Market Research to Grow Your
Lodging Business
How can a market research firm help you, as the owner of a
lodging business, to grow your business? Or, as an entrepreneur
looking to get into the lodging business, how can a market research
firm help you determine if this is indeed a business you want to get
into? What marketing research tools can we
provide to bring Ohio travelers and tourists to your bnbs,
cabins, cottages,
condominiums or country
inn? Read on…..
Established
lodging business owners and marketers
Bed
and Breakfasts : Cabins : Cottages : Condos : Country Inns
The
following is a list of the market research services Maple Alley
Market Research offers, and examples of some of the important
questions that they will help you to answer:
Customer satisfaction and retention: Why do my loyal
guests come back? Why do some guests never return? What do they like
best about my accommodations? Least? How could I get them to spend more
when they are here?
Market potential demographics: How many
potential guests are out there for my lodging business? What is my share
of the tourism market? Who are they, where are they coming from? How can I
get more of them to come to my place?!
Tourism Market trends: What trends
are going on in the Ohio travel and tourism
marketplace that will affect my lodging business in
future years?
Tourism Marketing tools: What tourism
marketing tools will be most
effective for reaching new potential customers and guests? What tourism
publications do
they read? What TV stations do they watch? Where do they get
vacation information?
Competitive analysis: Who are my
competitors? How are they marketing their services? How can I
differentiate my accommodations from others so that customers will choose
my place?
Tourism Industry benchmarking: How are other lodging businesses like
mine doing? Is the economy affecting them as much as it is affecting
me? Do companies like mine usually make large profits? If so, how
much?
Resources: What tourism
associations, publications and
travel shows can be used to keep current about the industry?
Entrepreneurs
considering starting a new lodging business
Bed
and Breakfasts : Cabins : Cottages : Condos : Country Inns
Why do so many new businesses, in all industries, fail within two
years of starting up?
One of the big reasons is lack of planning and
research! You absolutely must do your homework before embarking on
any new venture - and the lodging business is no exception. With
this information you can then make informed decisions about whether
or not to go forward with the business, or what your next steps
should be. (By the way, some basic research can sometimes show you
that it's time to put the idea to rest - at least for now!). The
following is a list of the services Maple Alley offers, and examples
of some the important questions that they will help you answer:
Concept testing: Is there a market for my new lodging
business in my
proposed location?
Tourist Market size and demographics: How many
potential customers and guests are out there?
Tourist Market trends: Is there a
long-term future for my lodging business? What trends are going on in the
tourism marketplace that will affect my business in the next five to ten
years?
Feasibility studies/profitability analysis: Will I be able
to make a profit?
Marketing tools: How should I market to
potential customers, guests, and
tourists?
Competitive analysis: Who are my
competitors? Do I have something to offer that is unique enough to
make me stand out from them?
Benchmarking: How much money do
other companies in this business usually make? How do they operate?
What makes the successful ones successful?
Tourism Lodging Business plans: How
can I get the money I need to get my business off the ground? How do
I put together a business plan?
Research Tools for New and Established Businesses
The following
is a list of some of the research tools we use to get you the
answers you need:
Primary Research
Guest surveys (mail, phone, Internet)
Tourism focus
groups
One-on-one interviews
Competitive shopping
Secondary Research
Trade publications and
travel associations
Published tourism
research studies and reports
Government databases
Proprietary/private subscriber-based databases
Travel publications
Media tracking services
Internet search engines
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