** Seasonal rental companies: revenue management quiz – who will do it flawlessly? **
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Hello and welcome to the YouTube channel I display Complete. I hope you're doing well. For those who recently joined us on the YouTube channel, I'll give you a quick reminder: the J'poster Complet channel helps you increase your turnover. Moreover, the company J'poster Complet, in general, helps you increase the turnover of your seasonal rental, whether you are a seasonal rental company, but also a gîte, guest house, professional sub-renter, or seasonal rental concierge. We talk in particular about revenue management methods, which are also called Yield management in the media, and we teach you how to use them wisely to increase the turnover of your seasonal activity. That's it for the presentations. By the way, if you are not subscribed to the YouTube channel I display Complet, do not hesitate to do so, because I am live from Sunday to Thursday, so every day, at different times according to the possibilities of my schedule. So, don't hesitate to subscribe, and activate the little bell which will allow you to see that I am coming live, and therefore allow us to exchange live together. Please feel free to say hello when you arrive. It's always a pleasure to chat during these Lives.
I wanted to do a slightly different topic today. I said to myself: “Come on, it’s Sunday, we’re relaxed. It's a bit of a special day. » And today, I'm not going to make a video as usual. I'm going to give you a quiz.
− Hello, welcome. Hello to you. I hope you're well.
I thought it might be nice. I've rarely seen this on channels with topics as serious as ours, even if we can talk about serious things in a relaxed way. But I've rarely seen that. I said to myself: “Let’s try it”. So, I strongly invite you to tell me, following all this, what you thought of this innovation, this little test. You tell me if it taught you anything, if it amused you or not. There is no ego in this, that is to say that if in the end you found it rather average, well I will note that it is a rather average idea. Don't hesitate.
We're going to start. The objective of this quiz is to put you in concrete situations. It's not a school thing, you'll see, it's concrete, it's everyday seasonal rental. At J'poster Complet, we currently optimize more than 250 properties, so we have concrete situations every day of the week. It's really concrete to help you, in fact, to have new ideas, because perhaps you will recognize a certain situation, and the fact of talking about it together, it will make you realize that you had perhaps a reflex that is not the right one in this type of situation, or conversely, that you had the right reflexes, and that you absolutely must keep them.
− Hello Beatrice. Welcome to you. Welcome to this live.
I'm going to share my screen to share the different questions with you. I'll make sure I do it correctly. So. So normally you see the screen with the different questions. Obviously, the question is “Who will be flawless?” » I have no doubt that you will be one of the people who will do flawlessly on this quiz. I have to admit that it is quite difficult for me to realize whether this is a quiz that is difficult or not. I tried to construct it as concretely as possible, so that it would be interesting, and not just an uninteresting academic thing. In fact, it is difficult for me to realize whether these are simple or complicated questions. You will tell me at the end of the quiz. We're going to take this quiz today, and I'm not going to give you the answers. Today, I'm just going to let you read the questions, watch the video, maybe watch it a second time if you have any hesitation on certain aspects, and write down your answers in the comments. I will give the answers in a future video, in a few days. It's nicer like that, I think, because it gives a real suspense in relation to that, and then it can allow those who watch us rather in replay on the YouTube channel I display Complet to potentially watch in replay, and to be able to participate, you too, in this little game. That's what I wanted to tell you. On the quiz, I first start from the postulate that you really have a revenue management strategy. There are no pricing errors, or things that are linked to the fact that at the beginning, we may not know revenue management, we don't do revenue management. I start from the postulate that there are no prices that are false. In my questions, I assume that the prices have been studied, and that they are correct. The second thing to know to do this quiz well and be able to play with us is that you can choose one or more answers per question. That's the same, it's a little more complexity. For each of the questions, you will see, there are five, there are not ten thousand, you can choose one or more answers. And then the last thing to know is, concretely, how do you go about participating in this quiz? I encourage you to take a paper and a pencil if you have it on hand. Or otherwise, memorize. There are only five questions, so you can write it down on a note on your laptop. And above all, write your answers in comments. So, to write a comment, I put a little example here, the idea is really to put 1) answer AB; 2) answer C; 3) AD response. You don't even write the word "answer". I put the example here. The idea is that it takes you three seconds, but that you can record your participation in the game, and that we can then mention the winners who really did a flawless job in this little quiz. The last thing I specify, and then we can get started, is that in the video that I am going to make to share the answers with you, obviously, they are going to be commented answers. That's the whole point of making a video to answer the questions. This is because I will explain to you, according to the different answers, why this or that answer was not correct, and why the correct answer is the right one. This is where it is of interest. So. I think I've told you everything about this quiz. If you have any questions, please don't hesitate to ask me. I'll still check just in case. No, I don't have any questions.
So let's start the quiz. Question number one: here are several reasons to change your prices so here I have given you a list of good reasons to change your prices, but there is one which is a trap. Which of these reasons given is not a good reason to change your prices? I'll give you the list. The first: I don't have any sales for next week. Is this a good or bad reason to change prices? Is answer “a” the catch? The second: the competitors have all lowered their prices. Is this a good or bad reason to change prices? Is “b” the catch? The third: the event of the year in your city is postponed because of the pandemic. Is this a good or bad reason to change prices? Is the catch “c”? And the last possible option: on airdna, the filling of competitors in the future is better than yours. Is this a good or bad reason to change prices? Is answer “d” the catch? For this first question, you must enter a letter. It is the letter of the answer which is the trap, that is to say which is the wrong reason to change its prices. The other answers are good reasons to change prices. That's it for question number one. I don't know if I'll give it a little time. I'll give you ten seconds. Ten seconds is a long time. I'll give you five seconds. At worst, don't hesitate to come back to replay the video. Maybe it will be simpler.
Question number two: here are the sales on a property; What do you recommend doing to sell on March 4? Let me explain the table to you a little. There, we have all the dates concerned. We are in an apartment. March 1 is empty, March 2 and 3 are sold, March 4 is empty, March 5 and 6 are sold, and March 7, 8 and 9 are empty. Currently, we have set a price of 45 euros per night, and we have a minimum stay requirement of two nights. This is the situation. You have the dates on which we made sales, the dates on which we still have availability. And during this period from March 1 to March 9, we have a price and a minimum stay of two nights. So what do you recommend doing? As I said earlier, you can respond with one or more of the options offered. The first: do you recommend removing the minimum stay of two nights? Second possible answer: do you recommend lowering the price for the night of March 4? Third possible answer: do you put a gap-fill of one night over the period? Fourth possible answer: are you doing a promotion on the night of March 4? That's it for the four possible options. I leave five seconds.
Question number 3: Choose the best levers to use in times of low demand. If you are in a low season, that is to say where there is little demand, I will give you a list of possible levers, and you will note the letter of the levers which seem to you to be the right levers to set up and use when there is a period of low demand. For what purpose? Obviously, with the aim of increasing sales and performance during the period of low demand. Lever number one: do you think it is a good idea to use minimum stay lengths during periods of low demand? Second possible lever: do you think it is a good idea to use a non-cancelable, non-refundable price during periods of low demand? Third possible option: do you think it is a good idea to use a price adapted for the medium duration, and therefore to reduce your price for stays which will be fourteen days, twenty-eight days, and therefore stays which are not long-term stays, of a year, but longer than short-term stays, therefore generally ten days, fourteen days, or a month? It can last up to three months. And the last point: do you think it is a good idea to participate in the “preferred” program on booking? I'll also give you five seconds for the best levers to use in times of low demand.
Fourth question. The question is similar, but in reverse, it's about periods of high demand. Do you think that these levers should be used during periods of high demand, when we have a high season, or when we have an event? In any case, in all these periods when we think we are going to have a lot of demand in the city, do you think it is good to use minimum stay periods? During these periods, do you think it is good to have a non-cancelable, non-refundable price? Do you think it is good to have prices adapted to the average duration over these periods? And do you think it is a good idea, during these periods, to participate in the “preferred” program on booking? I'll give you five seconds.
Last question: if you are asked for a negotiated price, which of these ideas should you avoid when determining the price you will give to customers? I'll give you a concrete example. On Airbnb, you have a message from a traveler who says: “I would like to stay twenty days and twenty nights in your apartment. He interests me a lot. I want to come to your place, but I want to stay twenty nights, so in that regard, what price can you give me? » There, obviously, the question must be answered. What price are we going to give him? To be able to answer this question, you have several possible steps. But certain steps should be avoided. Certain things should not be done. So here I give you a list. Note, in response to question 5, the things that should not be done when giving a price to customers. The first thing: should you ask clients their budget? Is point “a” something not to do or not? Second thing: should you look at how much you earned last year on the same date? Is this something to avoid, or is it something to do? Third possible option: estimate the amount you are willing to give up. Is it something that should be done, or is it something to avoid, not to do? Fourth possible answer: should we look at the market range for this length of stay? So, here, once again, I'm re-explaining, because I phrased this question in a slightly twisted way. Note the letters of the point, or points that seem to you to be avoided, and therefore definitely not to be done when you are determining a price for this type of request. I'll give you five seconds.
So. I'll repeat the principle to you: write down the answers to your questions in comments, whether on Facebook or on YouTube. Let's be very humble. It can be a little stressful to think, “What if I say something stupid? » Don't worry, we're between us. It's just a little game. Don't hesitate to write down your answers spontaneously. If you don't have the time or ability to see all the questions, that's okay. Write down the answers to the questions you have seen, and for which you have an idea. There is no problem. The idea is just, under the pretext of this little game, to learn new things, to share even new elements with you, and then obviously, to find the big winner who will be flawless on the all of these questions. If you think you are going to be better than one of your seasonal rental colleagues, don't hesitate, send him this little quiz to see how much he will get. And you can compare your results, and see if one or both of you are going to be among the big winners who made no mistakes on this quiz. Hop, I hide the questionnaire. I see I already have several answers. I have Facebook User, but I think you must be the same person who gave all your answers. Listen, it's very, very good. You can also do it like this, in several messages, there is no problem. It's good to have the answers straight away.
If you have any other questions, in the meantime, please don't hesitate to ask me. In the meantime, I say take care of yourself. Watch the video again if you want to take this quiz at home, and be able to give your answer. I would be happy to make a video for you soon to show the results of all this. I think I'll let a few days pass to allow everyone to respond, and I'll make the video with the results and the explanations, obviously, on all the questions and answers. In the meantime, I'll see you tomorrow for the next live.