What is the true value of your own STR website?

[Michael Greenberg]

Sorry this is long winded, but I hope it's of interest to many of us and can start a thread of suggestions and input.  

A recent post by @Mike Neubauer got me thinking about the value of my own STR website. I've had a "shell" of a website up for quite a while now and I hem and haw about completing the project so it is fully operational, mostly because I'm questioning its true value. I believe it does validate to certain guests that I am serious about what I do and I have referred repeat guests & friends to the site, but really nothing more than that so far. If you all haven't noticed yet, there is a TON of noise about breaking away from the OTA's, that they are a threat to our businesses and we are all eroding our own markets by selling on price. They advise us to sell on experience (driven by AirBnb's focus) and that will help us maintain a higher rate. There are companies pounding my inbox that I should build out my brand, spend a bunch of money on videos, photos, design, Google marketing, affiliate sales, etc.... for a higher return and control of my own destiny. I do think the OTA's are a threat to our businesses and I also like controlling my own destiny, but is it worth the time, effort, maintenance and cost to drive my own brand on the web? They tell us that they can get us >$150k in bookings, but I'm exceeding that now, managing my own bookings with the OTA's and my overall expense is 1.7% - less than what it's going to cost me to drive my own marketing engine.

So what do you all think and what are you all doing? Are there any STR operators that are seeing dramatic improvements in their business by driving direct bookings? If so, what do you believe is the value of booking direct?

Thanks in advance for reading and your input.

Mike