Some Insights Into Data Management Platforms For The Hospitality Industry
When it comes to marketing in the hospitality industry, there is no shortage of “experts”, “professionals”, and trending topics for you to discover. With so many opinions going back and forth online and in our day-to-day communications, it is no wonder why we as hospitality industry professionals get confused when we are confronted with “the next big idea” to help us manage our marketing dollars and improve our bottom line.
The Traditional Marketing Approach
The traditional marketing method is to create a campaign based on research and budgeting restraints which can be used to bring new customers through our doors. There are 3 basic steps to this approach:
Figure out who your target audience is. Find out what they want. Give them as much of it as possible.
The problem with this approach is that your target audience is not sitting still waiting for your marketing team to come up with the next big slogan or promotion. They are business people and parents, vacationers and convention-goers, wedding parties and road trip travelers. They have lives that change on a daily basis, making data collection extremely difficult. This makes marketing your business equally difficult, because you have no idea what you should highlight in order to bring more of your ideal customers through your doors.
Fortunately, this problem has been solved.
The Media Mix Strategy
The Media Mix Strategy is a new marketing tool which focuses on supplying you with actionable information on your potential clients to help you identify what they are looking for in and how you can give it to them on a limited marketing budget. In other words, this strategy will help you in identifying your ideal clients, how to reach out to them, and what kind of budget you will need. As an added bonus, it will also help you to estimate an ROI for each campaign you use, making it a powerful and useful tool if you want to generate new guests to your property.
There are two ways to implement the Media Mix Strategy: Top-Bottom or Bottom-Up
The Top-Bottom Strategy
The Top-Bottom marketing strategy is a cause-and-effect planning tool which takes high-level data points such as your historical advertising costs and returns on investment to determine how successful your campaign will be once it is implemented. It is very simple to put together and easy to maintain, but results can be limited since the data you are using is all-encompassing rather than focused and specific.
The Bottom-Up Strategy
The Bottom-Up strategy uses individual data points like user cookies, website interaction information and historical expenditures to determine what segments of the population make up your target audience, and how best to approach them using your budget. It is a much more in-depth plan and requires more detailed work, but the returns tend to be much higher as a result.
Regardless of which strategy you choose to use, your marketing strategy should take advantage of the Media Mix approach. The market is moving in a digital direction and the collection and use of data for sales insights is something business owners will have to take advantage of in the future in order to maximize their profits and stay competitive on a yearly basis.
The Power of Ad Stacks
An Ad Stack is a collection of real-time digital insights ranging from online behavior to device usage to social media interactions, e-commerce sales and mobile apps which gives you a first-hand look at your customers and what they are looking for in a place to stay during their trip.
The beauty of Media Mix marketing is that you can incorporate each of these inputs into your very own Ad Stack and create correlations and marketing strategy based on the insights you receive from each of your data sources.
The true beauty of this system is that it is all in real-time, meaning you can quickly and effectively react to new and developing trends to maximize the value of your marketing dollars on a daily, weekly or monthly basis.
The bottom line is that you are not wasting your time or money to find your potential clients, your Ad Stack takes care of everything for you based on the inputs you identify. Whether your location services a corporate crowd for conventions planned months in advance, or a more free-spirited crowd reacting to their favorite band or sports team, you can react in plenty of time to ensure that your location is showcased above your competition, bringing more visitors and customers through your doors each and every month.
At the end of the day, we live in a world that requires that we adapt quickly as marketing and hospitality professionals to ensure that our customers are finding us and our rooms remain full.
Media Mix marketing provides just that, with insights gathered from the digital realm to give us the best chance of success in providing our customers with a visit they can remember with fondness.
These were some simple, yet powerful tips that can help you bring online visibility to your bussiness, for further information on how we can help you develop a comprehensive digital marketing strategy, give a call at: 786-720-1736.