November 6, 2024
by Miles Hobson / November 6, 2024
Customer-centricity can help a brand differentiate itself in a crowded market, but customers and prospects must see that differentiated approach to do so.
Just recently, I was at a conference when a potential customer approached to ask how we’re different from the competition, “Everyone says they’ve won lots of awards and have amazing customer support, but how do I believe it?”
My colleague and I pointed to some examples of what we do in our business that show we care about the customer — actions that show how we deliver an award-winning customer experience and how we cannot shy away from any tough questions or feedback our customers want to give us.
One of those examples is our public bi-weekly town halls. These are an opportunity to show that we’ve been hard at work delivering new features for the past two weeks and for customers to ask us anything completely unfiltered!
As head of marketing at Hospitable, a company dedicated to empowering vacation rental hosts with innovative tools and resources, I've had the privilege of interacting with hundreds, if not thousands, of hosts. I’ve learned from their experiences and understood their unique challenges. This experience has also solidified my belief that customer-centricity is the cornerstone to success in the vacation rental industry.
In this article, we'll discuss customer-centricity within the vacation rental space, examining why it's crucial for building a thriving brand and fostering lasting relationships. We’ll also dive into how these lessons can be applied to software-as-a-service (SaaS) companies across a number of industries.
The vacation rental industry is unique. Unlike traditional hotels, where guests interact with a brand representative, vacation rentals offer a more personal and intimate experience. Hosts are the face of their business, shaping the guest experience and creating lasting memories. And each host has their own unique set of challenges.
Customer-centricity, in this context, means placing the customer at the heart of your business strategy. It's about understanding the needs of every customer regardless of industry, anticipating their challenges, and providing the tools and support they need to succeed. This approach translates into several tangible benefits:
Building a customer-centric brand requires more than just lip service. It demands a concerted effort to integrate the host's voice into every aspect of your business. Here are some practical strategies and tips for how any brand can achieve this:
Building for your customers starts with listening to what they need. This can take many forms depending on the size of your team and the number of customers you have. At Hospitable, we have close to 15,000 customers at the time of writing. So we find that a mixture of one-on-one feedback and broader feedback helps us build a product that customers value.
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After gathering all of that feedback, it is important to factor it into your product roadmap prioritization. What added features and adjustments can be quick wins, and which are larger pieces of work that you should definitely do but can’t get around to right away? Moreover, you need to communicate to your customers when that feedback has come full circle and the product has been improved accordingly.
A big win that comes from putting customers first is customers loving your product and brand. That’s evidenced in the 4.9/5 G2 rating Hospitable has, and the willingness of customers to refer their friends and family.
These positive vibes can and should be used to help you grow your business.
Below are a couple of items that can help your customers beyond listening to and acting on their feedback. What helps your customers will likely depend on your industry.
For example, we’ve helped Hospitable hosts by putting on local events for them to attend, meet the team, and network with fellow short-term rental hosts. Many of our customers have 9-5 jobs alongside their short-term rental management roles and find it difficult to travel to larger conferences across the country to gain valuable insights from other hosts in the industry. So we’ve started coming to them.
So, how did all of this help Hospitable grow? Our customers regularly rate us 70+ on NPS, and, as of October 2024, we have over 200 reviews on G2 with a 4.9/5 rating.
All of this work on customer-centricity helped us build a better product and positive sentiment from hosts, which translates into business growth. A large chunk of new customer acquisition comes from customer referrals, which has helped us achieve a 50.5% growth in annual recurring revenue (ARR) from December 2023 to September 2024.
By consistently prioritizing our hosts' needs, we have built a loyal community that is passionate about our brand.
In the competitive landscape of the vacation rental industry, customer-centricity is not just a nice-to-have; it's a necessity. By actively listening to our hosts, incorporating their feedback into our product development, and leveraging their voices in our marketing efforts, we’ve been able to build a thriving brand that fosters lasting relationships and drives sustainable growth.
Brands across all industries can apply these tips and best practices to their customer base or target audience. Remember, the power of every customer’s voice is immense. Embrace it, amplify it, and watch your business flourish.
Miles Hobson is the Head of Marketing at Hospitable, helping short-term rental hosts automate their businesses and save valuable time. Miles is a multi-channel marketing expert with experience leading campaigns in B2C and B2B tech, including SaaS, FinTech, and telecoms.
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