Creating Lifetime Value

 

It is no secret that repeat guests are generally the best guests. With a lower cost of acquisition, a higher likelihood to recommend and higher potential for future revenue, first time guests who become repeat guests are one of our best opportunities as an industry to ensure the sustainable operations of an asset. Enter the Customer Acquisition & Retention Matrix. With expanded technologies available to assist hoteliers in engaging guests at every touch point in the customer lifecycle, guest retention has never been more within reach or more complicated.customer_acquistion

In coming posts, we will review some key considerations for strategies targeting each stage in the customer acquisition and retention process. Here, we summarize those stages.

Stage One: Strategize

Without clear goals and the related tools, any plan will proceed at limited capacity. Before launching any acquisition or retention programs, it is critical to ensure that your organization has the right technologies in place and the right culture to drive success.

Stage Two: Acquire

With a bevy of available options and competition fiercer than ever across channels, customer acquisition can be a daunting stage for any hotelier. Creating initial awareness to attract first time guests requires a comprehensive cross-channel approach that begins with search engine placement and extends to secondary travel sites & networks.

Stage Three: Engage

Once a consumer is aware of your product, forming positive, lasting impressions is critical. Further, those impressions must be engaged and reinforced across owned and earned channels to maintain top of mind status with the consumer.

Stage Four: Convert

To realize maximum conversions, every member of your sales and marketing team, from the DOS to the overnight call center representative to your digital platforms must be in sync. Awareness and Engagement can only lead to revenue when expectations and perceptions are met at the moment of truth.

Stage Five: Retain

The final and most important stage of the process is turning one-time guests into repeat guests. With thoughtful eCRM management, meaningful social media engagement and an asset appropriate loyalty program, the optimal operating income can be realized from retained guests.

 

To learn more about how TRI Hospitality helps destination properties, mid-size brands and asset managers assure a comprehensive customer acquisition and retention strategy, visit our services listings or contact us.