Understanding guest feedback and the value for money score
Your property's value for money (VFM) score is an assessment of what it's worth in relation to its price. It’s an important measure of satisfaction, which is why we include it in our guest reviews. Value for money has a significant impact on your overall review score, which means improving it can enhance your property’s value proposition and help attract more bookers.
In this article
A variety of factors influences how a guest scores your property’s VFM. These include their budget, expectations, and experiences, all of which are unique to them. Essentially, it’s what they get in exchange for what they pay – and whether they think it’s fair.
Because it’s a unique, personal analysis, the VFM score you get from one traveler may differ from what you get from another. But there are three fundamental elements that impact all guests’ perceptions of VFM:
- Price – travelers typically analyze this in relation to similar properties. Are your prices close to the average, far below, or above it?
- Service quality and variety – this captures things like cleanliness, facilities, and services offered, as well as staff friendliness and whether the atmosphere you provide meets the expectations of their trip.
- Guest value – this element is the most subjective. Who exactly are your guests and what’s important to them? What people value at a beachside hostel will be very different from what they value at a downtown business hotel.
All three of these elements interact with and influence one another to produce an overall assessment of VFM. A property with high prices but service that doesn’t meet guests’ expectations will likely earn a low VFM score, while a property with service that meets expectations but low prices may earn a high VFM score.
When travelers are choosing a property to stay at, they’re weighing its perceived or expected value against its price. And because price, quality, and value all interact to produce VFM, adjusting your prices can change the perceived VFM. You can employ a variety of tools and products to do this, such as deals like our Basic Deal, discounts for members of programs like Genius, and targeted Mobile or Country Rates. These can help quickly improve your property’s position compared to others in your area, and give travelers more incentive to book with you. Adjusting value can also impact your VFM score, but this takes more time.
In the short-term
If providing travelers with good value is the ultimate goal, then attracting as many bookings as possible is the first step. The quickest way to do so is to make sure you’re offering competitive prices and flexible options – two factors that are highly valued by travelers. Our data shows that 77% of travelers want the flexibility to modify their bookings, and nearly half said being able to cancel for free is a must.
In the long-term
In the longer term, the best way to provide better value is to understand what exactly your guests value. Dig deeper into your reviews and try to understand the varying needs of your different target groups. These can differ by nationality, age group, traveler type, and even time of year. Understanding these can help you decide which areas to focus on improving.
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