Harvard Case - Hotel Perennial
"Hotel Perennial" Harvard business case study is written by Denise Akason, Bill Bennett, Franco Famularo. It deals with the challenges in the field of Marketing. The case study is 19 page(s) long and it was first published on : Mar 1, 2011
At Fern Fort University, we recommend that Hotel Perennial implement a comprehensive growth strategy focused on enhancing brand awareness, leveraging digital marketing, and expanding its customer base through targeted segmentation and innovative service offerings. This strategy will involve a multi-pronged approach encompassing brand positioning, marketing communications, digital marketing, and customer relationship management.
2. Background
Hotel Perennial, a family-owned and operated hotel in a small town, faces the challenge of attracting new customers and competing with larger chains. While the hotel boasts a loyal customer base, it struggles to reach a wider audience and maintain its competitive edge. The owners, the Perennials, are committed to maintaining the hotel's unique charm and personalized service but recognize the need for a strategic approach to ensure its long-term success.
3. Analysis of the Case Study
To analyze Hotel Perennial's situation, we employ a combination of frameworks, including:
a) SWOT Analysis:
- Strengths: Unique charm, personalized service, strong local reputation, loyal customer base, family-owned and operated, potential for expansion.
- Weaknesses: Limited marketing budget, lack of online presence, outdated website, limited staff training, reliance on seasonal tourism, limited amenities compared to competitors.
- Opportunities: Growing demand for unique experiences, increasing popularity of boutique hotels, potential for online marketing, expansion into new markets, development of partnerships.
- Threats: Competition from larger chains, economic downturn, changing travel trends, online travel agencies' dominance, seasonality.
b) PESTEL Analysis:
- Political: Government regulations, tourism policies, local taxes.
- Economic: Economic growth, inflation, unemployment, currency fluctuations.
- Social: Changing travel preferences, increasing demand for personalized experiences, growing importance of sustainability.
- Technological: Advancements in online booking platforms, digital marketing tools, social media platforms.
- Environmental: Climate change, sustainability concerns, local environmental regulations.
- Legal: Labor laws, consumer protection laws, data privacy regulations.
c) Consumer Behavior Analysis:
- Target Market: Hotel Perennial's target market consists of leisure travelers seeking unique experiences, families, and business travelers looking for personalized service.
- Motivations: Travelers seek authentic experiences, personalized service, value for money, and convenient location.
- Decision-making process: Research online, seek recommendations, compare prices and amenities, prioritize personalized service and local charm.
d) Competitive Analysis:
- Direct Competitors: Larger hotel chains, boutique hotels, bed and breakfasts.
- Competitive Advantage: Hotel Perennial's unique charm, personalized service, and local knowledge offer a distinct advantage over larger chains.
e) Product Lifecycle Management:
- Growth Stage: Hotel Perennial is in a growth stage, with potential for expansion and increased market share.
f) Value Proposition Development:
- Unique Selling Proposition: Hotel Perennial's value proposition lies in its unique charm, personalized service, and local knowledge, offering guests an authentic and memorable experience.
4. Recommendations
1. Enhance Brand Positioning and Marketing Communications:
- Redefine Brand Identity: Develop a clear and concise brand identity that emphasizes Hotel Perennial's unique charm, personalized service, and local knowledge.
- Create Compelling Brand Story: Craft a compelling brand story that resonates with the target audience, highlighting the hotel's history, family values, and commitment to providing authentic experiences.
- Develop a Consistent Brand Voice: Establish a consistent brand voice across all marketing materials, reflecting the hotel's warm, welcoming, and personalized approach.
- Implement Integrated Marketing Communications: Employ a multi-channel approach to reach the target audience, including traditional media, digital marketing, social media, and public relations.
2. Leverage Digital Marketing and Technology:
- Develop a User-Friendly Website: Create a modern and responsive website that showcases the hotel's unique offerings, amenities, and customer testimonials.
- Optimize for Search Engines (SEO): Implement SEO strategies to improve the hotel's visibility in search engine results pages (SERPs).
- Utilize Social Media Platforms: Engage with potential customers on social media platforms, sharing compelling content, running targeted advertising campaigns, and fostering online communities.
- Implement a Customer Relationship Management (CRM) System: Utilize a CRM system to track customer interactions, personalize communications, and build lasting relationships.
- Offer Online Booking Options: Integrate online booking systems to streamline the reservation process and enhance customer convenience.
3. Expand Customer Base through Segmentation and Innovation:
- Segment the Market: Identify specific customer segments with distinct needs and preferences, such as leisure travelers, families, and business travelers.
- Develop Targeted Marketing Campaigns: Tailor marketing messages and offers to each customer segment, addressing their specific needs and motivations.
- Introduce Innovative Service Offerings: Develop unique and memorable experiences that cater to the evolving needs and preferences of the target audience.
- Partner with Local Businesses: Collaborate with local businesses to offer package deals and create unique experiences for guests.
4. Embrace Sustainability and Corporate Social Responsibility:
- Implement Sustainable Practices: Adopt environmentally friendly practices throughout the hotel, reducing waste, conserving energy, and promoting responsible tourism.
- Engage in Community Initiatives: Support local charities and organizations, demonstrating the hotel's commitment to social responsibility.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Hotel Perennial's strengths, weaknesses, opportunities, and threats, as well as the evolving needs and preferences of the target market. They are also aligned with the hotel's core values of providing personalized service, fostering authentic experiences, and contributing to the local community.
1. Core Competencies and Consistency with Mission: The recommendations focus on leveraging Hotel Perennial's existing strengths, such as its personalized service and local knowledge, to enhance its brand positioning and attract new customers.
2. External Customers and Internal Clients: The recommendations prioritize the needs and preferences of external customers while also considering the needs of internal clients, such as staff and management.
3. Competitors: The recommendations address the competitive landscape by highlighting Hotel Perennial's unique selling proposition and leveraging digital marketing strategies to reach a wider audience.
4. Attractiveness: The recommendations are expected to improve Hotel Perennial's profitability by increasing occupancy rates, enhancing customer loyalty, and expanding its market share.
5. Assumptions: The recommendations are based on the assumption that Hotel Perennial is committed to investing in its growth and that the tourism industry will continue to grow in the future.
6. Conclusion
By implementing these recommendations, Hotel Perennial can enhance its brand awareness, expand its customer base, and achieve sustainable growth. The hotel's unique charm, personalized service, and commitment to local knowledge will continue to differentiate it from larger chains and attract discerning travelers seeking authentic experiences.
7. Discussion
Alternatives:
- Merging with a larger chain: This option would provide access to resources and marketing expertise but could compromise the hotel's unique identity.
- Focusing solely on local tourism: This option would limit the hotel's growth potential and make it vulnerable to economic downturns.
Risks:
- Increased competition: The hotel industry is highly competitive, and new entrants could emerge to challenge Hotel Perennial's position.
- Economic downturn: A recession could lead to a decline in travel demand, impacting the hotel's occupancy rates.
- Technological disruptions: New technologies could emerge that disrupt the hotel industry, requiring Hotel Perennial to adapt quickly.
Key Assumptions:
- The tourism industry will continue to grow in the future.
- Hotel Perennial will be able to attract new customers through its marketing efforts.
- The hotel will be able to implement the recommendations effectively and efficiently.
8. Next Steps
Timeline:
- Month 1: Conduct a detailed market research study to identify target customer segments and competitive landscape.
- Month 2: Develop a comprehensive marketing plan, including brand positioning, messaging, and channel strategies.
- Month 3: Launch a new website and social media presence, incorporating SEO and digital marketing strategies.
- Month 4: Implement customer relationship management (CRM) system and start collecting customer data.
- Month 5: Introduce new service offerings and packages tailored to specific customer segments.
- Month 6: Monitor progress and adjust strategies as needed.
Key Milestones:
- Increase website traffic by 20% within six months.
- Increase social media engagement by 30% within six months.
- Increase occupancy rates by 10% within one year.
- Improve customer satisfaction ratings by 5% within one year.
By following these steps, Hotel Perennial can position itself for long-term success in the competitive hospitality industry.
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Case Description
The Hotel Perennial case puts students in the shoes of Dan Jameson, founder and CEO of a boutique real estate private equity firm called EL Investments (ELI), as he wrestles with the decision of whether or not to acquire the distressed Hotel Perennial, a 194-room hotel on the north side of Chicago, Illinois. When making the investment decision, Jameson (and students) must consider various factors: What is ELI's implicit investment strategy, and what are the firm's core competencies? What are Jameson's goals for growing ELI, and how might the acquisition of the Hotel Perennial fit with those goals? What opportunities and challenges might ELI face if it decides to acquire the hotel? How much would a buyer likely have to pay for the Hotel Perennial to achieve an attractive return? In addition to containing a hotel valuation and modeling exercise, the Hotel Perennial case also exposes students to several real estate industry concepts and terminologies, including those regarding the hotel sector, equity sourcing, and distressed investing. The case material assumes that students have taken an introductory real estate finance course or have relevant work experience.
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