The
21st century has seen a significant change in the lodging industry. This has
increased with the growth of the millennial generation. This new demographic of
customers has entered into the market with new and different expectations,
calling into question what the industry has to offer. This younger audience of
travelers is not only more cost conscious, but also more focused on experience.
With
this in mind, hoteliers and other industry players have taken into account the
fact that this younger generation would prefer a limited service to reduce
costs, but with certain added conveniences. To achieve this, many contenders of
the lodging industry have cut unnecessary high-cost factors, such as
restaurants, large guestrooms, room service, daily housekeeping, and so on.
They have worked toward replacing these with more practical alternatives, such
as smaller rooms, food to go, free bikes, Wi-Fi, and more.
With
these changes, hoteliers and other alternative lodging hosts do have a number
of critical success factors to consider. As new lodgings are launched,
competitors must know how to position themselves for growth. According to
‘Global Hospitality Insights, Top Thoughts for 2015’ by EY
(http://nnw.fm/NvI88), some of the most critical success factors include:
Analyzing
the market for opportunity gaps
Understanding
the target market to stay relevant
Providing
a service that offers an experience not just a place to stay
Building
a differentiation concept that offers guests a unique experience
Establishing
whether to target a market with a new brand or by developing an existing one
Leading
with purpose-driven brand and build a culture based on this
Planning
the long term execution of the brand
Alternative
lodgings have become one of the best opportunities for growth, giving travelers
a unique experience without the high-costs and unnecessary services. The
introduction of technology in the industry has leveled the playing field,
giving new contenders the chance to compete with established brands more
quickly. Monaker Group, Inc. (OTCQB: MKGI) offers all of this in one space
thanks to its flagship NextTrip.com.
According
to CEO Bill Kerby, the company is “committed to building innovative technology
platforms and unique product sets for the travel marketplace. We are excited
about our current focus and initiatives, and believe we are well positioned to
take advantage of the current major uptrend in Alternative Lodging and Travel.”
The company’s real-time booking engine features a variety of alternative
lodging, from vacation home rentals to resort residences and unused timeshares.
From this platform holidaymakers of all demographics can book their entire
trips, including accommodation, flights, car rentals, and everything in
between.
For
more information, visit www.monakergroup.com
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