HOTEL MARKET STRATEGY AND MARKET PLANNING

Developing a Market Strategy starts with asking the following:-

1. What are my Market Segments? - Most hotels attract at least 2 distinct market segments, each with differing requirements, characteristics and needs. Serving these profitably begins with understanding their buying behaviours and selling to their needs rather than on price.

2. Who are my Competitors? - Like consumer segments it is likely that you have no more than two clear competitors. Interested in finding out who these are - ask yourself, if I dropped my prices by 20% which hotels in my area would react? The answer may surprise you!

3. What are my Channels to Market? - The channels to get to your target customer groups are the final piece of the marketing plan. Once you are clear who your target customers are you need to have a strategy to reach these customers in a cost effective manner.