Map every demand source
Typical sources include Airbnb, Vrbo, Booking.com, direct organic search, paid search, metasearch, destination directories, social, email, referrals, local partnerships, and returning guests.
Use consistent source tags and preserve the original source through checkout. “Direct” without attribution hides which investments work.
Measure blended acquisition cost
Include platform fees, ad spend, agency or labor cost, discounts, affiliate payments, software attributable to the channel, and payment processing. Divide by completed, revenue-producing bookings rather than leads.
For organic content, amortize production across a reasonable life instead of pretending the traffic is free.
Read the OTA companies’ own signal
Booking Holdings reported that direct-channel room nights represented a mid-fifties percentage over the trailing four quarters in Q1 2026. That is a useful reminder: even the world’s largest OTA parent distinguishes demand that comes directly to its brands from demand acquired through paid channels.
The same logic applies to an operator. Brand demand and repeat demand improve resilience because each future booking is less dependent on reacquiring the same traveler through an intermediary.
Set portfolio rules
Define minimum contribution margin, acceptable cancellation and damage performance, and maximum concentration by channel. Do not turn off a productive OTA solely to force direct share upward.
Use direct growth to add demand quality and control. Let the mix change when the numbers and guest experience justify it.