You’re obsessed with producing peak financial returns for your portfolio. Your industry knowledge is unmatched. Most of all, you’re passionate about what you do.
But how can you and your hotel management company compete against the hundreds of other hotel management firms hustling for the same assets?
Here are seven ways to attract new assets:
1. Publish Your Leadership
Becoming the expert on maximizing hospitality assets is one of the top techniques to attracting asset managers and owners. By developing and sharing content that is helpful and useful to them, you can position your hotel management practice as a trusted advisor who clients will rely on for the best solutions and be recognized as an integral part of their own success. Post content to your blog, share tips through a consistent email campaign or via relevant LinkedIn forums.
2. Own a Unique Value Proposition
What can your team offer that no competing hotel management company can? A combined 100 years of hospitality experience? An up-to-the-minute approach using the latest hotel marketing technology? Advanced market knowledge in a particular destination? A commitment to hiring the best on-property staff? Leverage that unique value proposition to differentiate your company in the marketplace, otherwise you’re making it ten times harder for hoteliers to discover and remember you.
Find ONE thing that separates you and OWN it in the minds of your target audience.
3. Target and Track
Just as you would advise your property teams to utilize organized, targeted marketing to reach hotel guests, your hotel management company needs to use the same techniques for new client outreach. By building a highly targeted list of prospects and tracking them in a CRM system, you can track your sales pipeline with frequent measurement of leads, opportunities and conversions. With a CRM, you can also easily deploy automation tools for follow-up emails, personalized campaigns, etc.
4. Get Executive Buy-In
Asset attraction starts and ends at the top.
No matter how innovative your marketing team or how creative your business development staff is, appealing to new assets will be an uphill battle if your efforts are constantly blocked by a leader who declines your budget requests, wants to continue to do business “the way it’s always been done,” or is impatient with the time it takes to build trusted relationships with hoteliers.
5. Industry Participation
Mingling isn’t enough. Stand out from standard networking and get in front of asset managers and hoteliers by speaking at events, contributing articles to industry publications, and holding leadership positions in industry groups. Getting in front of industry influencers at events like ALIS or The Hunter Conference will build your network and elevate you instantly as an authority figure worth investing in.
6. Have a Great Product
Most hotel management companies don’t think of their services as a product, but it’s helpful to remember that your hotel management product is made up of two important elements:
• Service Levels: Going above and beyond for your clients is how you build long-term loyalty, which will convince them to stick by you when competing hotel management companies start knocking on their door.
• Results: The results you produce for your current clients are paramount to attracting new assets. At the end of the day, no amount of schmoozing can substitute the success and above-market returns that you’ve yielded for the hotels in your current portfolio.
If you have a great product that delights customers, more will surely follow!
7. Put Together Case Studies to Build Trust and Validation
To attract new assets, not only do you need to produce profitable outcomes, you need to prove it! Hoteliers want to see that you understand the issues they struggle with and that you have worked with other properties in similar markets or locations/situations. Showcase that you can analyze a property and its place in the market, then implement creative solutions tailored to address that property’s unique challenges.
About TambourineTambourine uses technology and creativity to increase revenue for hotels and destinations worldwide. The firm, now in its 33rd year, is located in New York City and Fort Lauderdale. Please visit: www.Tambourine.com