  • Thanks for
    your time.
    Brent Hieggelke
    brent@secondporch.com
    503-702-3547