Hospitality business: How to stay ahead in competition

Restaurants and hotels are cropping up in large numbers and this explosion has made the hospitality sector a highly competitive one. To stay ahead and relevant, you need to constantly devise ways to raise the bar and adopt technologies to beat the competition without lowering profits. The focus for every hospitality business should be to prioritize, crafting unique and innovative techniques to promote your hospitality business, which will keep you afloat in this competitive era. The competitive landscape for existing businesses in the hospitality sector is more challenging than ever with new brands and concepts. The ones that want to carve a niche for themselves are finding creative ways to stand out in the competition. While gaining edge is not a cakewalk, a few keys to create a competitive advantage in the hotel industry can guide your strategy. Monitor your competitors The first step to be able to tailor your own stand-out features, is to know who your competitors are that are similar to your property in terms of location, price, audience and concept. While it important to focus on your own business, the activity of competitors should be a cause of concern. Paying attention to their prices and promotions enables you to respond in a timely and appropriate manner. You can use this analysis to add value and increase bookings. Be introspective about your business While it’s important to monitor your competitors, focus on your strong areas and what makes your property unique and desirable. Lay emphasis on these strengths in your marketing strategies to create a pool of potential guests. Prioritize streamlining access and work on improving guest interactions Your property may be just a few miles away from the airport or tucked in a thick forest, take the lead to make sure that your guests get around with ease. No guest wants to be grappled with complicated Google maps to make it a rather tired and grumpy day. If you don’t want to lose the plot, consider offering van services, a streamlined valet service or a welcome email with travel information. Prioritize the availability of staff through every process from research phase, booking, check-ins, stays, check-outs and other follow up. Thoughtful responses are a key to customer satisfaction. Take guest feedback on a serious note to create authentic relationships Feedbacks are way important than what you feel, whether it is positive or negative. Ensure that your frontline staff are taking feedback seriously and reporting it back. Similarly, online feedbacks are not to be ignored, make sure to respond to every feedback you receive, with genuity and concern. Feedback is the backbone to create mechanisms for better management and bookings. Satisfied customers become free brand ambassadors of your business. Stay ahead with innovative high-tech solutions Technology is in every minute detail and cannot be least ignored. It proves to be an essential arsenal in business warfare. Guests want to be connected to social media or have a quick Google business meet which means, that providing free access to Wi-Fi is a technology basic for hotels. Other ways of leveraging innovative high-tech solutions are building a mobile-friendly website, offering digital tablets to order food, digital payment options, online check-ins and check-outs and investing in a cloud-based hotel PMS system that can help automate crucial tasks to enhance customer service. Create brand experiences that offer a unique experience Your hospitality business can garner attention and create buzz with on-site and off-site elements to offer a unique experience. Create brand experiences by curating ideas that inspire guests to come over to your property again. Creating social –media friendly elements like a fondue/s’mores bar, a well -designed and fun photo-booth, an endearing piece of art, kids-friendly menu or scheduling Friday night magic shows or movies, can cater to all genres and make your property worth- a-visit. Creating a competitive advantage for your hospitality business is not an overnight task, but requires a business to focus on its strengths and weaknesses in a phased manner. Making guests to find value in your services lies in providing outstanding services, which means going above and beyond what is considered standard. The author is Managing Director and Co-Founder, Ekostay, a homestay venture. Views are personal. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.