Paradox of Possessions

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I recently attended my cousins wedding in Delhi.

I was amazed at the level of planning this young couple did for their marriage.

To begin with, I was directed to this glamorous wedding website, which had everything from how they met, to family trees, wedding venues and the most intriguing bit was the gifting options. They had mentioned a range of 6 gifts that they wanted people to fund. The top 2 being honeymoon vacation experiences to Japan and Europe.

This got me to think that what we believed as assets and priced possessions in our times have just become mere utilities and as a Paradox of Possessions, Travel and experiences are rated much above all. All of the social media sites are predominantly casted with personal experiences may it be through relationships or travel.

Customer Sentiment – the New sales strategy

Today you may be selling a Fan or a Ferrari, it’s the experience that counts. Every industry is focusing on giving the right experience to its customer so they can be retained. Take for example, Amazon. It predicts your personality and suggests items that you may most likely buy, making sure optimum experience, scrolling through the contents. As per the PWC Consumer Intelligence series, “Give customers a great experience and they’ll buy more, be more loyal and share their experience with friends.” Your revenue is driven by the customer’s sentiment about your product.

How do hotels enhance their offerings!

Gone are the days when all that the customer wanted was a comfortable bed and clean washrooms. The customer today has a plethora of options when he comes to a city. More than often, he has done his research and figured out what he needs much before he steps into a city. So as a hotel, you are only a minuscule part of his plan. Now is the time to do more than just listing yourself on various travel sites, OTA and Booking channels. Hotels will have to stop focusing only on the room revenue as the major revenue source.

The secret formula is to focus on the customer now, not the reservation number that is pouring in. If you are able to get a preview into the persona of the customer, imagine what all can you do:

  1. Personalize his stay: If the hotel is able to gauge what kind of a personality does his guest show, whether he loves adventure or relaxation, it will be ideal. Cause now you can take a step forward and help plan his stay to the best of his liking. Making every minute spent in the hotel – an experience.
  2. Optimize your output – With personas, the hotels will be able to extract information and channelize their output for eg: if on a particular day you have 80% guests are wanting to try out the local cuisine, you may want to alter your menus accordingly, leading to less food wastage and more revenue.
  3. Receive confirmed leads: Finding the right fit of services for the right persona, becomes easy plus you know what would the guest prefer, so selling a suited and curated service becomes easy.
  4. Increased Up-selling opportunities: It is effortless for the hotel team to pitch a higher priced service, if they get confirmed leads that the customer would buy them, thus targeting the right customer at the right time with the right service that he would definitely buy.
  5. Generate ancillary revenue: It is confirmed that a 63% increase is seen in ancillary revenue (revenue other than Room Revenue) if you focus on selling the services as per the guest’s persona because there is higher probability of a buy in.
  6. Get actionable intelligence: Data abundance has become a passé, the hotel should be able to get a solution out of the data to proceed. Analytics built on data, easily finds a way into actionable intelligence and straight forward solutions.
  7. Loyalty: the feeling of being welcome comes from the fact that you know about the customer and you care for him. Through this the customer’s loyalty just doesn’t translate into coming back again to the hotel but to spreading the word of your service around.
  8. Targeted marketing: Analytics will help the hotel to ascertain which marketing strategies to include, when and where. For eg: During the month of October, 73% customers between the age of 25-30 years, come from Eastern India and use spa services in the hotel. This information allows the hotel to pitch their marketing campaigns in the right direction.
  9. Change your mindset from ADR to TRevPar: the focus needs to move from ADR to Total Revenue per available room. The probability of ancillary revenue depends on your offerings and has least interference from what the market governs. Your flowthru is the best judge of a Hotel’s performance.

Get in touch with us- Contact@wishyogi.com to seek complete solutions for hotels to increase their TRevPar, Upselling and Customer engagement solutions.

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