The hospitality industry is one of the most competitive in the world. It requires a clear strategy and careful planning in order to cope with stiff competition. These days, however, that competition comes in the form of smaller independently-owned hotels, not the familiar names associated with the hospitality industry.
A survey conducted in 2017 revealed that boutique hotels had higher chances of growth compared to branded hotels. The reasons include a growing desire for authentic travel experiences by younger consumers, who see boutique hotels as being more in touch with their surroundings. Other than offering customized services to clients, boutique hotels are approximately 10 – 20% cheaper than ordinary hotels.
Nonetheless, succeeding in the boutique hotel industry is not a walk in the park. There are certain things that you need to get the right to stay ahead of your competitors.
It boils down to the list of things keeping successful boutique hotel owners up at night:
1. Understand your guests and what they need
This might appear obvious, but getting to know who your guest is key when it comes to succeeding in the boutique hotel sector. Once you understand your guests, you will be able to provide them exactly what they need, whether it’s the right room configuration or the list of amenities being provided. Take your time to learn them, no matter how long it takes.
Most hotels today are more focused on making profits at the expanse of their clients. Take advantage of the situation and invest in developing a perfect relationship with your customers.
Create an environment that will leave lasting memories in their minds. You will be surprised by the results of such an action.
2. Financial decisions
Managing finances is one of the critical parts of any business. You need to plan and understand how your finances are coming in and moving out. Besides that, you need some form of protection such as insurance.
Researching life insurance cost to find the right policy is a tedious yet important process. Take your time to look at various insurance options available. You don’t know what the future holds. That’s why it is important to have a life insurance policy for the protection of your family and business.
3. Understand your building or site
The site or building hosting your hotel is crucial to the success of the business. As such, it is good to carry out proper research before launching operations. For instance, try to find out where people like spending their vacations.
Better still, you can hire the services of a consultant to help you with the feasibility study. After you have done that and started your hotel operation, it is your duty to understand the building or hotel site inside and out.
As much as you would want to delegate this task to someone else, you should also have first-hand experience and information.
4. Create a strong and distinct identity
There are three things that successful boutique hotel owners focus on to beat the competition. The first one is the service. The type of service you provide will determine whether you will have repeat clients or not.
After streamlining your services the next thing to focus on is design. You need to carefully decide on the architecture design and type of colors to use in your boutique hotel.
Hiring an interior designer who specializes in hotels will be the best idea. Lastly, focus on technology. Ensure that you automate most of your services – to make life easy for your customers.
5. Concentrate on comfort
Most clients look at the type of comfort they will get before choosing a hotel. That’s why you can’t ignore it. Ensure that you create comfort in all areas of the hotel. You don’t want to hear minor complaints that will negatively affect your business.