I am doing a project on my future business plan, the business idea is a small lo
ID: 347522 • Letter: I
Question
I am doing a project on my future business plan, the business idea is a small lodging establishment which offers overnight accommodation and breakfast, yea some what similar to Airbnb but the whole idea is to give customers a memorable experience during their stay where they could interact with other guests during the morning breakfast time and socialize and have a little play area for kids (It's somewhere between a motel and a resort). For such a business how should one move forward in regards to Marketing Plans and Strategies (Marketing Mix)?
Explanation / Answer
The marketing strategy should be targeting the youngsters because the majority of the customer base of Airbnb is between 18 to 35 years. Usually, the students and working professionals would love to stay in a place like this. So the marketing plan should include the following marketing mix:
Price: The target audience is youngsters so the price cannot be on the higher side. The price should be reasonable and affordable to all. The company can go with the dynamic pricing so that they can increase the price when the accommodation is in demand during a particular season. They should also provide the refund option to the people in order to increase the number of bookings.
Product: The product should have unique features. It is mentioned that the product will be a combination of motel and resort. So the company should concentrate more on this in their marketing campaigns and include few unique features of the place to attract the customers. The features should stand out and make people realize that it is different from Airbnb or any other player in the market.
Promotions: The majority of the digital marketing should be done on the social media channels to reach the youngsters easily. The next best option would be the affiliate marketing with major tourism websites that help the tourists with the reviews and information of the place. The third plan would be concentrating on the Google Adwords campaigns to display Ads on some of the popular websites and generate leads. Email marketing can also bring a lot of qualified leads and help in generating revenue. They cannot forget the offline marketing as well and they should make use of flyers, newspaper Ads and if possible television Ads as well.
Place: The location of the place should be near a happening place where the youngsters would love to spend time. The company can make use of the location as well in their marketing campaigns and attract customers. They need to choose the places like colleges, schools corporate offices for their offline marketing activities.
The marketing plan should be to invest equally in both online and offline marketing activities as the target audience are very diverse. The social media channels and the TV Ads can work well for the company if they are promoted well. The content should be fresh and creative and that should provide a competitive edge to the company when they enter the market.
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