The Impact of Re-evaluating a Property’s Brand Purpose
March 28, 2023
A hotel’s brand purpose is the foundation of its identity and helps to differentiate it from competitors. However, in today’s constantly evolving market, it’s important to regularly re-evaluate and update a property’s brand purpose to ensure it remains relevant and resonant with guests. Here’s a closer look at the impact of re-evaluating a property’s brand purpose.
Increased Guest Loyalty and Retention
Re-evaluating a property’s brand purpose can lead to increased guest loyalty and retention. According to a study by Harvard Business Review, companies with a strong sense of purpose experienced higher levels of customer loyalty and employee engagement. By re-aligning a hotel’s brand purpose with the values and aspirations of its target audience, it can create a stronger emotional connection and foster a sense of loyalty among guests.
Differentiation from Competitors
A clear and differentiated brand purpose can help a hotel stand out from the competition. In fact, a study by Accenture found that 63% of consumers prefer to buy from purpose-driven brands. By re-evaluating a property’s brand purpose and positioning, it can differentiate itself from other hotels and attract guests who share its values and vision.
A clear and differentiated brand purpose can help a hotel stand out from the competition.
Improved Marketing and Brand Awareness
Re-evaluating a property’s brand purpose can also lead to improved marketing and brand awareness. According to Forbes, companies with a strong sense of purpose experienced higher levels of customer advocacy and positive word-of-mouth. By aligning a hotel’s brand purpose with its marketing strategies and communications, it can create a consistent and compelling message that resonates with guests and increases brand awareness.
Increased Revenue and Profitability
Re-evaluating a property’s brand purpose can ultimately lead to increased revenue and profitability. According to a study by Deloitte, purpose-driven companies experienced higher levels of growth and profitability than their peers. By aligning a hotel’s brand purpose with its business strategies and operations, it can create a more sustainable and successful business model that attracts both guests and investors.
In summary, re-evaluating a property’s brand purpose is a critical step in staying relevant and competitive in today’s market. By aligning a hotel’s brand purpose with the values and aspirations of its target audience, it can create a stronger emotional connection with guests, differentiate itself from competitors, improve marketing and brand awareness, and ultimately increase revenue and profitability. With data and statistics to support the impact of re-evaluating a property’s brand purpose, hotels can feel confident in the value of this important process.