Influencer Marketing and the Evolution of WOM Marketing

There is no doubt that word of mouth is one of the most effective and trusted forms of marketing, and this is particularly true within the accommodation industry. As a sector built on reviews, there is nothing more valuable to an accommodation-based business than to have people talking about your property. In 2020 the ways in which people do this has changed dramatically, from humble beginnings on review websites, word of mouth marketing has evolved into a complex web of Instagram influencers, travel bloggers and sponsored posts. The good news is, there is more opportunity than even to get the good word out to your guests.

You might be thinking, what is an influencer? Often influencers are just everyday people who have built a living sharing their passion online. This could be beauty, fashion or travel and is most prevalent on social media platforms including Instagram and YouTube. The reason who these influencers are so successful is because they have the ability to build real connections with their followers, which gives them significant influence over their audience.

A whopping 80% of marketers find influencer marketing effective, according to mediakix, and state that it enables their brand to build trust and expand their reach, whilst influencing purchase decisions. Arguably, no industry is better suited to influencer style marketing than the accommodation space, with the ability to offer social media superstars travel experiences in new and exotic locations (who could say no?).

So how can your property get involved? There are a few different approaches that hotels can use to take advantage of influencer marketing including free/discounted accommodation, sponsored content and brand partnerships.

The first method, offering free or discounted accommodation is by far the most common. This generally involves offering influencers or social media personalities a few free nights stay at your property, or rooms at a discounted rate, in return for a mention on their channel. This could mean featuring in one of their YouTube videos, or being tagged in a few of their Instagram posts. This is an excellent way to gain exposure and find your way onto consumers travel lists and is a great option if you have some occupancy during slow periods.

The second method, sponsored content, adopts more of a traditional advertising approach. This involves paying an influencer a set amount of money in return for a sponsored post or video on their social media channels. Sponsored content can be less subtle than other forms of influencer marketing, but it does provide more control over how your brand is portrayed and where you direct potential customers. You can brief the influencer on the type of content you want them to publish (taking into consideration it will have to align with their personal aesthetic and brand) , what the caption will be, and any links you want to be included. Prices will likely be based upon the number of followers an influencer has.

Finally, brand partnerships are potentially the most lucrative facet of influencer marketing for accommodation businesses. Many beauty and fashion brands are known for hosting ‘Influencer Trips’, where they bring together the biggest names in their industry to launch a new product or generate buzz about their brand. Being the host property of such trips is a significant opportunity to not only benefit from the revenue of large group bookings, but also feature on the various attendees’ social channels.

Influencer marketing is a unique opportunity to utilise the powerful voices of social media personalities to cut through the haze of marketing and reach audiences in an authentic way. Are we saying you must get on board? Not necessarily, but creating an environment and atmosphere that encourages social sharing at your property should be a consideration.

The post Influencer Marketing and the Evolution of WOM Marketing appeared first on Accommodation Finance Australia.

Communal Spaces, A New Direction for Australian Hotels

There is no doubt that corporate travellers make up a large portion of hotel guests. For a long time, the in-room services available have been tailored to the needs of these business travellers, including shoe shining, suit pressing and complimentary Wi-Fi. However, properties are now looking outside of their guest rooms for ways to provide extra value.

In order to further accommodate this segment of guests, hotels are now focusing on shaping their communal zones into multi-functional spaces. By providing something more than a quite place to catch up on emails and scroll through social media, properties are able to add to travellers experience in ways which can’t be done from the confines of their room.

As CBD properties get refurbished there has been a clear move away from boxy business centres, with lobbies and communal areas being shaped into inviting functional spaces. This change aligns with a rise in popularity among co-working and co-living concepts, suggesting that consumers are seeking out shared experiences.

Some hotels are fully embracing this concept, with several chains including Accor and Marriott partnering with co-working companies. These partnerships offer guests flexible workspaces, reading nooks and cosy corners outside of their individual rooms.

There is a trend among young consumers in particular of spending less time in their rooms, and more mingling with other guests in communal areas. Many properties targeting Millennials have strived to create lobbies which offer more than just check-in, by adding coffee carts, bars, board games and even arcade consoles.

This is a way that traditional accommodation providers can compete with home-sharing providers. A notable draw card for guests when booking homestays is their ability to access a whole house, living, dining and outdoor areas included. This is particularly relevant for group travel, where guests are seeking joint areas to work, play, lounge and eat.

By adapting their current communal spaces to be a balance between quite working spaces and social hubs, hotels are able to appeal to the social traveller, whilst still meeting the needs of the corporate guest.

This form of innovation is becoming more and more common within the industry, with many providers re-evaluating the ways in which guests use the different spaces available in their property. Communal areas are a prime opportunity for hotels to add extra value to their guests, and this new direction for Australia’s accommodation industry could result in some truly unique experiences.

The post Communal Spaces, A New Direction for Australian Hotels appeared first on Accommodation Finance Australia.

Independent Hotels: Competing With Chains

For many hoteliers, competing with large chain hotels can seem overwhelming and intimidating. They can often fall into the mindset that due to their limited resources they are not able to compete with ‘the big guys’. However hoteliers need to understand that large hotels are still competitors, and they must address this with the resources they have available. Fortunately, there are many advantages independent hotel owners have over chain hotels, and if utilised correctly, can produce excellent results. To succeed today, hotels should strive to have the best service rating in their price category and location.

There are many advantages that independent hotels have over chain hotels, they should use these to their advantage, including

• Individuality – small hotels are often unique and original, which is a charming feature that attracts many guests
• Focus on individual property – managers are able to focus their attention and resources on an individual hotel, rather than spreading resources across a number of hotels
• More focus on guests needs and experience – hotel staff are able to create more personalised experiences for their guests
• Original concepts drive higher guest review – unique features of small hotels increase the likelihood of positive guest reviews
• No licensing or franchise fees- this allows hotels to use their funds elsewhere

Create Experiences and Build Loyalty 

One of the main advantages of being a small hotel is having greater control over the individual guest experience. Whilst you may not have the huge marketing budgets and resources of larger hotels, you do have the ability to mould and create a personalised experience for your guests. By creating added value for your guests, anticipating their needs and providing solutions, you are providing outstanding hotel service, as opposed to the standardised procedures they may experience at a large chain hotel. 

Upselling is also important during this stage, to really ensure the guests are getting the most out of their stay and you are maximising each customer. A hotel that delivers great experiences can compete in its price category/ location regardless of how big its competitors budgets are. By creating more personalised and memorable experiences, this builds up customer loyalty. You should also employ a CRM to ensure that every step of the guests process is a smooth as possible, this includes everything from pre-arrivals, on property and post stay. 

Online Presence

Your online presence is everything in this age of modern consumerism, and for hoteliers online reviews are critical. Many people rely on online reviews to guide their purchase decisions. According to a recent New York University study, 93% of travellers check online reviews before booking a hotel, and 53% will simply presume the worst and ignore you entirely if they cannot find a current review of your hotel. Encourage and incentivise guests to leave reviews and don’t forget to respond to the reviews within 1-2 days. Through the use of Online Travel Agencies (OTA), you are able to access niche markets, a valuable resource to attract new travellers to your hotel. You should also take advantage of metasearch engine, this is a search engine that gathers data from other websites and displays them together, e.g. Trip Advisor. 

Website

Your website is another very important marketing tool, that should be properly managed and optimised for user experience. The website should persuade potential customers that your hotel is a relaxing, stress free environment and it should contain relevant, accurate and engaging content highlighting your hotels features. The design of the website should be simple and easy to use with the ability to directly book and purchase your hotel room. 

The post Independent Hotels: Competing With Chains appeared first on Accommodation Finance Australia.

How To Choose A Financial Advisor

If you made a New Year’s resolution to choose a financial advisor or replace your current one, proceed with caution. This is one of the most important financial decisions you will ever make. The person you select will influence or control your investment decisions and the quality of those decisions will impact your long-term financial security, in particular during your retirement years.

 You can’t delegate your choice of an advisor the way you can hand off investment work. You own this decision, and your vetting process has to be good enough to separate the weak from the strong. Here's how to look past the smoke and mirrors.

1. Decide what type of advisor you want. These are the four basic types of advisors and the key characteristics for each.

Registered representatives, also called stockbrokers, investment representatives, and bank representatives, are paid commissions to sell investment and insurance products. Their primary sales licenses are Series 6 or Series 7.

Financial planners are a tough category. There are no licensing requirements for planners. Anyone can claim to be a financial planner whether it is true or not. Your vetting process should limit your selection to those who have earned the CFP, CPA/PFS or ChFC certification.

Financial advisors are Registered Investment Advisors (RIAs) or Investment Advisor Representatives (IARs). They are compensated with fees and are financial fiduciaries so they are held to the highest ethical standards in the financial services industry.

Money managers have the same registrations and characteristics as financial advisors. Their distinguishing feature is that they make decisions for investors without their approval in advance.

2. Be objective. Use a process of elimination--vet four advisors, and select one, so you have to exclude three. As you identify weaknesses, cross these advisors off your list. Focus on qualifications—among other things, you might want a professional who has retirement planning expertise. Don’t just choose the advisor with the best personality and sales skills; chances are this is not the person you want advising you on investments.

3. Gather and compare data. Get the same information from multiple professionals so it is easy to compare their responses.

Read the entire article here: 

https://www.forbes.com/sites/deborahljacobs/2013/01/03/how-to-choose-a-financial-advisor/#19caddef4774