1. Do a Situational Analysis
We set our target market based on several aspects below:-
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.
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.
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?
What do other holiday homes in your area offer that you do not? Are there any areas where your home could be improved (facilities, décor, 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?
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?
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...