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Key approaches to capture
Millennials
• Build trusted relationships
• Connect with a purpose
• Realize the importance of
experience
• Adopt an adaptive cross-industry
perspective
• Integrate new technologies and
enhance social presence
while saving money by providing minimal staffing (e.g., switching to
mobile check-in) and smaller rooms. 21
While Millennials will become the core customer group for travel and
leisure during the next 5 to 10 years, they are already establishing
perceptions, developing brand preferences and solidifying travel
habits. As such, hotel companies that want to influence and capture
these valuable future customers before they become grounded
in their travel routines should immediately begin implementing
strategies and tactics to appeal to the Millennial consumer.
Further, Millennials demand greater value for their time and expect
innovative experiences from their brands. Their expectations are
being influenced by interactions, experiences and relationships with
companies from a wide range of industries. Thus the paradigm for
a sustained competitive advantage has changed. In the world of the
always-on, ever-connected, highly demanding Millennial, a sustained
competitive advantage is more than just a product, price, service or
feature — it’s a trusted relationship.
To meet the expectations of Millennials and succeed in the long
term, leading brands are spending as much time, money and
discipline building experiences and trusted relationships as they
do developing new products and services. Therefore, in order
to capture this vital segment, today’s hotel executives need to
look beyond their industry, study and learn from innovators, and
understand how to meet evolving Millennial expectations in lodging
and travel.
21. “Marriott and IKEA Launch a Hotel Brand for Millennials: What Does That Even Mean?,”
Time website, http://business.time.com/2013/03/08/marriott-ikea-launch-a-hotel-brand-formillennials-what-does-that-even-mean/,
accessed 25 October 2013.
Global Hospitality Insights
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