By the month of March 2019, the shares of Airbnb’s common shares were sold at 35 billion USD. The startup by a duo who laid their foundation on the term “sharing bed and breakfast” has turned every pair of eyeballs in the market towards them. One of the most important companies in the silicon valley has made everyone stare at each one of their moves. The strategy which the duo applied to their company was new in the market, so they were making a success story as their approach was never seen before in the market. Their idea of leasing out spare homes, barns, garages, even castles has turned out to be a huge success in every nook and corner of the market and added fuel to all the budding entrepreneurs. So now, we will walk through the successful strategy of Airbnb’s business and methodologies that have made such an impact on the market.
Acknowledging the market needs
Airbnb has faced a lot of ups and downs in the market throughout the years. They were making less than $200 per week at a time. But eventually, they kept analyzing and solving the problems with a proper vision and planning to guide their startup in the right way from its inception to the present day. Airbnb ensures their “peer to peer” concept of accommodation rental business to adhere to the needs of their customers to provide them a hassle-free experience.
Experimenting with different marketing strategies
Airbnb’s marketing strategies were designed in such a way that it benefits all groups of target customers separately in some way. Right from providing discounts for students, designing LEGO-themed houses for children, and creating a custom-built wood house for adventure seekers, Airbnb’s strategies glaze off the eyes of its customers from all age groups.
Building a strong foundation
Airbnb has a customer service team round the clock, working every day. Airbnb has a robust online ID verification system for each of its customers to ensure that the transaction that is made is honest and valuable. Airbnb also takes steps to ensure that all the customers are backed up by insurance against theft and vandalism. Airbnb did not just implement these for the customers, but it was also a great marketing strategy for the company itself.
Stressed on being ease
Airbnb always intended to make things easy and clear for its customers. Designing a layout cleaner and simpler to make things easier mainly can be an essential work, but making the interface interactive and the software hassle-free was the most critical factor for them.
End of the day
Although there are some costly obstacles that Airbnb faced in the market, which is faced by every startup if it is taking on an older industry, Airbnb seized a thriving spot for itself in the market because it constantly stressed on customer’s expectations and implementing them. Following these winning strategies, any business can become a successful one in their field.