Tips For Keeping Your Hospitality Business Ahead of the Curve 

If you are a hospitality business owner, it is important to keep pace with trends, consumer preferences, and product levels. You may find yourself making changes to the decor, furnishings, and design of your business to cater to new consumer trends. Adapting to these changes is imperative to your business’s success, so here are some tips to keep your hospitality business ahead of the curve: 

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Customer-centricity is a key concept in the hospitality business 

The focus on the needs and desires of guests should be a fundamental aspect of hospitality marketing. In this manner, customer-centricity generates customer value and strengthens a firm’s competitiveness. While being customer-centric is important for any business, hospitality literature is lacking in understanding of this concept and how to implement it. Therefore, this study utilized a mixed-methods, multiple case study design to study the effect of customer-centricity in hospitality marketing. 

Customer-centricity means placing the needs of customers at the center of all decisions and processes. By doing so, hospitality organizations can better serve their guests, create enduring relationships, and offer highly personalized experiences in the future. But achieving this requires changing the entire organization’s culture and encouraging all employees to engage with the customer. Here are some ways to adopt a customer-centric mindset in your hospitality business: 

Intangible hospitality products 

The largest problem facing the hospitality industry is how to value intangible hospitality products. This type of product is made up of numerous interactions between hotel employees and guests. As a result, new situations emerge between the guest and bartender. One guest may be content with a bartender who speaks little, while another may expect the bartender to be a conversation partner. It is important to distinguish intangible hospitality products from tangible products. 

While tangible products are a fundamental element of the hospitality business, they are often difficult to measure. Marketing is all about getting and keeping customers. The degree of intangibility has the most impact when trying to gain and retain customers. Intangible products often run into special difficulties when trying to retain customers. Listed below are some examples of intangible products and their characteristics. Let’s look at each. You may be surprised at which ones are most important to your business. 

Market analysis 

The global economy is projected to expand at a CAGR of 3.3% over the next five years, which is a favorable forecast for the hospitality sector. Growth in developed economies is expected to continue to be moderate during the forecast period, with emerging markets set to grow at a faster rate. While the hospitality market is expected to continue to grow, the industry is likely to experience a significant shock at some point. Globally, the hospitality industry is expected to recover from this shock across the forecast period. 

However, a major restraint on the hospitality industry is currently being exerted by the ongoing COVID-19 outbreak. This disease has caused governments to implement travel restrictions, and it has negatively affected the industry’s sales. The outbreak started in Wuhan, China, and swept the world. Countries in the region are now experiencing economic slowdowns and a drop in tourism. As a result, these changes are having a profound negative impact on businesses throughout the year. 

Customer-centricity in repositioning 

By focusing on the customer, the hospitality industry can create value for guests and build long-term relationships. In addition, customer-centricity allows hospitality organizations to provide more personalized experiences in the future. It is vital to change the entire orientation of an organization and empower employees to engage with customers. Below are some tips for hospitality businesses to embrace customer-centricity. Read on to discover how customer-centricity can improve your bottom line and increase your bottom line. 

Focus on relationships and emotional aspects of service. Whether your customers are traveling for business or pleasure, they can experience the best possible service and feel close to home. By focusing on customer-centricity, you can offer special services like late check-outs and partner with brands that consumers enjoy. Ultimately, your goal is to give your guests the best possible experience and keep them coming back.