Marketing Plan in Hospitality Industry
An effective marketing plan for hotel can take a number of ways, below are some of the key steps in a marketing plan.
1) Conducting Marketing Audit.
2) Identifying Market segments.
3) Marketing objectives and medium.
4) Analyzing and evaluating the marketing plan.
Marketing audit is considered as the foundation in any hotel marketing plan. It mainly consists of three core parts such as 1) Property Analysis, 2) Compset or Competition Analysis and 3) Market place analysis.
Property Analysis helps to identify the strengths and weaknesses of your hotel. A check list is made by the sales team which consists of the strengths and weakness of revenue generating and non-revenue generating areas. The checklist should also consider the location, brand value and reputation of the hotel.
Competition Analysis helps to position your property and also to identify profitable market segments like Groups, FIT, Corporate etc. with your hotel and competitors.
Market place analysis helps the hotel to establish hotels current position in the market and also to identify the potential opportunity to promote the hotel.
Establish objectives and Marketing Plans:
Once the marketing objectives are completed the next step is to define specific marketing objectives. Marketing objectives must be easily understandable, realistic, challenging and also measurable.
Identify the best mediums to reach the targeted market segments eg: Online promotions, Social media, Billboards, direct sales calls etc.
Clear marketing budgets to be defined for advertising, consulting and promotional expenses.
Monitor Analyse and Evaluate:
The Marketing plans need to be reviews periodically so that if required corrective measures can be taken immediately. These data also helps future marketing activities and programs.
Control is and essential part of any marketing cycle, periodic evaluation should be designed into the plan. This will help to reduce the cost by stopping non productive marketing efforts or channels.