There can be two hotels side-by-side with exactly the same amenities. The assumption is they are after the same market. Not so. Each of the properties will have guests who prefer one over the other and for strictly personal reasons. Neither property is competing with the other.
I bring this up because a former client of mine insisted on tracking the rates and sales data of a hotel down the street from his. He wanted to be sure his rates were just $20 above theirs so he can compete. Lots of time and resources waisted. He was walking over dollars to get to pennies and then wondering why he was having cash flow challenges. Besides, how that other hotel did business and priced their product was none of his business.
The most successful people I’ve known over my life have “played in their own sandbox.” They were aware of their competition, but focused their attention on what they needed to do and in what order to build and sustain their business. They developed loyalty programs, better customer service and highly focused, effective marketing plans. They even created special sales events for their “A-List” customers.
They avoided the “my way or the highway” business model because they understood that, without the good will and support of their loyal customers they would not have become multi-millionaires.
There is no secret, here. Just know your customer and sell them what they want in a way that is comfortable and appealing. Make it easy to buy the most important product a company can sell – TRUST. Trust evolves into loyalty and, in some cases, a lifetime commitment.
When trust is broken, customers go elsewhere taking their money with them.
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