From Startup To Scaleup- Driving Success For Hospitality Ventures

Startups enter the landscape with big aspirations but the journey is often tougher than they think. Still, there are several successful startups that prove the immense potential of the industry. No matter how tough the climb from startup to scaleup appears, it is still possible to achieve success, provided you take the right approach. Here are some strategies that can help.

Know the market and customers
Many startups simply fail because they do not understand the addressable market and customers. On the other hand, staying one step ahead of market trends and customer expectations can help your business grow faster than you may imagine. The best thing to do is to build a buyer persona and personalize your offerings accordingly. For example, they will depend on the fact whether your target audience is young students, parents or retirees. 

This approach will give you a competitive advantage in the industry, which is vital to achieving the growth targets.

Have a clear value proposition
For any new venture to grow and thrive, it is important to have a clear value proposition and convey it to your customers as well. Unless you give them a clear reason why they should choose you over the others, you cannot expect them to do it. Identify a unique selling proposition and make it the CenterPoint of your marketing message. Achieving your growth targets will be much easier this way.

Show the guests that you care
Nothing matters more to guests than the providers going the extra mile to show that they care. This becomes all the more important in the pandemic’s context when people are apprehensive about traveling or even eating out. When you design your hospitality marketing campaigns, there is a need to create a messaging that conveys a priority for guest safety. Don’t just make claims but implement them with the right actions and strategies in place, whether you run an airline business, a hotel, or a restaurant. 

Create compelling experiences
When it comes to hospitality businesses, experiences are the prime selling factor for any new or old business. The modern customer looks much more than just accommodations and room service.

They want compelling experiences that match their needs and expectations. Go the extra mile with special culinary offerings, guest amenities, entertainment and extra activities and you will surely have them back for more. Retention is the best way to scale up if you are a new entrant in the landscape. Apart from following these tactics, startups also need to incentivize customers with offers and rewards. Consider rewards for new customers and offers for returning ones.

Referral bonuses are a great idea as they boost retention and also encourage the existing customers to spread the good word. A holistic approach that blends top-notch services with great marketing, compelling experiences, and smart offers can give your new business the kick start it needs.