7 Ways Hospitality Groups Are Revolutionizing the Industry
Hospitality groups are revolutionizing the entire industry. Let’s face it–the hospitality industry consists of some of the most innovative and profitable brands in the world. So, it’s no surprise that parent companies must constantly seek ways to keep up with the competition.
Some groups focus on technology trends in the hospitality industry. On the other hand, some may take on a more technical approach. Regardless, it’s vital to expand the brands whilst ensuring operational efficiency.
Want to learn all there is to know about advancing a hospitality group? Let’s begin!
Hospitality Groups: What Are They?
Hospitality groups comprise three major duties: to own, manage, and operate multiple units of various brands. With this in mind, hospitality groups can consist of hotels, resorts, restaurants, and more. They have a central, corporate team that oversees big picture operations. Then, smaller segments to handle each property.
Hospitality Group: Examples
Hospitality groups make up the majority of the industry. Not only are they a brand in itself, but each group consists of other brands. Think of hospitality groups as parent companies or umbrellas. Even though the top dog operates as a business, there are still separate brands underneath it.
When a person envisions hospitality groups, they likely think of hotel chains. After all, they’re some of the largest entities in the space. However, they contribute to many industry sub-sectors. As a brief overview, the following list makes up various types of hospitality groups:
- Enterprise hotel chains
- Enterprise restaurants
- Resorts and casinos
- Golf and country clubs
- Luxury hospitality franchise brands
- Live music venues
- Cruise lines
Consumers can find hospitality groups almost anywhere. Though they’re super popular in major cities like New York and Los Angeles, one can locate them in quaint, smaller towns, too. To jog your memory, here’s a list of the most popular hospitality groups of all time:
- Marriott International
- Hilton Worldwide
- MGM Resorts International
- InterContinental Hotels Group
- Royal Caribbean Cruises
- Four Seasons Hotels and Resorts
Each hospitality group listed above has one trait in common across the board: they’re all innovating the industry as a whole. Want to learn about the details of how they’re managing to do so? See below:
7 Ways Hospitality Groups Are Revolutionizing the Industry
Hospitality groups all around the world are revolutionizing the whole ecosystem. They leverage consumer data and market trends to create the best customer experience possible. In turn, they’re also able to maximize profits for the long-term.
Below, we’ll cover seven features and techniques that can help hospitality companies revolutionize the industry. Now, let’s dive in:
1. Technology Integrations
Hospitality software is a major part of such groups around the world. Various solutions help maximize revenue, boost guest retention, and provide a stress-free experience. Over time, these factors help brands rise above the competition.
Cloud technology and mobile solutions are becoming increasingly popular, as they sync across major franchises. Business leaders can always view the big picture, making them essential for high-level operations. Customer-facing solutions are also ideal, as they're accessible to every guest.
2. Custom and Personalized Experiences
If you can give customers more control over their purchases, it'll work in your favor. Giving a personalized experience to each and every guest is ideal for longevity. In fact, many customer retention strategies revolve around unique experiences. Whether you allow for custom packages, subscription models, or something else, find a way to make their experience one of a kind.
3. Cross-Industry Partnerships
A creative way to offer guests multiple products and services at once is to collaborate with other brands. Multi-brand partnerships are a way to dip into other sub-sectors, implementing product differentiation at its finest.
A common partnership within hospitality groups is between hotels and restaurants. But it doesn't stop there. Other combos can include hotels and music venues, cruise lines and hotels, casinos and resorts, and more.
4. Loyalty Programs
A customer rewards program can take a business model to the next level in no time. It functions by creating an ongoing cycle, where guests feel an incentive to return. For instance, a restaurant loyalty program might give one point per dollar. When customers accumulate a certain amount, they can redeem them for a discount or free dish. Then, once they redeem the perk, they'll continue to gain points.
Considering the amount of money consumers spend within other types of hospitality groups, a rewards program can be a game-changer. Think about it--hotel rooms, time slots at a golf course, and group dinners can be very expensive. And to think that these are just a few things people can redeem points to earn! The options are endless, and they're a sure way to surpass competitors.
5. Unique Designs
Innovating the physical and online presence of a business can further transform the industry. For instance, smart hotel rooms with built-in digital solutions are causing the industry to move in a more tech-driven direction. Or, contactless keys for ADA compliance standards can help make resorts more inclusive. No matter how business entities make unique designs, they almost always use technology to do so.
6. Diverse Products
Catering to every need, interest, and preference is a foolproof way to revolutionize an industry. Providing all customers with anything they could ask for is a way to rise to the top while generating steady cash flow. Following this piece of advice will also prompt other competitors to replicate your decisions and follow suit. In simple terms, a diverse product line is your ticket to being an industry leader.
7. Environment-Conscious Efforts
Sustainable restaurants and hotels are always going the extra mile to protect the environment. As time moves along, these companies are constantly finding ways to cut back on products and habits that can be setbacks for the Earth. In doing so, they bring value to each guest.
A popular example we see is eco-friendly restaurants making efforts to eliminate food spoilage and waste. Water conservation is also important in eateries as well as hotels. It can be difficult for these entities to reduce their impact on the planet. However, those making the effort stand out across the industry.
In addition to food and water, sustainable businesses can also use better products. Energy-efficient equipment, reusable materials, and renewable resources are just a few examples. Not only do they help protect the environment, but they can also cut costs. So, it's a win-win for all.
Frequently Asked Questions About Hospitality Groups
Hospitality groups are some of the most profitable and revolutionary entities of all time. They offer the public a wide range of product lines, consist of numerous subcategories, and are constantly creating new ways to service the public.
Want to learn more about them? We’ve got you covered! See below:
What Is the Most Popular Hospitality Group?
It's no surprise that Marriott International is the largest entity of all hospitality groups. As of 2023, it leads the industry, comprising some of the top hotel companies in the world.
What Are the Benefits of Being Part of a Hospitality Group?
The benefits of being part of a hospitality group include:
- Brand recognition from the start
- Membership support from industry experts
- Access to a wide variety of resources
- Marketing and advertising materials
- The use of innovative tech solutions
- Long-term cost savings
- The chance to network with other industry leaders
Are There Different Types of Hospitality Groups?
Yes, there are many different types of hospitality groups. The most popular types of hospitality groups include:
- Hotel chains
- Hospitality restaurant groups
- Country clubs
- Luxury groups
- Cruise lines
How Do Hospitality Groups Handle Branding for Their Properties?
Hospitality groups handle the branding of multiple properties by creating guidelines. Such documents serve as the foundation of all branding and marketing efforts. In turn, multiple units of various brands can display a strict image. Plus, it helps to streamline such processes.
Can Independent Hotels or Restaurants Join a Hospitality Group?
Yes, independent hotels or restaurants can join hospitality groups. It's important to remember that they must abide by strict guidelines. Memberships are likely to vary from one group to the next, too. However, there are many perks that come along with this kind of association, like exposure and marketing materials.
Hospitality groups are some of the greatest pioneers in the industry. From access to high-level solutions to a wide target reach, there are endless growth opportunities. Want to learn how your brand can be part of the revolution? Book a demo with us today!