Welcome the new trend in hotel industry - Experience Economy

April 8, 2022

Have you ever heard someone who’s back from a recent holiday say, “The hotel itself was such a great experience that we needed little else”? Well, that’s what Experience Economy is all about. It’s when a guest is ready to shell more on experiences than on material possessions. And they would happily spend more when you go that extra mile by curating for them an experience that stays with them for a lifetime; something they’ll be happy to repeat in the future. And every hotelier knows that guest retention is as important as acquiring new ones!

While travelers were previously happy with a simple bed and breakfast, the definition of travel has undergone a major revamp in recent times. Millennials and business travelers need a good wi-fi connection; ports and plug-ins at convenient spots. Some who’re looking to de-stress on a weekend after a hectic week at work might want a Spa, Yoga Class, Tai-Chi, or Meditation.

Here’s how your hotel can jump on to the Experience Economy bandwagon:

1) Offer local experiences Studies have shown that around 87% of millennials choose to explore new cultures in comparison to partying or shopping. Now imagine the potential this segment holds for your hotel! Offering local experience can be a great upsell opportunity. You can offer an array of experiences like providing a verified list of local cafés or restaurants in the city that serve authentic cuisine and the specialty of your region or adventurous activities around the hotel. Providing your guests with a bucket list of experiences, maybe a handcrafted list, made specifically in line with their tastes is a great way to retain them. This also, amps up the in-house experience and increases revenues.

2) Certificate for thrilling experiences If guests come to your property to stay for a week and return with a certification that adds to their skills and experiences, it could be a sure-shot fulfilling experience for them. It can be as small as hiring a certified trainer for surfing, diving, or any other skill that they can learn in a week. This saves your guests from the hassle of looking for classes and hotels get mouth publicity or increased repeat bookings in turn. And alas, everyone likes to boast about their achievements, that will fetch your hotel some good digital publicity as well.

3) Creating unique moments for guests during the stay: We all love a little pampering every now and then. So, why not spoil your guests with some surprise like an unexpected birthday party, or anniversary celebration, especially when they are away (if) from their loved ones. Let the other guests also join in and have fun, make it an indulging experience for all the guests present at the property. And voila, that’s how you tap into the reservoir of Experience Economy by creating memories of a lifetime for your guests.

4) Know your guests: Every guest wants to feel special and you can actually do that if you observe your guest’s repeated requests and are ready with them beforehand. It’s like a great homecoming! Demands can be as unique and varied as a cup of black coffee at the start of the day, to a soothing cup of turmeric latte at night. These little things will go a long way in keeping your guest register ticking!

5) Introduce hotel tech: The demands of travelers have taken a major shift recently after the pandemic. Contactless solutions, mobile applications, digital service ordering, and alike have very much become a part of the enhanced guest experience these days. By introducing a contactless hospitality solution to your property, you ensure that you cater to these unique demands of guests too. Adopting these trends is certainly going to be beneficial for hotels and will increase their revenues too.

Now you know why we say “every experience counts!” Since the essence of hospitality lies in providing a satisfactory guest experience, the hotels should definitely adopt these experience economy trends. And Prefme Partner is here to your rescue, a modern digital and contactless hospitality tech solution to serve all your guests' needs. Right from listing all experiences for your guests for exploration to allowing them to enjoy the benefits of mobile solutions, your guests can have it all with Prefme. To know more about all our amazing features like online check-in/out, mobile key, chat, in-room dining, etc. Book a free demo now!

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