Whether you’re planning to open a hotel or have already launched one, conducting market research is a vital part of the process. Not only will it help you determine the current customer demand for hotels, but also help you identify what differentiates your hotel from the competition. It will also enable you to say goodbye to a hotel business model that won’t work or to establish an approach that can multiply your chances of success.
While it’s important to look at general trends in the hotel industry, you should start with local market research when planning to open a hotel. Take a close look at the hotels (including hostels and guest houses) in your area, as well as any private clubs that offer short-term stays. Then, compare their rates and services to your own. Finally, find out how many rooms they have and what types of amenities they provide.
In addition, don’t forget to examine the competition at a more granular level by checking their reviews on websites such as TripAdvisor. However, be sure to only read reviews that were written in the past year or so. That way, any shortcomings the hotel had five years ago may have been addressed by now.
As you conduct your research, focus on what your target customers want most out of a hotel stay. This will help you determine if your hotel is the right fit for them. For example, if a majority of your target customers are young people, you can appeal to them by offering an eco-friendly option or by promoting their health and wellness. Alternatively, if your target customers are largely baby boomers who value possessions over experiences, you can appeal to them by offering VIP social club or lounge memberships.
Aside from the basics of lodging and dining, many hotels offer additional amenities such as pools, gyms, spas, restaurants, casino gaming, airport shuttles, and more. Some even offer concierge services and private events for their guests. However, this is all based on the hotel’s size and budget.
If you’re looking for a place to stay while traveling, there are several different kinds of hotels available to choose from. Some are small and intimate while others are massive and luxurious. Some are geared towards the needs of specific traveler groups, such as families or business travelers. You can also find luxury hotels that are located near popular attractions for those who want to see the sights during their trip. In addition, you can also find hotel deals to make your next trip more affordable. Just remember to check for the latest deals before you book your next vacation!
