Co-working, co-living... lifestyles and pace of life change gradually and have an impact on hotel products and tourist destinations. Each service offered adapts to the individual and not inversely. It is now obligatory to have things tailor-made. Read the analysis by Vanguélis Panayotis, CEO MKG Consulting, about the anticipation and the development of products and services that are appropriate for today’s clientele and the clientele of tomorrow.
“There is a first important element, that is our environment and we must keep in mind that today most of the population, more than 50%, live in an urban setting. Why is that important? It is often the place that gives rise to new innovations and trends. Fashion weeks and other incubators tend to occur in these urban centers.
Then these great urban worlds are extremely connected. The flow of travelers between these major cities is extremely high. This is obviously due to the more complex infrastructure in terms of airports, transport and accessibility in city centers.
In this seamless experience, customers no longer appropriate brands. The brands adapt to create customer experiences. Today, when you fly or drive, when you go to the hotel, you have different brand experiences. We design different experiences for you.
What is important to understand is that today's destination is an extremely powerful driver of value creation. Often, when talking with investors, it is the symbiosis between asset quality and destination quality that creates maximum value.
Today, the room is no longer the primary element at all. Having a bed and a roof is just one element creating value for the customer. The client considers that these are fundamentals and it is everything we are going to create around them that will actually be strong. The moment when the whole experience and relationship with the client is designed occurs primarily prior to the stay.
The more you intensify competition with distributors, the more likely it is that commission rates will deflate.
Finally, there is no longer any magic in flying an airplane. Today, we must explain what we are able to do around us. Relying on experiences in service and destinations is exactly what Joon has chosen to do.
This brings us back to a truth. Indeed, the competition is not vertical. It does not descend from the distributor to the intermediary to the service providers. Competition is always horizontal. It is between the producers of commercial services and commercial hosts.
In all likelihood, people’s need for commercial accommodations will remain stable for the next ten years, and even for the next thirty years. That's what we need to capitalize on. Everything else may be things we have less control over or for which other actors are in a better position.
Who are our superhosts? It's our staff. And in our hotels, not all of them are superhosts. Even if we have night audits, even if we have teams, sometimes we don't manage to respond to customers in less than an hour. There are some things we can't do even if we are professionals in this field.
We are expected to offer our staff a social lift. The number of generations needed for modest families to reach an average income in France is 6. Such enchantment needs reviving."
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