Next Level Marketing
It is important to know what level of service you can offer to ensure that you are meeting the expectations and needs of your guests and avoid service gaps. If you have reviewed the page from I’ve Been Around A Bit and you are looking for hospitality marketing services that will help take you to the next level we are pleased to be able to offer our services in the following areas. These areas are for the most part an extension of and or combination of services that we already provide, however, there is a greater level of detail and further time spent on research and planning.
You have been running some ad campaigns and may have even been experimenting with split tests but would like help in setting up marketing automation or creating automated rules. If you are a boutique hotel or tour company you may be looking to have a catalog set up if you have not already created one so that you can begin to set up return on ad spend rules to have better efficiency in your advertising. You may also be looking for ways that you can create an integrated social media into your revenue management strategies.
The hospitality industry is one that is generally not viewed with great enthusiasm as a whole from the financial industry. Hospitality based businesses are generally viewed as a higher risk class when it comes to funding because of the impact a poor of the economy can have on disposable income, low barriers to entry, high competition and inherent liability especially for those that serve alcohol. For these reasons and many more, the majority of loans are collateral-based. As an alternative to traditional financing social media is a pliable option.
Social media plays a very large role in being successful in crowdfunding campaigns and can be a means of funding capital improvements, or the opening of new locations. The hospitality industry is a natural fit for raising capital through crowdfunding because of the inherently social nature of our industry. To successfully implement a crowdfunding campaign, a strategy is required beyond just a boosted post on Facebook and is best applied when part of a fully integrated marketing communication plan rather than taking a stand-alone approach.
Branding Its’ Impact and Role In Acquisitions and Divestitures
As businesses grow and mature to avoid plateauing or entering the decline stage of the business life cycle businesses may seek growth through acquisitions or raising capital through divesting parts of their business operations that are no longer a strategic fit. These situations create different brand evaluations that are not addressed in routine brand management. The topic of determining the value of goodwill as it relates to the name and brand of a business is far from simple and straightforward but one that can make an impact on returns and marketing.
What Your Accountant May Not Be Considering
As an example, if you are considering the purchase of the brand something an accountant may not consider in the brand evaluation is the impact that the URL has. If the URL has a history of being delisted in Google or perhaps has been used in the past for adult entertainment it may be flagged by various social media platforms. This would have an impact on the volume of online business that you could generate or the ability to advertise. This is just one of many branding factors that can pay or cost dearly.
If you have recently acquired another business or are considering a purchase or the sale of your business you may have questions such as:
1. Would the newly acquired business’ brand be best left as it is, merged into mine,
2. Should my brand be merged into the acquired brand, especially if the acquired brand has a stronger social media presence.
3. Should a new brand be created that reflects the new business as the corporate culture and target markets are different between the two businesses.
4. Is there real value and goodwill attached to my brand that could increase the selling value of my business.
5. If I have acquired a business that has had a negative image should I try to revitalize it or rebrand it?
These types of questions have financial implications that range from printed content and uniforms, signage, to perceived value and brand loyalty to employee morale and turn over.
A great article “The Impact Of Corporate Rebranding On Brand Equity And Firm Performance” Nana, Tobias-Mamina, Chiliya & Maziriri 2019 may help shed additional light on this for you.
This level of service would be most appropriate for situations where you would be using the marketing plans beyond your internal operations to propose or evaluate strategic partnerships, joint ventures or for the raising of funds for capital improvements, expansion into complementary segments or acquisition purposes.