The Four E’s: Today’s Secret to a Hotel’s Success
Today, successful hoteliers realize that they are in the expectation management business. Each individual traveler is looking for a different experience depending on the preferences of that individual and the purpose of the trip. In today’s competitive hotel marketplace, the key to success is finding a way to exceed guest’s expectations.
Back in the day, marketing was all about the 4Ps: Product, Promotion, Price & Place. This legendary law of marketing, while interesting, is no longer as relevant as it used to be. The 4Ps of marketing have evolved. The Internet and social media has had a huge impact on how marketers need to focus their efforts. The concept of the 4Ps has morphed into the “4Es”: Experience, Evangelism, Exchange and Everyplace. Following, are a few examples of how clever hotel marketers can take advantage of this opportunity.
The concept of “Price” has also evolved. It is less about the amount of money one needs to pay for a room but rather the experience one expects to have related to how much of their hard-earned money they need to “Exchange” for that experience. Studies have shown that individuals could be willing to pay up to 34% more for a room if they are convinced that the service/experience will exceed their expectations.
It is important to measure and benchmark guest feedback, however, the real opportunity lies in how hoteliers improve the guest experience. The best results are achieved when all Guest Intelligence is consolidated into one, easy-to-use system, with a common set of analytics, that prioritize where operational and service improvements need to be made. By focusing not only on measuring but also on improving, encompassing both guest feedback from surveys and online review sites, hotels will access detailed insight into what guests liked and didn’t like about their hotel experiences.