4 odd yet effective ways the smartest people prioritize their daysAnil GROVER
The document discusses 4 unconventional methods that smart, successful people use to prioritize their days:
1) Thinking about mortality to clarify life's priorities and values. Steve Jobs asked himself daily if he wanted to do his activities if it was his last day.
2) Wearing the same clothes daily to reduce decision fatigue and focus on priorities. Many CEOs wear uniforms like black turtlenecks.
3) Differentiating between urgent vs important tasks, with important tasks contributing to long-term goals. Eisenhower popularized this.
4) Making an "avoid at all cost" list to narrow focus to the top priorities and prevent distraction by less important items. Warren Buffett advises this approach.
M ckinsey quarterly the-strength_of_weak_signalsAnil GROVER
1) Weak signals refer to snippets of information found in social media that can help companies understand customer wants and spot disruptions. They are often hidden among large amounts of online noise.
2) To identify weak signals, companies should have senior leaders actively monitor social media and build networks of employees attuned to emerging themes. They should also look for signals about non-existent products/services by analyzing fine-grained online conversations.
3) Examples of companies successfully using weak signals include a manufacturer that increased prices by analyzing a customer post, and a retailer that spotted popular pins on Pinterest to display related products in stores.
Daniel Henrotin was born in Marche-en-Famenne, Belgium, in 1943. After studying at the Art School of Liège, he started working as a comics artist in 1966.
In collaboration with Greg, the editor-in-chief of the Tintin magazine, who had written a poetic story about Olivier Rameau and the people of Dreamland. The story marked the debut of Dany's first successful and longest running series.
Much of Dany's early work was drawn in a comical style, but in the late 1970s he produced more realistic drawings while in collaboration with writer Jean Van Hamme. He obtained critical success and reached a wide audience.
His main commercial success came in 1990 when he started a series of erotic joke comics with "Ça vous intéresse?" (rooie oortjes). The series was an instant success, and many artists and writers have collaborated on the books, magazines, and multimedia that have followed since.
The present file is a tribute to the art of Dany and comprises > 100 posters of the Olvier Rameau series about Roze Bottel and Duifje Vleugelslag (colombe)
The document provides five tips to improve the success of slideshow presentations on Slideshare.net: 1) Forget traditional presentation rules as they are designed for live presentations, not online. 2) Know your target audience on Slideshare which tends to prefer short courses, photos and inspiring content. 3) Use an engaging front slide image related to your topic. 4) Craft a title that informs, promises value, invites viewers and calls for action using few positive words. 5) Select relevant tags to help search engines identify your content and direct potential viewers.
Mckinsey Global Institute - A blueprint for addressing the global affordable ...Anil GROVER
Decent, affordable housing is fundamental to the health and well-being of people and to the smooth functioning of economies. Yet around the world, in developing and advanced economies alike, cities are struggling to meet that need. If current trends in urbanization and income growth persist, by 2025 the number of urban households that live in substandard housing—or are so financially stretched by housing costs that they forego other essentials, such as healthcare—could grow to 440 million, from 330 million. This could mean that the global affordable housing gap would affect one in three urban dwellers, about 1.6 billion people.
A new McKinsey Global Institute (MGI) report, A blueprint for addressing the global affordable housing challenge, defines the affordability gap as the difference between the cost of an acceptable standard housing unit (which varies by location) and what households can afford to pay using no more than 30 percent of income. The analysis draws on MGI’s Cityscope database of 2,400 metropolitan areas, as well as case studies from around the world. It finds that the affordable housing gap now stands at $650 billion a year and that the problem will only grow as urban populations expand: current trends suggest that there could be 106 million more low-income urban households by 2025, for example. To replace today’s inadequate housing and build the additional units needed by 2025 would require $9 trillion to $11 trillion in construction spending alone. With land, the total cost could be $16 trillion. Of this, we estimate that $1 trillion to $3 trillion may have to come from public funding.
However, four approaches used in concert could reduce the cost of affordable housing by 20 to 50 percent and substantially narrow the affordable housing gap by 2025. These largely market-oriented solutions—lowering the cost of land, construction, operations and maintenance, and financing—could make housing affordable for households earning 50 to 80 percent of median income.
1. Unlocking land supply. Since land is usually the largest real-estate expense, securing it at appropriate locations can be the most effective way to reduce costs. In even the largest global cities, many parcels of land remain unoccupied or underused. Some of them may belong to government and could be released for development or sold to buy land for affordable housing. Private land can be brought forward for development through incentives such as density bonuses—increasing the permitted floor space on a plot of land and, therefore, its value; in return, the developer must provide land for affordable units.
2. Reducing construction costs. While manufacturing and other industries have raised productivity steadily in the past few decades, in construction it has remained flat or gone down in many countries. Likewise, in many places residential housing is still built in the same way it was 50 years ago. Project costs could be reduced by about 30 percent an
4 odd yet effective ways the smartest people prioritize their daysAnil GROVER
The document discusses 4 unconventional methods that smart, successful people use to prioritize their days:
1) Thinking about mortality to clarify life's priorities and values. Steve Jobs asked himself daily if he wanted to do his activities if it was his last day.
2) Wearing the same clothes daily to reduce decision fatigue and focus on priorities. Many CEOs wear uniforms like black turtlenecks.
3) Differentiating between urgent vs important tasks, with important tasks contributing to long-term goals. Eisenhower popularized this.
4) Making an "avoid at all cost" list to narrow focus to the top priorities and prevent distraction by less important items. Warren Buffett advises this approach.
M ckinsey quarterly the-strength_of_weak_signalsAnil GROVER
1) Weak signals refer to snippets of information found in social media that can help companies understand customer wants and spot disruptions. They are often hidden among large amounts of online noise.
2) To identify weak signals, companies should have senior leaders actively monitor social media and build networks of employees attuned to emerging themes. They should also look for signals about non-existent products/services by analyzing fine-grained online conversations.
3) Examples of companies successfully using weak signals include a manufacturer that increased prices by analyzing a customer post, and a retailer that spotted popular pins on Pinterest to display related products in stores.
Daniel Henrotin was born in Marche-en-Famenne, Belgium, in 1943. After studying at the Art School of Liège, he started working as a comics artist in 1966.
In collaboration with Greg, the editor-in-chief of the Tintin magazine, who had written a poetic story about Olivier Rameau and the people of Dreamland. The story marked the debut of Dany's first successful and longest running series.
Much of Dany's early work was drawn in a comical style, but in the late 1970s he produced more realistic drawings while in collaboration with writer Jean Van Hamme. He obtained critical success and reached a wide audience.
His main commercial success came in 1990 when he started a series of erotic joke comics with "Ça vous intéresse?" (rooie oortjes). The series was an instant success, and many artists and writers have collaborated on the books, magazines, and multimedia that have followed since.
The present file is a tribute to the art of Dany and comprises > 100 posters of the Olvier Rameau series about Roze Bottel and Duifje Vleugelslag (colombe)
The document provides five tips to improve the success of slideshow presentations on Slideshare.net: 1) Forget traditional presentation rules as they are designed for live presentations, not online. 2) Know your target audience on Slideshare which tends to prefer short courses, photos and inspiring content. 3) Use an engaging front slide image related to your topic. 4) Craft a title that informs, promises value, invites viewers and calls for action using few positive words. 5) Select relevant tags to help search engines identify your content and direct potential viewers.
Mckinsey Global Institute - A blueprint for addressing the global affordable ...Anil GROVER
Decent, affordable housing is fundamental to the health and well-being of people and to the smooth functioning of economies. Yet around the world, in developing and advanced economies alike, cities are struggling to meet that need. If current trends in urbanization and income growth persist, by 2025 the number of urban households that live in substandard housing—or are so financially stretched by housing costs that they forego other essentials, such as healthcare—could grow to 440 million, from 330 million. This could mean that the global affordable housing gap would affect one in three urban dwellers, about 1.6 billion people.
A new McKinsey Global Institute (MGI) report, A blueprint for addressing the global affordable housing challenge, defines the affordability gap as the difference between the cost of an acceptable standard housing unit (which varies by location) and what households can afford to pay using no more than 30 percent of income. The analysis draws on MGI’s Cityscope database of 2,400 metropolitan areas, as well as case studies from around the world. It finds that the affordable housing gap now stands at $650 billion a year and that the problem will only grow as urban populations expand: current trends suggest that there could be 106 million more low-income urban households by 2025, for example. To replace today’s inadequate housing and build the additional units needed by 2025 would require $9 trillion to $11 trillion in construction spending alone. With land, the total cost could be $16 trillion. Of this, we estimate that $1 trillion to $3 trillion may have to come from public funding.
However, four approaches used in concert could reduce the cost of affordable housing by 20 to 50 percent and substantially narrow the affordable housing gap by 2025. These largely market-oriented solutions—lowering the cost of land, construction, operations and maintenance, and financing—could make housing affordable for households earning 50 to 80 percent of median income.
1. Unlocking land supply. Since land is usually the largest real-estate expense, securing it at appropriate locations can be the most effective way to reduce costs. In even the largest global cities, many parcels of land remain unoccupied or underused. Some of them may belong to government and could be released for development or sold to buy land for affordable housing. Private land can be brought forward for development through incentives such as density bonuses—increasing the permitted floor space on a plot of land and, therefore, its value; in return, the developer must provide land for affordable units.
2. Reducing construction costs. While manufacturing and other industries have raised productivity steadily in the past few decades, in construction it has remained flat or gone down in many countries. Likewise, in many places residential housing is still built in the same way it was 50 years ago. Project costs could be reduced by about 30 percent an
Hotel management contracts trends hotelsAnil GROVER
This report identifies the main commercial
trends and conditions contained within a
selection of Hotel Management Contracts
(HMC’s) across India by JLL. JLL comments
are based on a review of 42 management
contracts for properties across various
segments, located in the primary and
secondary cities of India. The review
highlights key trends pertaining to fee
structures and important clauses in Hotel
Management Contracts and aims to reflect
current trends in the industry.
Why companies should care about e-care, Digital customer service is now a strategic imperative, but its adoption is hampered by weaknesses in delivery strategies and incomplete measurement of its effectiveness
The glittering power of cities for luxury growthAnil GROVER
The global economy is experiencing an unprecedented shift toward emerging-market cities. Here’s a road map of where luxury-goods companies should compete in the next decad
Mumbai Real Estate Outlook January - June 2014Anil GROVER
- Housing launches in Mumbai declined 38% in the first half of 2014 compared to the same period in the previous year, while housing absorption declined 25%. However, launches and absorption are forecast to increase 10% and 49% respectively in the second half of 2014.
- The demand-supply gap has led to a large inventory of over 213,000 unsold housing units. The time taken to liquidate this inventory has more than doubled from 5 quarters to 12 quarters over the last two years.
- Peripheral areas like Central Suburbs and Western Suburbs continue to be the largest markets, though their share of new launches has declined. The unsold inventory is highest in the expensive South Mumbai market, though it accounts
India Real Estate Outlook January - June 2014Anil GROVER
The document provides an overview of the Indian real estate market for January to June 2014 and projections for July to December 2014 and the full year. Some key points:
- Residential real estate launches and sales volumes declined significantly in the first half of 2014 compared to the same period in 2013 across major cities like Mumbai, Delhi, Bengaluru, and Pune.
- Office market vacancy rates declined from 2013 to the first half of 2014 across many cities, with overall vacancy projected to drop further by the end of 2014. Both new completions and absorption are projected to increase modestly over 2013 levels.
- While the real estate market has slowed from peak levels, a gradual recovery is projected in the second half of
The document is from the September 30, 2014 edition of Construction World magazine. It profiles India's top innovative builders across 28 pages, providing details on each builder's projects, technologies, and achievements.
This document discusses the importance of leaders looking inward at themselves during times of organizational change. It argues that change efforts often fail because leaders do not make fundamental changes within themselves. To successfully drive change, leaders must develop both profile awareness and state awareness. Profile awareness involves understanding one's typical tendencies, while state awareness is recognizing one's inner state in the moment. Developing these self-awareness skills allows leaders to close the gap between their intentions and actions, thereby increasing their ability to lead change. The document advocates mapping one's "Big Four" inner roles - Dreamer, Thinker, Lover, and Warrior - to develop profile awareness and adopting an "inner lookout" to develop state awareness. Mastering self-
Humble inquiry the gentle art of asking instead of telling (1)Anil GROVER
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
This article discusses hotel brand revitalization, where hotel companies reposition their brands through initiatives like redesigning logos, improving amenities and services, and conducting property improvement plans (PIPs). Many major brands have recently undergone or are undergoing brand refreshes, including Holiday Inn, Crowne Plaza, Delta Hotels, Radisson, Comfort Inn, DoubleTree by Hilton, Coast Hotels, and Howard Johnson. The goals are to modernize tired brands, improve consistency and guest satisfaction, and rebuild brand equity to attract more loyal customers. PIPs help standardize the guest experience and renovate properties to reflect today's travelers' preferences.
Hvs hotel capitalization rates and the impact of cap exAnil GROVER
This document discusses how capital expenditure (cap ex) requirements can impact hotel capitalization rates and investment returns. Some key points:
1) Over 70% of hotels sold in 2013 were expected to require cap ex, averaging 12-15% of purchase price for full-service, select-service, and limited-service hotels.
2) As hotels age, cap ex needs increase significantly over the typical 4% annual reserve amount, peaking around years 15-25. This will impact future sale prices and returns.
3) Calculating cap rates based on purchase price alone ("As Is") yields higher rates than when including cap ex ("All In"). The average differential was 0.8%, impacting value
Hvs fhrai - indian hotel industry survey 2012-13Anil GROVER
The document summarizes key trends in the Indian hotel industry based on data from the Federation of Hotel & Restaurant Associations of India (FHRAI) Indian Hotel Industry Survey 2012-13. Some highlights include:
1. Occupancy levels remained steady at 60.4% despite a 11% increase in room supply, though average room rates declined 3.6% from the previous year.
2. Food and beverage revenues and banquet/conference revenues are contributing more to total revenue each year, while the contribution from room revenue is declining.
3. Net income as a percentage of total revenue has been declining each year due to rising costs.
The document summarizes the key findings of the 2013 India State Ranking Survey conducted by HVS to assess the competitiveness of various Indian states from the hospitality industry's viewpoint. 11 parameters were used to evaluate 29 states, including luxury tax rates on hotels, state expenditure on tourism, tourist arrivals, and more. The top-ranked states for tourism performance were Sikkim, Goa, Jammu & Kashmir, and Uttarakhand based on factors like high expenditure on tourism as a percentage of total budget. States that improved the most over time included Punjab, Karnataka, Kerala, and West Bengal. The survey aims to encourage state governments to become more tourism-friendly by highlighting gaps and progress over time.
This document discusses 7 key marketing trends for 2014. Trend 2 is that digital acquisition will expand into the physical world, as marketers look to capture email opt-ins from customers in physical store locations using techniques like having employees ask customers to opt-in or using QR codes and SMS. This allows the thousands of foot traffic a store receives each day to be converted into new email subscribers, strengthening offline relationships through digital channels. Key tactics include having employees ask for opt-ins, avoiding process abuse, and using SMS and QR codes to drive in-store opt-ins.
This document provides stretches to do at a computer desk every hour or whenever feeling stiff to prevent neck, shoulder, and back pain from prolonged sitting. The stretches take approximately 4 minutes and involve standing, arm movements, and leg raises while standing and sitting. Photocopying the instructions allows keeping them handy in a drawer for reference.
A multifaceted future the jewelry industry in 2020Anil GROVER
The jewelry industry seems poised for a glittering future. Annual global sales of €148 billion are expected to grow at a healthy clip of 5 to 6 percent each year, totaling €250 billion by 2020. Consumer appetite for jewelry, which was dampened by the global recession, now appears more voracious than ever.
But the industry is as dynamic as it is fast growing. Consequential changes are under way, both in consumer behavior as well as in the industry itself. Jewelry players can’t simply do business as usual and expect to thrive; they must be alert and responsive to important trends and developments or else risk being left behind by more agile competitors.
Jll research india’s_retail_luxury_quotient_sep2013Anil GROVER
India has experienced strong growth in consumption driven by favorable demographics and rising incomes. The retail sector accounts for around 18% of India's GDP and is growing at 15% annually, faster than the country's GDP growth. While retail is currently dominated by the unorganized sector at 93%, the organized sector is growing rapidly at 24% annually and is expected to reach 10% of the total retail sector by 2016-2017. The growth prospects for India's retail sector remain strong due to the country's changing consumption patterns and growing middle class.
Hotel management contracts trends hotelsAnil GROVER
This report identifies the main commercial
trends and conditions contained within a
selection of Hotel Management Contracts
(HMC’s) across India by JLL. JLL comments
are based on a review of 42 management
contracts for properties across various
segments, located in the primary and
secondary cities of India. The review
highlights key trends pertaining to fee
structures and important clauses in Hotel
Management Contracts and aims to reflect
current trends in the industry.
Why companies should care about e-care, Digital customer service is now a strategic imperative, but its adoption is hampered by weaknesses in delivery strategies and incomplete measurement of its effectiveness
The glittering power of cities for luxury growthAnil GROVER
The global economy is experiencing an unprecedented shift toward emerging-market cities. Here’s a road map of where luxury-goods companies should compete in the next decad
Mumbai Real Estate Outlook January - June 2014Anil GROVER
- Housing launches in Mumbai declined 38% in the first half of 2014 compared to the same period in the previous year, while housing absorption declined 25%. However, launches and absorption are forecast to increase 10% and 49% respectively in the second half of 2014.
- The demand-supply gap has led to a large inventory of over 213,000 unsold housing units. The time taken to liquidate this inventory has more than doubled from 5 quarters to 12 quarters over the last two years.
- Peripheral areas like Central Suburbs and Western Suburbs continue to be the largest markets, though their share of new launches has declined. The unsold inventory is highest in the expensive South Mumbai market, though it accounts
India Real Estate Outlook January - June 2014Anil GROVER
The document provides an overview of the Indian real estate market for January to June 2014 and projections for July to December 2014 and the full year. Some key points:
- Residential real estate launches and sales volumes declined significantly in the first half of 2014 compared to the same period in 2013 across major cities like Mumbai, Delhi, Bengaluru, and Pune.
- Office market vacancy rates declined from 2013 to the first half of 2014 across many cities, with overall vacancy projected to drop further by the end of 2014. Both new completions and absorption are projected to increase modestly over 2013 levels.
- While the real estate market has slowed from peak levels, a gradual recovery is projected in the second half of
The document is from the September 30, 2014 edition of Construction World magazine. It profiles India's top innovative builders across 28 pages, providing details on each builder's projects, technologies, and achievements.
This document discusses the importance of leaders looking inward at themselves during times of organizational change. It argues that change efforts often fail because leaders do not make fundamental changes within themselves. To successfully drive change, leaders must develop both profile awareness and state awareness. Profile awareness involves understanding one's typical tendencies, while state awareness is recognizing one's inner state in the moment. Developing these self-awareness skills allows leaders to close the gap between their intentions and actions, thereby increasing their ability to lead change. The document advocates mapping one's "Big Four" inner roles - Dreamer, Thinker, Lover, and Warrior - to develop profile awareness and adopting an "inner lookout" to develop state awareness. Mastering self-
Humble inquiry the gentle art of asking instead of telling (1)Anil GROVER
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
This article discusses hotel brand revitalization, where hotel companies reposition their brands through initiatives like redesigning logos, improving amenities and services, and conducting property improvement plans (PIPs). Many major brands have recently undergone or are undergoing brand refreshes, including Holiday Inn, Crowne Plaza, Delta Hotels, Radisson, Comfort Inn, DoubleTree by Hilton, Coast Hotels, and Howard Johnson. The goals are to modernize tired brands, improve consistency and guest satisfaction, and rebuild brand equity to attract more loyal customers. PIPs help standardize the guest experience and renovate properties to reflect today's travelers' preferences.
Hvs hotel capitalization rates and the impact of cap exAnil GROVER
This document discusses how capital expenditure (cap ex) requirements can impact hotel capitalization rates and investment returns. Some key points:
1) Over 70% of hotels sold in 2013 were expected to require cap ex, averaging 12-15% of purchase price for full-service, select-service, and limited-service hotels.
2) As hotels age, cap ex needs increase significantly over the typical 4% annual reserve amount, peaking around years 15-25. This will impact future sale prices and returns.
3) Calculating cap rates based on purchase price alone ("As Is") yields higher rates than when including cap ex ("All In"). The average differential was 0.8%, impacting value
Hvs fhrai - indian hotel industry survey 2012-13Anil GROVER
The document summarizes key trends in the Indian hotel industry based on data from the Federation of Hotel & Restaurant Associations of India (FHRAI) Indian Hotel Industry Survey 2012-13. Some highlights include:
1. Occupancy levels remained steady at 60.4% despite a 11% increase in room supply, though average room rates declined 3.6% from the previous year.
2. Food and beverage revenues and banquet/conference revenues are contributing more to total revenue each year, while the contribution from room revenue is declining.
3. Net income as a percentage of total revenue has been declining each year due to rising costs.
The document summarizes the key findings of the 2013 India State Ranking Survey conducted by HVS to assess the competitiveness of various Indian states from the hospitality industry's viewpoint. 11 parameters were used to evaluate 29 states, including luxury tax rates on hotels, state expenditure on tourism, tourist arrivals, and more. The top-ranked states for tourism performance were Sikkim, Goa, Jammu & Kashmir, and Uttarakhand based on factors like high expenditure on tourism as a percentage of total budget. States that improved the most over time included Punjab, Karnataka, Kerala, and West Bengal. The survey aims to encourage state governments to become more tourism-friendly by highlighting gaps and progress over time.
This document discusses 7 key marketing trends for 2014. Trend 2 is that digital acquisition will expand into the physical world, as marketers look to capture email opt-ins from customers in physical store locations using techniques like having employees ask customers to opt-in or using QR codes and SMS. This allows the thousands of foot traffic a store receives each day to be converted into new email subscribers, strengthening offline relationships through digital channels. Key tactics include having employees ask for opt-ins, avoiding process abuse, and using SMS and QR codes to drive in-store opt-ins.
This document provides stretches to do at a computer desk every hour or whenever feeling stiff to prevent neck, shoulder, and back pain from prolonged sitting. The stretches take approximately 4 minutes and involve standing, arm movements, and leg raises while standing and sitting. Photocopying the instructions allows keeping them handy in a drawer for reference.
A multifaceted future the jewelry industry in 2020Anil GROVER
The jewelry industry seems poised for a glittering future. Annual global sales of €148 billion are expected to grow at a healthy clip of 5 to 6 percent each year, totaling €250 billion by 2020. Consumer appetite for jewelry, which was dampened by the global recession, now appears more voracious than ever.
But the industry is as dynamic as it is fast growing. Consequential changes are under way, both in consumer behavior as well as in the industry itself. Jewelry players can’t simply do business as usual and expect to thrive; they must be alert and responsive to important trends and developments or else risk being left behind by more agile competitors.
Jll research india’s_retail_luxury_quotient_sep2013Anil GROVER
India has experienced strong growth in consumption driven by favorable demographics and rising incomes. The retail sector accounts for around 18% of India's GDP and is growing at 15% annually, faster than the country's GDP growth. While retail is currently dominated by the unorganized sector at 93%, the organized sector is growing rapidly at 24% annually and is expected to reach 10% of the total retail sector by 2016-2017. The growth prospects for India's retail sector remain strong due to the country's changing consumption patterns and growing middle class.
Jll research india’s_retail_luxury_quotient_sep2013
Hvs the digital direction- content management and the marketing communications of today part ii of a two-part series
1. February 2014
THE DIGITAL DIRECTION:
CONTENT MANAGEMENT AND THE MARKETING
COMMUNICATIONS OF TODAY
PART II OF A TWO-PART SERIES
Erin Bagley
Consulting & Valuation Analyst
Leora Lanz
Director, HVS Marketing &
Communications
www.hvs.com
HVS | 369 Willis Avenue, Mineola, NY 11501, USA
2. The Evolution of Digital
Marketing and the Significance
of Earned Content
This article is Part II of a two-part series analyzing the landscape
of digital marketing for hotels and motels in 2014. Part I reviewed
the fundamentals of digital marketing and why it is vital hotels
understand current trends. Part II investigates the future of
“earned content,” or user-generated content, marketing.
Part I of this series identified digital marketing as a
major component of hotel’s marketing strategies and an
important mechanism for future growth within the
industry. As potential guests and loyal customers
identified the internet as trustworthy, efficient, and safe,
the opportunity for marketing towards consumers via
the internet became tangible and indeed, vital to growth.
As the national economic recession hit, digital marketing
in particular was maintained as an economical, effective
means to reach customers; while more traditional
marketing methods may have been foregone, digital
marketing has prevailed as the most effective means to
allocate (limited) resources toward and ensure a return
on investment.
FIGURE 1: SKIFT IQ HOTEL BRAND STATISTICS, AS OF DECEMBER 2013
Source: Skift.com
How to continue achieving a return on investment in
2014 is another story. This article aims to discover how
digital marketing is segmented, what research has been
done on quantifying the impacts of digital marketing,
and how the evolution of user-generated content, or
earned content, is affecting the hotel industry.
The Facts
Digital marketing is segmented into three categories:
paid content, owned content, and earned content.
Paid content includes marketing efforts that a hotel
purchases, such as pay-per-click advertisements and use
of OTAs (online travel agencies). Owned content
includes a hotel’s website and social media pages.
Earned content, the most elusive of the three and out of
the hotel’s direct control, includes user reviews and
media coverage. As digital marketing cemented itself in
budgets and strategies, paid and owned content were
the priorities; however, as consumers have increased
sharing their opinions (and listening to others
opinions), earned content has grown as an absolutely
vital aspect of how a hotel’s image is perceived. The
facilitated access to guest experiences by potential
guests means that today, 92% of guests check online
reviews of a hotel before they book.i
The indispensability of earned content is
recognized across the board; not only do users
appreciate the importance of reviewing
feedback and eventually sharing their feedback
(whether it be through written reviews,
uploaded pictures, real-time tweets, or posts on
a Facebook page), but hotels understand the
need for maintaining their credibility
responding to and managing these opinions.
According to a report by Bain & Company,
guests “who interact with companies through
social media spend between 20-40% more
money with those companies than other
customers,” not due to paid content advertising
but because they felt more comfortable
spending with a brand that reached out to
them.ii TripAdvisor, one of the primary usercontent websites in the industry with more than
32 million users and 75 million reviews and
counting, is a reputable source for monitoring
trends in how earned content is viewed. iii The
most recent TripAdvisor TripBarometer Report
provides substantial data on the perceived uses
of earned content. The results are unsurprising
for the most part, and underline the fact that we
THE DIGITAL DIRECTION: PART II – | PAGE 2
3. all already knew: maintaining a positive reputation
online is a must, and utilizing positive earned content to
further market a property is an achievable goal.
According to the 2013 TripBarometer survey, 93% of
travelers worldwide say that online reviews impact
their booking decisions and identify online reviews as a
top three booking factor along with price and location.
Accordingly, 96% of businesses surveyed said online
travel reviews are important to generating reservations
(75% reporting ‘very’ important).iv
GRI Elasticity
The results of the study indicate quantifiable results of
what was historically only qualitative. Cornell’s study
found that defining ROI on earned content is possible.
According to the study:
-
What unsurprising qualitative information was gathered
by TripAdvisor was reinforced by a Cornell University
Center for Hospitality Research study in late 2012. The
study used a regression analysis to compare a
property’s earned content status (measured by
ReviewPro’s Global Review Index (GRI), which is an
algorithmic product that scales hotels based on online
review websites and OTAs) to its penetration levels in
occupancy, average daily rate (ADR), and revenue per
available room (RevPAR). In order to compare the
effects, the study used Smith Travel Research data for
each property studied and its competitive set, and
calculated penetration levels with known data, which
allowed the author to regress changes in GRI against
how elastic changes in occupancy, ADR, and RevPAR
proved to be. The study’s results are below.v
-
-
Positive earned content affects RevPAR the
strongest: a 1-point increase in online score
correlates with a .96% increase in RevPAR;
Positive earned content affects ADR much more
than it affects occupancy, thus giving hotels
more capabilities to translate positive online
reputations with higher prices;
If a hotel increases its “score” on an earned
content website by one point (for example 2.8
to 3.8), the hotel can increase its price (ADR) by
11.2% and still maintain the same occupancy or
market share.vi
These conclusions have given industry experts a
tangible justification for focusing on earned content and
provide indications of how successful digital marketing
FIGURE 2: CHR REGRESSION ANALYSIS RESULTS ON ELASTICITY OF RATE, OCCUPANCY, AND REV PAR
1.60
1.42
1.40
1.13
1.20
0.96
1.00
0.74
0.80
0.60
0.44
0.49
0.67
Pricing Power (ADR)
0.74
Occupancy
0.57
0.54
RevPAR
0.42
0.40
0.20
0.89
0.83
0.80
0.30
0.20
0.19
0.09
0.00
All
Luxury
Upper
Upscale
Upscale
Upper
Midscale
Midscale
Source: Cornell Center for Hospitality Research
THE DIGITAL DIRECTION: PART II – | PAGE 3
4. strategies can sustain revenue growth. While the
importance of digital marketing and the need for earned
content management are evident, the hotel industry is
diverse, complex, and constantly evolving. We have
interviewed numerous sources widely considered
industry experts in this field, gaining perspectives on
how hotels should proceed, where leaders see successes
and failures, and what this means for marketing as a
profession in the hospitality sense.
and focus solely on uploading content that is
appealing to younger, leisure travelers.
Starwood’s
loyalty
program,
Starwood
Preferred Guest, has a mobile app accessible
through tablets and smartphones that allows
guests to give real-time reviews as well as book
reservations.
-
The Brands
To see how hotels have transitioned to valuing earned
content within the digital marketing spectrum, we look
at some industry leaders who have done well to utilize
social media, earned content, and user experiences to
grow their companies and brands.
-
Starwood Hotels & Resorts, recognized as a
success story in creating and benefitting from
digital marketing, has lately shifted their
marketing towards engaging through online
interaction and utilizing Millennials in order to
further attract young guests. Understanding the
need for brand loyalty, earned content is
supported in a brand-unique fashion in order to
engage the specific demand segment that is
most strongly attracted to each brand. For
example, Starwood’s Meridien brand has staff
that manage a brand-specific Instagram account
Kimpton Hotels have long been accustomed to
engaging guests on a personal basis and
utilizing guest experiences as a major
motivation for property and corporate staff to
improve operations. Kimpton has hired a social
media manager for their corporate office;
regional marketing directors are supplemented
nationwide by a “social squad” of operations
staff that double as social media ambassadors
for their properties. According to Kimpton,
there is at least one social media ambassador
per property, usually more. These staff have the
duty of engaging guests before and during their
stays, and engaging them following any postvisit comments. At the corporate level, Kimpton
has a Guest Engagement Team whose role is to
ensure that earned content results are positive.
This team works closely with directors of
operations,
marketing
directors,
and
communication directors to convey guest
FIGURE 3: INSTAGRAM ACCOUNT, LE MERIDIEN HOTELS, BY STARWOOD
THE DIGITAL DIRECTION: PART II – | PAGE 4
5. opinions to the entire company. Kimpton
representatives do not foresee any specific
growth in the marketing budget for 2014, but it
is true that Kimpton has always given priority
to user-generated content.
The Online Reputation Manager
Another interesting perspective on the benefits and
weaknesses of earned content comes from the specialist,
or the Online Reputation Management (ORM) company.
According to Greg Bodenlos, Marketing Manager at
Revinate, an ORM industry leader that provides services
for over 23,000 hotels and restaurants in the industry.
Revinate offers properties traditional marketing
services, such as private surveys sent via email, but also
more state-of-the-art, earned content services that are
the future of digital marketing efforts; these include a
social media dashboard, a ticketing system (which alerts
a hotel’s department heads of specific reviews relevant
to them, and requires direct follow up), and a sentiment
analysis matrix. Bodenlos explained the matrix
compares a hotel’s overall sentiment, calculated through
reviews, to those of its competitive set. ORMs like
Revinate, ReviewPro, and Digital Alchemy provide
solutions for hotels to engage customers through their
social media, to utilize reviews to improve service, and
to monitor the digital landscape in an efficient and
timely fashion.
The digital marketing universe is a continuously
evolving process, and the key is to have eyes keeping
watch on it moving forward.
For more information or support, please contact Leora
Lanz, Director of HVS’s Marketing & Communications
service, at llanz@hvs.com, or Erin Bagley, Consulting &
Valuation Analyst, at ebagley@hvs.com.
THE DIGITAL DIRECTION: PART II – | PAGE 5
6. About the Authors
About HVS
HVS is the world’s leading consulting and services
Erin Bagley is an Analyst with HVS’s New York office,
specializing in hotel valuation and consultancy. She
joined HVS in 2012 and worked with HVS Caribbean
on consulting assignments and in conference
planning in conjunction with her post-graduate
studies. After completing a Master of Arts in Public
International Management at Sciences Po (Institut
d’Etudes Politiques de Paris) she joined HVS full-time. Since then she
has conducted valuations, feasibility studies, and other consultancy
assignments across the United States, and continues to organize the
HVS Caribbean Investment Conference. She also has a Bachelor of Arts
in International Affairs from Boston University.
Leora Halpern Lanz has served as HVS’s Director of
Marketing since 1999 and is responsible for
coordinating the global marketing, external
promotion, public relations, and social media efforts
of HVS’ worldwide office network and comprehensive
hospitality services, global conferences and exclusive
data and research. Additionally, she coordinates the
internal communications for the firm and contributes to the
production of the firm’s weekly e-newsletter, website and intranet.
Her efforts have earned her awards and accolades from the
prestigious Hospitality Sales & Marketing Association International
(HSMAI) including being named as Hospitality Sales & Marketing
Executive of the Year in 2010, and awards from HVS itself.
Additionally, excerpts of her articles will be included in the American
Hotel & Lodging Educational Institute’s Sales & Marketing textbook,
th
6 edition, scheduled to be released in March 2014. Leora also directs
HVS’s Marketing & Communications which provided branding,
marketing communications, public relations and digital/social media
advisory. Her specialties include media training, position statement
development, press relations and alliance/relationship strategies.
www.hvs.com
organization focused on the hotel, mixed-use, shared
ownership, gaming, and leisure industries. Established
in 1980, the company performs 4500+ assignments
each year for hotel and real estate owners, operators,
and developers worldwide.
HVS principals are regarded as the leading experts in
their respective regions of the globe. Through a
network of more than 30 offices and 450 professionals,
HVS provides an unparalleled range of complementary
services for the hospitality industry. www.hvs.com
HVS Marketing & Communications assists
hotels and hospitality organizations with strategic
branding and communications advisory, to include:
digital marketing and social media; development of
internal and external position statements; content
creation and story-telling for audience engagement
and connections; press relations; “branding” and
“solutions” sales training.
Superior Results through Unrivalled
Hospitality Intelligence. Everywhere.
i
TripBarometer, TripAdvisor 2013.
ii
Revinate, SOP 4.0
iii
Chris Anderson, “The Impact of Social Media
on Lodging Performance,” Cornell Center for
Hospitality Research, November 2012.
iv TripBarometer, TripAdvisor 2013.
v Chris Anderson, “The Impact of Social Media
on Lodging Performance,” Cornell Center for
Hospitality Research, November 2012.
vi Ibid.
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