There are several strategies that you can consider in order to address the downturn in occupancy that you are experiencing. Here are a few options:
Analyze seasonality data on different types of accommodations (e.g., 1/3/4 beds) to identify any patterns or trends that may be contributing to the downturn. This can help you make informed decisions about pricing and availability.
Consider offering corporate bookings or discounts for longer stays to attract more business travelers.
Cut costs wherever possible, such as by reducing unnecessary expenses or finding ways to streamline operations.
Explore opportunities for co-hosting or partnering experienced hosts that understand how to beat the algorithm.
Look into offering mid-term stays or flexible booking options to appeal to travelers who may be looking for longer-term accommodations.
Consider adjusting your pricing strategies and offering discounts to attract more bookings. You could also experiment with offering higher prices with higher discounts to see if this helps increase occupancy.
Keep an eye on industry trends and look for opportunities to grow and adapt to changing market conditions.
It's important to remember that the downturn in occupancy may not be permanent, and there are likely to be many factors contributing to the current situation. By staying informed and taking a proactive approach, you can work to address the downturn and find ways to continue growing and succeeding in the market.