3 ways to keep your business healthy during the slower seasons
As the weather gets brisker, kids head back to school, and adults settle back into their rhythms after their much-needed summer vacations, business for Turo hosts can start to slow down a bit. This slowdown is common in the travel industry, but it can catch some Turo hosts off guard as they may have become accustomed to the summertime boom in demand.
But just because we’re transitioning away from the high season doesn’t mean business can’t keep thriving. Here are three simple tips to keep your business well oiled and competitive during the slower months.
1. Take a fresh look at your prices
As demand softens in many markets in the autumn months, lowering your pricing is a great tactic to stay competitive, potentially capturing more trips and increasing your utilization. Reducing your prices by 20-30% during the slower months will make your listings attractive to guests who are traveling in these months, potentially helping to create a stable cash flow in months with lower demand.
You could even take a look at what local rental agencies may be charging for similar vehicles in your market to give you a point of reference. Of course, you don’t want to reduce your prices too much. Instead, keep an eye on your annual profitability by considering your minimum off-peak season price, knowing your profit margins can increase when the peak season comes.
2. Modify your settings to show up in more results
Tweaking your settings can help you show up in more search results, potentially capturing more bookings. Coupled with adjusting your prices, shortening your lead time to capture more last-minute bookings, offering delivery, or offering duration or early bird discounts could help unlock more searches and more visibility for your listings.
3. Catch up on maintenance so you’re ready for peak season
Now that annual safety inspections are mandatory for all vehicles shared on Turo in the US and Canada, the slower seasons are excellent times to knock annual tune-ups off your to-do list. Now, specifically, is a great time to get your cars in ship-shape before winter weather sets in. Keeping a healthy, road-ready portfolio of cars is critical for the health of your Turo business, so check out these deals and discounts from our maintenance partners, exclusively available to Turo hosts, to reduce your costs on the essential services and more.
Keeping your eye on the horizon: Planning ahead for each season
Demand on Turo tends to follow common demand patterns for the broader travel industry. The summer months are the hottest travel months in most markets by far, whereas the shoulder seasons (spring and fall) see a bit of slackening, and the holiday season sees a healthy uptick in demand.
Of course, demand patterns vary by market, since some are winter wonderlands that really thrive in the winter, and others take a dive in the summertime, when it’s too hot for tourism. Below are some typical seasonal patterns for some key US markets.
Take a look at your local market and set a plan — sketching out when it makes sense to maximize your cars’ availability, and when it might be a good time to revisit your pricing or catch up on maintenance.
Each market and each Turo host is unique — everyone has different goals and strategies to create a thriving business that works for their lifestyles. Everyone should make strategic decisions that work best for their business plan, but these quick tips should be considered for any Turo host looking to create a strong, savvy, and well oiled business.
Enjoy more visibility with our latest advertising campaign
And this season, we’re thrilled to roll out our biggest ever marketing campaign ever, including television and outdoor advertising, aimed at both capitalizing on the sensational visibility Turo hosts enjoyed last summer after the “carpocalypse” crippled traditional rental agencies, as well as celebrating the extraordinary, differentiated, dare we say, magical experiences Turo hosts like you provide to guests. Keep an eye out for our new commercials on national TV and many streaming services like Hulu!