March 28, 2017
Marriott buys stake in tours/activities search engine
Marriott International has acquired a stake in PlacePass, as the world's largest hotel company looks to expand its presence in the tours and activities sector.Read more
Economic business models that are built on trying to make the customer feel good about the brand are becoming less effective in their ability to influence customers' preference, spending and loyalty. A more effective approach aligns the customer experience in a way that makes the customer feel good about themselves.
There's been too much focus by the hospitality industry on trying to build the brand equity position of the company for achieving their bottom-line results, and not enough on building the experiential value of the business. Economic business models that are built on trying to make the customer feel good about the brand are becoming less effective in their ability to influence customers' preference, spending and loyalty.
A more effective approach would be to strategically align the customer experience in a way that makes the customer feel good about themselves from their experience with the hospitality enterprise, that enables your organization to manage the customer expectations. When this is achieved, it has shown to significantly increase spending, loyalty and other customer driven benefits. It's not so much about having the customer feel good or trust in your business, but rather creating a relationship and environment in which the customer feel good about themselves and confident that they placed their trust in the right business.
A good motto for 2014 and beyond is "one customer at a time." You build your company's successes by connecting to your customers, one person at a time. It sounds a little old school, but we need to come full circle as an industry and understand that we're in the business of creating memorable experiences for our customers, not competing with the competition or renting someone a bed for the night. We don't want to be a commoditized business segment like the majority of the airline industry has become, with a poor reputation for taking care of customers needs or understanding there wants.
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