Learning from the Growth of Airbnb – A Data-Driven Perspective
Tags – Growth of Airbnb
More specifically, we are the fans of how Airbnb has been able to engage their community, standing for sharing and building relationships.
After the initial specification of a strategy to engage the community, behind the scenes, Airbnb’s growth has been possible through effective data tracking.
Let’s look at the success of Airbnb at a micro level.
The first stage of Airbnb’s strategy is clear communication, so your community knows exactly what you stand for. Doing so will attract your ideal clients.
Then, once you have the connection, you can start building the relationship.
Historically, a company could dump in all the features of their services and the customer would simply be expected to buy. However, in such cases, there was a clear path of expectations from the target audience.
Things were quite different for Airbnb, as they were the first company to try the hosting model at this scale.
Quite frankly, Airbnb didn’t know where else to turn but to the network that they were developing. And, doing so has done more good than we would have expected.
Particularly, the scope has increased where customers have more options, which now means that businesses need to go the extra mile to build deeper relationships.
Understanding Your Audience
Next, the real power is in understanding your customer.
Decades ago, businesses were able to influence customers to their framework. But now, the environment has changed where businesses are required to tailor their services around the needs of the customer.
For instance, Airbnb has reformed its services drastically over the last 10 years from providing Sofa beds in a shared room to giving the option to rent out professionally-set homes.
All in all, understanding the travelling community has been at the heart of Airbnb’s service-change. How they have done this is by investing heavy on their technology and ability to data track. So, when the market shifted and expected more, Airbnb provided more.
Client research is important because your business will grow depending on how well you can fulfil the expectations, both in the present and the future, of your customers.
In particular, listening, for the lack of a better word, to your client is about going further than just what they are telling you. Reviews and suggestions are a good place to start. However, you still need to interpret the future needs and delighters of your audience, and act accordingly.
We see this time and time again: businesses spend more time trying to understand why potential clients did not sign up with them, without analysing why the current and past clients did.
In fact, analysing your past performance will allow you to draw a clearer picture for the future and even help you gain ground in other ways, e.g. understanding the psyche of your audience and even finding ways to extend and improve your services.
To learn more, get in touch with us today.
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