Proptech Growth Strategy Brief Newsletter

Inspirato Growth Strategy

Inspirato offers travellers subscription access to luxury homes, hotels, and travel experiences.

https://www.inspirato.com

"Grain of Salt" Warning: I write this newsletter with an outsider's understanding of the business in question. I am likely to make mistakes, leaps of judgement, and assumptions - that's what makes it fun.

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Airbnb and low cost airlines have made the world more accessible than ever. Travel has moved from a luxury to a right of passage. But now that the whole world is accessible, how do high-end consumers differentiate their experience to feel like they're getting more?

One way is Inspirato. An Inspirato subscription grants one access to a full portfolio of luxury vacation homes, five-star resorts, and boutique experiences. The subscription model helps improve the travel planning experience by reducing the stress of vetting accommodations and experiences yourself, as well as providing consumers with a curated menu of options to select from, far from the noisy marketplaces that have come to dominate the travel landscape.

Inspirato's subscription options offer tons of flexibility for them to drive revenue, but there are some clear opportunities to help build their user base and grow their revenue.

Here's how I think they could unlock new levels of growth.

Acquisition

Inspirato's current acquisition channel distribution. High proportion of direct traffic likely points to strong word of mouth.

Most of Inspirato's traffic is comes from users searching them by name. This is likely a sign of a great reputation and word of mouth, but that leaves them with several compelling options to compound this success.

Traditionally, a value prop like "Unlimited Vacation Subscription" would pair well with an always-on paid social campaigns. Targeting customers of competing services like Marriott Bonvoy with messaging urging them to switch their loyalty to Inspirato could work well, alongside a campaign targeting Airbnb users with messaging urging them to upgrade their travel experience with Inspirato.

There may also be traction to be found focusing in on search keywords combining locations where Inspirato has accommodations and words that indicate users are in the high end of the market, like "estate rental napa valley". Building an email list this way would likely be an effective use of resources.

Inspirato's "Search" channel breakdown. Currently, most search traffic is on branded terms.

Inspirato's space is also absolutely prime for influencer partnerships. Luxury, travel, and hotels are fantastic content creation engines. This would also play into Inspirato's existing advantage of wide-spread awareness leading to branded organic search later on.

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Colin here. If you're building or growing a real estate or hospitality tech company, you should sign up to my newsletter Proptech Growth Strategy Brief. Every week, I write a 3-point growth strategy for a real estate or hospitality startup, just like this one. Join the fun!

Activation

The most obvious opportunity Inspirato has is to make their product more visible. They've invested heavily in building a valuable network that people pay a lot of money to access, and leveraging it into compelling web content would go a long way toward helping them compound the payback of that investment.

Inspirato doesn't allow web visitors to explore their portfolio of spaces and experiences more deeply. This likely hurts their signup conversion rate

Inspirato should also be collecting web visitors emails more aggressively. Travel and tourism is a very time-sensitive industry, and chances are good most visitors aren't ready to buy their next trip at the moment. Investing in capturing these user's emails for long term content nurturing would likely pay itself back strongly and quickly. Make sure users can subscribe from any page on the site, consider exit-intent popups to collect emails, and create highly relevant gated content to trade users for in exchange for joining Inspirato's mailing list.

Inspirato's blog subscription modal is uncompelling and difficult to access

Retention/Referral

People sign up to luxury services not just because they want a better experience - they want a better experience compared to other people they know. Inspirato can help these people improve their perceived status with others by offering an invitation style referral program. Perhaps each Inspirato Members gets 3 invites a year, and referrals who sign up earn them both some kind of credit or access.

Travel can be a little lonely, and luxury travel especially - more space in nicer places means less opportunity for chance encounters and social opportunity. Inspirato could leverage it's clientele to help improve the experience of other Members of it's clientele by offering some kind of exclusive event or network opportunities - as long as it's beneficial for all parties.

Finally, Member churn can be addressed by allowing Members to accumulate some kind of value, be it credit, priority, or other method of exchange that would be painful for them to lose if they are considering cancelling their Membership.

That's it for today.  Thanks for reading!

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See you in two weeks,
Colin

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