No hotel can be everything to every customer. It’s a simple truth with powerful implications: Hotels and chains have to be realistic about the things they can offer well. Just as importantly, they need to pinpoint the right customers to target with those offerings.
Properties and chains are quick to solve these riddles for transient business. Group business, on the other hand, doesn’t always get its due diligence. At the end of the day, this means a significantly smaller slice of what Kalibri Labs reports is a $130 billion dollar a year hotel meetings & events pie.
To help solve for the segmentation gap, Social Tables has released a free workbook of exercises tailored to guide hotel properties and chains through effective segmentation of groups and meetings business. Coming out, teams will have identified which group segments to target with their meetings product, and, just as importantly, why.
The workbook will guide properties and chains through:
- Identifying standout segments
- Assessing the customer waterfall
- Identifying core competencies & weaknesses
- Pinpointing target personas
- Determining product-market fit
- Measuring market competition
- Avoiding dangerous segmentation pitfalls
Why is this resource important?
Dividing the broader groups and meetings market into segments forms the foundation for a more targeted approach. Taking into account the different needs, acquisition costs, timelines, and profitability of different groups, a true picture of revenue potential emerges for sales and strategy teams. By identifying high-value groups, teams can better focus their resources, investing their time, efforts, and money in the segments that signal the most ROI.
Ultimately, the process of segmentation is the key — to the right bookings, business mix, marketing, distribution, revenue management, product, and, of course, more profit. Without it, there is no groups and meetings strategy. This is the reality big-box brands, small chains, independent hotels, boutiques, and beyond.
To learn more about the Group Segmentation Workbook and get a free copy, click here.
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