Monthly Archives: April 2018

Bitcoin and The Hotel Industry

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As of December of 2017, the market cap of cryptocurrencies such as Bitcoin has been valued on average at over $600 billion US dollars. Furthermore, crypto-markets are currently raking in over $500 billion US dollars every day solely due to Bitcoin transactions.

With stats like that, it’s easy for anyone to start wondering how they can take advantage of this growing and thriving economy. We’re left wondering how the hospitality industry could make use of these thriving market conditions and benefit from them.

Today, we’re going to go over things such as how and why the hospitality industry could make use of this, as well as the benefits that come along with it.

 

Can Hotels Make Use of Cryptocurrency?

The first and foremost method in which hotels could make use of cryptocurrency would be to start accepting payment for bookings and rooms from customers in the form of the more popular cryptocurrencies such as Ethereum, Bitcoin, and Litecoin.

Many of the big-name brand hospitality organization aren’t very likely to see the benefit of using this type of never technology due to some of the risks that are involved in using it. However, cryptocurrency and its underlying technology offer an opportunity for newer and more progressive hotels to work with the technology to create a more flexible business plan and gain an edge on the competition.

Fortunately, there are several technical solutions that have been put in place for companies to be able to receive payments through cryptocurrencies such as Bitcoin or Ethereum on stable platforms such as BitcoinPay, Coinify, and Coinpayments

 

The Unforeseen Opportunities

In the end, it’s important to never underestimate the value of being the first to offer something that is different from the norm. Even today, there are still people who are talking about the Waldorf Astoria Hotel in New York City which has been the first to accept cryptocurrency for rooms and other services.

Being one of the first to onboard ideas such as new technologies or cryptocurrencies can provide your company with great publicity and endless opportunities. This can provide you with an edge that can easily be picked up by local news organizations and provide you with the publicity that can drive more sales to your hotel.

Also, by establishing yourself in a new and emerging market, you will be able to gain first-hand insight and knowledge as to how to deal with the complications related to the new technology and how you can implement it properly into your business model. As a result, this will give you a head start on the competition and might just be the publicity that you need.

In the end, cryptocurrency holders are always looking for new ways in which they’re able to spend their crypto-coins. And, for hotels who set themselves up to accept this form of payment, they will be able to benefit from a new wave of consumers who are already ready and willing to take advantage of it.

Social Media and Marketing Your Hotel Business

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Now that it’s 2018, marketing yourself on social media has become an essential part of marketing. In the past, Twitter, Instagram, and Facebook were used solely for things such as showing off what you had for dinner or what your weekend plans are. However, things have changed, and there is an entirely new aspect to social media that can be greatly beneficial to your and your hotel business.

As hoteliers, we all understand that there is an abundance of marketing tools needed to successfully attract clients and get them to book on your site. However, other than social media, there are also other steps that you can take to promote and advertise your hotel business.

  • Social Engagement

So, you’ve got your business up and running and are posting regularly on all your social media networks. However, you’re not getting the response that you’ve had in mind. The most likely reason for this is that you’re not posting relevant content that keeps you readers and followers engaged.

The best thing that you can do is to focus on posting relatable content, holding competitions, giveaways and asking questions that engage your viewers. Furthermore, if you’re currently experiencing a lull, maybe it’s time to run a competition by asking your viewers to share stories and rewards them with discounts or all-inclusive stays at your hotel.

  • Brand Promotion

In general, people tend to make up their minds within a matter of seconds. Therefore, it’s always crucial to make the best first impression possible.

And, while promoting your hotel and brand may require a small investment, the benefits and positive results will make it well worth it in the long run. By using paid social ads you’ll be able to target specifically the people that you want to attract to your business. And, also, you’ll be able to promote your rooms, offers and other business aspects that are likely to attract new customers.

In the end, remember that every post or advertisement that you make will directly represent your brand. Therefore, make sure that every post counts.

  • Don’t Forget About Links

While you’re trying to promote your hotel and brand awareness, it’s important to remember that your main objective is to simply get visitors to your website. Also, keep in mind that 80% of your website focus should be directed toward engaging content, while the other 20% should be directed toward sales. Regardless, no matter what you’re posting about, just make sure that it links back to your site. One good technique is to give readers just enough to get them interested and then direct them back to your site to get them to learn more about your business. Remember, that as soon as they’re on your site, you have the power to direct them where to go next.

In conclusion, we also want to mention how important it is to make use of popular influencers that are already established in the industry. Never underestimate the power that an influencer can have on promoting your business. By posting about your hotel, they might be able to create a buzz about your business which could be exactly the boost that you’ve been looking for.