The competitive landscape for the luxury hospitality industry is changing rapidly. Companies are merging, startups are disrupting the market, and consumer preferences are evolving. It is important now more than ever for luxury hospitality brands to drive loyalty with unique & informed offerings for wealthy guests. Let’s explore the top 3 strategies your luxury hospitality brand can implement to compete for your consumer’s share of wallet.
Key Strategies for Luxury Hospitality Brands
1. Personalize Your Offerings to Drive Brand Loyalty
What you know about your wealthy guests and more importantly, how you leverage that information, will set your brand apart from the competition. Wealthy consumers are looking for personalization during every touchpoint of their hospitality experience. From booking to arrival to post check-out, brands should be engaging with consumers throughout the whole journey with an arsenal of knowledge.
For example, is your wealthy guest a wine connoisseur? Reach out to your guest right after booking to offer a personalized session with the on-site restaurant sommelier for an exclusive tasting experience. Offer to arrange a nearby vineyard tour or have your guest host a business meeting in the tasting room. These small gestures keep your brand top-of-mind and engaged especially during the often overlooked lag time post-booking and pre-arrival. It also signals that you care about your wealthy guest’s interests and you can highlight your brand’s amenities and partnerships to cater to your guests even more.
2. Create Targeted Messaging to Keep Wealthy Guests Engaged
The way you communicate with your wealthy guests can make or break brand loyalty. Wealthy guests have different needs and preferences than non-wealthy guests. Even among the wealthy guest category – information that is relevant to retirees will vary from information that is relevant to a high-powered CEO. Successful luxury brands tailor their messaging to meet the needs of their consumer and hospitality brands should follow suit.
The best way to tailor your messaging is to leverage data to promote relevant information, thereby increasing engagement and excitement. Your CEO guest would love to know about new properties opening in emerging business markets such as China or Brazil. You can also maximize marketing dollars by targeting vacation package promotions to retirees and empty nesters with disposable income and fewer time constraints to get away and relax.
Marketers know they only have a short time to deliver a relevant message before their future consumer moves on to a different activity or even a competitor. Share-of-mind is getting more and more competitive and the more brands can arm themselves with pertinent data about future wealthy guests, the more they can secure the wealthy wallet.
3. Identify Customers With Shared Values to Cultivate Deeper Connections
All brands, luxury hospitality brands in particular, represent a promise to deliver an experience that is different from what the competition offers. That includes a promise to uphold values that your brand represents. Luxury guests are more inclined to feel a deeper connection to brands that care about the same things they do. Most hospitality brands are aligned with charitable causes that resonate with wealthy consumers who have the propensity to give. If you know your guest supports a particular cause, be sure to notify them about related events. Invite your wealthy guests to your pet adoption event or holiday giving promotion. Communicate local initiatives to support the military with your veteran guests. Applying useful information that your guests truly care about will activate lifelong brand loyalists.
The more you know about your guests, the more you can tap into what’s more important to them. Celebrate distinguished guest’s birthdays, anniversaries and other milestones with a bottle of champagne or offer to make restaurant reservations to redeem loyalty reward points. Suggest kid-friendly excursions for wealthy guests traveling with families. Offer marathon runners a power breakfast to maintain a healthy diet while traveling. Leverage partnerships to give aviation aficionados access to private jet experiences.
How to Leverage WealthEngine to Deepen Customer Engagement
In order to effectively create a personalized experience for your wealthy guests, you must gain a deep understanding of their interests. What would items would they be excited to receive from your luxury hospitality brand? Once you understand their preferences, and what they would need to have a novel experience, you can begin refining your efforts to meet their needs. This all starts with a wealth screening.
With a wealth screening, you can find, segment, and prioritize your customers, and segment them based on different attributes. So, not only can you group your customers and prospects based on demographic traits such as age and income, but you can also append your database with wealth and lifestyle attributes. By doing this, you can easily understand an individual’s interests and what they like to spend on. So, gathering these data points gives you a more holistic view of your customers. You can easily use their demographic data and wealth attributes to take a data-driven approach to your outreach strategy. This makes it easier for you to engage them on an individual level.
Now, you have the ability to create an enriching experience for them. Additionally, by creating an experience that caters to individual customer needs specifically, you could potentially transform these individuals into loyal supporters and advocates for your luxury hospitality brand.
Uncover the Best Ways to Appeal to Millennial Millionaires
Looking to target high net worth customers for your brand? Download A Look at Millennial Wealth to discover the best ways to engage wealthy millennials.
For luxury guests, life doesn’t stop while traveling. This is the perfect opportunity for luxury hospitality brands to contribute to their lives in an impactful way. This is a tremendous opportunity for them to gain share in this competitive and ever-changing market.