Hospitality is one of the very few sectors that has been bustling with opportunities in recent times. Despite the pandemic delivering a rough blow to the sector, it has shown great resilience by quickly bouncing back. However, extensive opportunities do not mean that establishing a successful hospitality venture is a cakewalk. Renowned hotelier and CEO of The Claridges Group of Hotels, Sanjeev Nanda lists three things that one must keep in mind while investing in the segment. Take a look:
When it comes to the hospitality business, customer experience is even more important than for other sectors. People usually have high expectations while making a booking for a homestay, hotel, or resort, and if the service provider intends to stay in the business, they must work on delivering that. Offering the customers an experience to be cherished forever is what a new hospitality venture should aim at, suggests Sanjeev Nanda.
Another aspect of enriching the experience for the customers is personalization. Different customers have different requirements and different bases for judging your service. Some scrutinize the staff’s behavior, while others judge from the level of cleanliness. It is up to the service providers to count on every possible aspect and deliver the guests the kind of experience they want.
Understanding Spending Capacity
A hospitality venture achieves success by not just understanding the needs of the customers, but also their spending capacity. Reaching out to the right set of customers might be a time-consuming process, but it is definitely worth the effort. The expenditure that the customers and the service providers are willing to make must be in synchronization with each other in order for a business to be successful, says Sanjeev Nanda.
It also goes without saying that a service provider in the hospitality sector must provide the customer’s value for their money. Matching the services up to the standard for the amount being charged is of the essence since it can help establish your venture as a reliable service provider in the eyes of the customers.
The use of innovative technology in the hospitality industry over the last few years has led to unprecedented growth for the sector. Along with a radical shift in the hotel booking patterns and service expectations. According to Sanjeev Nanda, the emergence of online hotel booking systems and review forums has exerted a strong digital influence on the industry. Learning how to utilize this digital influence to the benefit of your business can help your venture achieve unimaginable success.