Why Market Study is necessary before venturing in to Hotels and Resorts?
By *Ameen Ahsan Strategy Consulting
The Global Hotels and Resorts industry experienced strong growth over the past five years. As a result of a steady rise in global travel rates, international tourism boomed over the period, as the number of global tourist arrivals increased. Moreover, the infusion of tourist dollars has benefited hotels and resorts, as room rates have also increased, causing industry revenue to also grow. Over the next five years, the industry is expected to continue its upward climb.
When venturing in to a Hotel or Resort Project, It is very necessary to carry out a market study as Hotel and Resort Projects involve huge amounts of Investment. Business market study is the process of collecting data to determine whether a particular product/service will satisfy the needs of your customers. With effective market research, your company can gain invaluable information about your competitors, economic shifts, demographics, the current market trends and the spending traits of your customers.
Customers choose hotels and other hospitality services for a variety of reasons. From location to facilities and perks, companies have to be sure that they’re providing what buyers are looking for. The role of marketers is to identify what factors make customers choose a particular hospitality service, and this requires extensive research. By speaking to current and former guests, monitoring customer reviews on websites, reviewing industry data and more, marketing professionals learn what makes a hospitality service stand out, as well as how it can be improved.
When designing a Hotel or a Resort, the promoters have to have a thorough understanding of what fits in for their project and what does not fit in. A market study before committing investments would be a safe play. With the economy becoming more and more competitive with each passing day, having apt knowledge about the concerns and preferences of your customers has become integral for any business. Market study is the best way to increase customer satisfaction, understand the factors that affect your business, and to elevate your performance.
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