As a hotel owner, it can be tempting to try to create an environment that will be enjoyed by tourists as well as those seeking a more refined experience. However, trying to be all things to all men can often be a shortcut to failure when it comes to competing with large hotel chains, and it is essential that you have a clear target market in mind as you establish your business.
Attracting a luxury clientele
Establishing a target market can help you with every aspect of your new hotel business, from the décor to the facilities that you offer; attempting to appeal to a luxury clientele, for example, means paying attention to even the smallest detail, ensuring that your guests receive the indulgent experience for which they have paid. There is a risk that targeting a more luxury clientele will see you discouraging regular tourists – a particular problem if you’re located in an area that thrives on passing trade – but the risk can pay dividends and help you to establish yourself as a truly luxurious brand that’s worthy of attention.
Creating a luxury brand means understanding your clientele inside out, and it is essential that you put their needs and desires at the fore of every business decision. The key to the luxury market is engagement; guests who feel that their every whim is being catered for are less likely to be price-sensitive. From the customer service and décor to the restaurant’s menu and added “extras”, nothing can be ignored when you’re competing with luxury hotel chains. Conduct research, and ensure that you have identified and understood your guests’ needs fully. Creating a customized hotel experience, in which guests feel that everything has been designed for them, is a phenomenal way to ensure repeat trade.
Stephen Wynn and his luxury empire
Stephen Wynn, the brains behind Wynn Resorts, is an expert when it comes to creating a luxury brand. His hotels are renowned around the world, with luxury and opulence at the fore of everything he does; guests are assured an experience that extends beyond finding a place to rest their heads. Listening to the desires of his proposed clientele, Wynn and his team create hotels and resorts that scream luxury; from his themed décor to intricately designed details, each of Stephen A Wynn presentations is its own success story – one from which every first-time hotelier can learn.
As a first-time hotelier, you must be prepared to learn from the successes and failures of those who have gone before you; above all, aim to create a brand of which you can be truly proud.