MC Fireside Chats - June 5th, 2024

MC Fireside Chats

In the recent episode of MC Fireside Chats, hosted by Brian Searl, the conversation featured industry experts Scott Bahr, Sandy Ellingson, Mike Harrison, Jeff Hoffman, Casey Cochran, and Mark Koep. The discussion focused on the current challenges facing the outdoor hospitality industry, particularly for new park owners who purchased properties at inflated prices during the COVID-19 boom. Sandy Ellingson highlighted that many new park owners are now struggling due to high debt from purchasing properties at peak prices. These owners are facing declining occupancy rates and financial pressures, which contrast with the previous owners who did not have such high debt burdens. Scott Bahr emphasized the importance of understanding both macro and micro trends in the industry. He advised park owners to leverage data from various sources to make informed decisions and anticipate future trends. Jeff Hoffman echoed this sentiment, stressing the need for forward bookings and the use of modern PMS systems for better financial planning and forecasting. The conversation also delved into revenue management and pricing strategies. Mike Harrison and Casey Cochran discussed the necessity of dynamic pricing and targeted promotions, advising against blanket discounting. Instead, they suggested running specific promotions and leveraging ancillary revenue streams. Jeff Hoffman shared a practical approach to pricing, suggesting a tiered structure based on site quality and demand. Technology and education were identified as critical areas for park owners to focus on. Mike Harrison and Jeff Hoffman underscored the importance of staying updated with technological advancements and industry trends. They recommended that park owners invest in technology to enhance operations and guest experiences. Sandy Ellingson introduced “the Hub,” a new platform aimed at facilitating collaboration and innovation within the industry. Mark Koep advised park owners to utilize their existing guest email lists for targeted marketing, emphasizing the value of engaging past guests through email campaigns to maintain occupancy and drive repeat business. Casey Cochran highlighted the importance of allocating time to work on the business rather than just in it, exploring new marketing strategies, and leveraging technology. The panelists also discussed enhancing the guest experience by offering additional amenities and organizing events. They suggested that park owners look for ways to provide unique experiences that could drive additional revenue, such as rental services and partnerships with local businesses. Scott Bahr recommended that park owners actively listen to their guests to understand their needs and preferences better. Sandy Ellingson suggested revising deposit and cancellation policies to make bookings more attractive to potential guests. The episode concluded with each panelist offering practical advice. Mike Harrison emphasized the need to keep up with technology and industry trends, while Mark Koep advised using email marketing to engage past guests. Sandy Ellingson highlighted the importance of collaboration and innovation, and Scott Bahr recommended asking questions and actively listening to guests. Jeff Hoffman stressed the importance of financial planning and forecasting, and Casey Cochran advised creating space and time to work on the business strategically. Overall, the episode provided valuable insights and practical tips for park owners to adapt and thrive in a challenging economic environment.