Key Business Frameworks and Strategies
Senior Consultant Recommendations for NH Board
As Senior Consultant for the tourism sector, the innovations I would propose would be, in the first place, technological advancements. Creating hotels with significant technological capabilities, using the newest technologies, would make them much more attractive to customers. I would also propose changes in the facilities to create a distinctive hotel that captures customers’ attention. Finally, I would seek to change the company’s policy regarding sustainability. Today, one of the most prevalent trends that travelers increasingly value are ecological and sustainable companies.
Of the three innovations mentioned previously, I will focus on the first one: technological advancements for a hotel.
First, let’s explain the kind of technological advancements we would introduce in the hotels. New technological trends in the sector that we can apply to our mission with NH include, for example: 5G technology for high-speed internet; chatbots for better customer connection; and Virtual Reality for future clients, as this enhances the customer experience and adds value to the services offered at the hotel.
Another digital marketing strategy, among the seven I have chosen, will be measuring or tracking results. This is essential to understand how we are evolving, and if not, we will need to pivot. We will need to constantly monitor the evolution of the innovations and strategies used for success. We will use Google Analytics for this, as this tool provides analysis, data, and statistics on how the new advancements are performing.
Business Model Canvas
Osterwalder and Pigneur, who developed the Business Model Canvas, consider that a business model can best be explained and used through nine basic building blocks that cover the four main areas of business: customers, offer, infrastructure, and financial viability. In the case of Booking and Expedia, they structured their canvas using:
- Key Partners: Hotels, property owners, affiliates, travel agents, meta search engines, technology partners.
- Key Activities: Manage network effects, customer experience, customer support, grow the platform, observe external factors.
- Key Resources: Number of hotels, number of locations, great content, user data, staff.
- Value Proposition: For travelers (cheapest prices, more choice, reduction of risk, customer service, useful app); For hotels (incremental revenue, ability to react, global reach, traffic).
- Customer Relationship: [Details omitted in original]
- Distribution Channels: For hotels (commissions, easy join, no booking, no pay); For travelers (customer service, accuracy).
- Customer Segments: Hotels (property types, room types, ratings, amenities, proximity); Customers (travel motivation, demographics, booking details, employment).
- Cost Structure: Operational Costs (Performance advertising, brand advertising, sales, and marketing); Balance Sheet (Properties, assets).
- Revenues: Agency Business Model; Merchant Business Model; Other Revenue Streams.
Design Thinking
Design Thinking is based on a philosophy and a set of tools for helping to solve problems in a creative and innovative way. It can be used to create something new or solve complex problems.
It focuses on the human perspective, prioritizing customer needs (who, how, and what).
5 Steps of Design Thinking
- Stage 1: Empathize: Research user needs.
- Stage 2: Define: Define user needs and problems.
- Stage 3: Ideate: Challenge assumptions and create ideas.
- Stage 4: Prototype: Start creating solutions.
- Stage 5: Test: Test solutions.
Possible actions for each stage should be considered.
Finally, propose possible solutions to the identified problem.
Essay Structure
- Paragraph 1: Introduction and opinion.
- Paragraph 2: First supporting reason.
- Paragraph 3: Second supporting reason.
- Paragraph 4: Conclusion and summary using other words.
Lean Startup Methodology
Lean Startup is a method that aims to reduce the cost and time of creating companies through hypotheses and experimentation. That is, it increases the chances of success by eliminating waste, thus reducing time and cost. It assumes uncertainty about market demand, emphasizing learning and validating market fit.
Key components include a hypothesis (what is believed to work), a Minimum Viable Product (MVP) to test the hypothesis, and metrics to measure results.
A feedback loop between customers and the product is crucial for iterative improvement and meeting expectations. If the product is not successful, a pivot (modifying the hypothesis) is necessary. If the hypothesis is validated, the business accelerates by scaling investments (e.g., marketing, sales). The cycle involves building, measuring, and learning, minimizing total process time.
Creating a Digital Marketing Strategy
- Define your brand.
- Build buyer personas.
- Create S.M.A.R.T. goals.
- Choose digital marketing strategies.
- Set your digital marketing budget.
- Brainstorm your strategy.
- Launch campaigns.
- Track results.