The 21st century has seen a significant change in the
lodging industry. This has increased with the growth of the millennial
generation. This new demographic of customers has entered into the market with
new and different expectations, calling into question what the industry has to
offer. This younger audience of travelers is not only more cost conscious, but
also more focused on experience.
With this in mind, hoteliers and other industry players have
taken into account the fact that this younger generation would prefer a limited
service to reduce costs, but with certain added conveniences. To achieve this,
many contenders of the lodging industry have cut unnecessary high-cost factors,
such as restaurants, large guestrooms, room service, daily housekeeping, and so
on. They have worked toward replacing these with more practical alternatives,
such as smaller rooms, food to go, free bikes, Wi-Fi, and more.
With these changes, hoteliers and other alternative lodging
hosts do have a number of critical success factors to consider. As new lodgings
are launched, competitors must know how to position themselves for growth.
According to ‘Global Hospitality Insights, Top Thoughts for 2015’ by EY
(http://nnw.fm/NvI88), some of the most critical success factors include:
Analyzing the market for opportunity gaps
Understanding the target market to stay relevant
Providing a service that offers an experience not just a
place to stay
Building a differentiation concept that offers guests a
unique experience
Establishing whether to target a market with a new brand or
by developing an existing one
Leading with purpose-driven brand and build a culture based
on this
Planning the long term execution of the brand
Alternative lodgings have become one of the best
opportunities for growth, giving travelers a unique experience without the
high-costs and unnecessary services. The introduction of technology in the
industry has leveled the playing field, giving new contenders the chance to
compete with established brands more quickly. Monaker Group, Inc. (OTCQB: MKGI)
offers all of this in one space thanks to its flagship NextTrip.com.
According to CEO Bill Kerby, the company is “committed to
building innovative technology platforms and unique product sets for the travel
marketplace. We are excited about our current focus and initiatives, and
believe we are well positioned to take advantage of the current major uptrend
in Alternative Lodging and Travel.” The company’s real-time booking engine
features a variety of alternative lodging, from vacation home rentals to resort
residences and unused timeshares. From this platform holidaymakers of all
demographics can book their entire trips, including accommodation, flights, car
rentals, and everything in between.
For more information, visit www.monakergroup.com
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