Not only are millennials growing in importance, they are also responsible in large part for fueling the success of the biggest disruption factor to have affected the Hotel industry in decades – the sharing economy, in this case, personified by Airbnb.
Patterns the drivers of Social Media
Social Media today is driven by events and patterns that in nature never exactly repeat do too extremely small differences and conditions impacts the differing outcomes.
Successful brands today have understood the importance of focus in on this type of patterns that drives actions through Social Media.
New patterns are identified through innovate Blue Ocean strategies.
Red oceans represent all the industries in existence today – the known market space. In the red oceans, industry boundaries are defined and accepted, and the competitive rules of the game are known.
Here companies try to outperform their rivals to grab a greater share of product or service demand. As the market space gets crowded, prospects for profits and growth are reduced.
Blue oceans, in contrast, denote all the industries not in existence today – the unknown market space, untainted by competition. In blue oceans, demand is created rather than fought over.
There is ample opportunity for growth that is both profitable and rapid. In blue oceans, competition is irrelevant because the rules of the game are waiting to be set. Blue ocean is an analogy to describe the wider, deeper potential of market space that is not yet explored.
Blue Ocean Strategy articulated a view of the market universe as composed of red oceans and blue oceans and laid out the theory, conceptual differences and underlying patterns that separate market competition from market creation that makes competition irrelevant.
As new innovative Hospitality entrepreneurs around the world adapt to this theory and begin to radically reshape new business strategies, many Hotels still is stuck in a red ocean.
They are unsure of how to start the process of moving to blue ocean, which would often require getting the members of their team to buy into a concept that directly conflicted with the long-established rules of their industries.
Hospitality entrepreneurs were looking for concrete steps and a systematic process they could follow to create and capture blue oceans at minimal risk.
Moving The Hospitality Industry to Nondisruptive innovations
Due to the disruptive nature of Social Media, several brands including Hotels has made shifts towards disruptive innovations.
Disruptive innovations are powerful, but it also leaves a lot of opportunities on the table. And disruptive innovation often is represented in a high-risk endeavor that appeals to many entrepreneurs.
The Hotel industry is in nature a fairly static industry where it takes a while before disruptions move the fulcrum.
The small differences and events identified in Social Media patterns have shown to reward nondisruptive innovations.
A nondisruptive innovation doesn’t have to come at the expense of others. The key is to unlock market that doesn’t exist yet for the Hotel.
Three simple ways for nondisruptive innovations are:
- Offering a breakthrough solution for an existing industry problem
- Identifying and solving a brand-new problem or seizing a brand-new opportunity
- Redefining and solving an existing industry problem
Millennials Have to Love Your Brand FIRST!
If we look at the Millennial workforce data show within 10 years about 75% workforce will consist of millennials. Already today in some high-tech industries there are reports of 70-80% of the workers are millennials.
By 2025, millennials and the younger generation will account for 75% of all travelers and consumers.
In addition to prioritizing travel, millennials feel that travel is core to their identity. Over 70% of millennials indicate “travel is an important part of who they are as a person”, and over 65% indicate that “regular travel is an important part of their life”.
And millennials are looking for something new when they travel, more adventurous, local and personal, and less scripted.
More than anything millennials want a unique travel experience that meets all of their wants and needs.
Millennials represent a demographic swayed by intangibles such as community and sustainability, and who are influenced by peers and review sites.
And millennials don’t care about the brand. With millennials, loyalty has been replaced by the experience. They prefer a personalized experience and connection with the brand.
Hotels that really want to connect and collaborate with Millennials through Social Media has to become more authentic.
Become more transparent and show what really happens behind the scene. Be relevant and really show that you care.
It is well known that millennials love to share their experience with their Social communities.
And they prefer convenience. Airbnb and Uber understood this.
The way your Hotel becomes authentic is by understanding millennials unique perspective (how they see what your Hotel provide), their unique information (how they know what they do), and their unique experience (how you deliver and connect to what they do).
The Hotel Content Funnel – a dynamic process
I work on content strategies that support The Hotel Content Funnel. This is an ongoing dynamic process where data, information, and innovation will reach the relevant consumers for a given Hotel.
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