Hospitality is changing. Consumers have more and more options to choose from and increasingly original ways to purchase them. Innovative companies are creating new business models to maximise income from hospitality products. Consumers are even selling amongst themselves in the so-called “sharing economy”.
According to experts, disruptive plays and business model innovation are now more important than traditional strategies based around competition and internal efficiency. Accessibility via digital platforms means disruptors can build large market share within just a few years. Therefore every company must look at their assets and how they might innovate, even if primarily to defend their market.
Discussing these new hospitality business models are:
Frank Croston, Partner, Hamilton Hotel Partners on how consumers win in the competition with new wave hospitality
Preben Vestdam, Managing Director, HotelSwaps on a bartering programme based on hotel rooms
Stephen Balzer, Chief Executive Officer, Red Onion GmbH on what the sharing economy means for consumers
Sean Worker, Chief Executive Officer, BridgeStreet Global Hospitality on a company re-branding that responded to customer demand for transparency