How to Profit in a Highly Competitive Market ?

How to Profit in a Highly Competitive Market ?

How to generate profits in a highly competitive market ? Well, the answer is simple DON’T COMPETE.

Competition implies consuming time, effort , resources , value diminishing and decreasing profit margins.So, do you still want to compete ???

Ok then let’s face it ! why you want to compete ?is it because you are pursuing larger market share and thus increasing your profits. Or is it also about dominating the market so you can impose your own prices.

What really happens most of the time when you compete is that you get to increase your cost structure trying to serve more or saturate the market or serve the current customers better ….And then you will try to create those desperate market offers or discounts or differentiate your service or product .

Let’s say you dominated the market and you achieved the largest market share possible. BUT, does that mean you are a winner? maybe yes , but for how long? especially in our extremely dynamic era with its surprising trends??? What is dominating today may be swiped away with with a new trend or new invention.

I think you need also to ask yourself that if I had the largest market share would that mean or guarantee higher profits than everyone else?

Actually, there is a false understanding that the larger the market share the more profits you gain!!!

The truth is the more you are niche-focused the more the profits you earn. Let’s take an example from the auto industry; Toyota globally have a higher market share than Bentley while Bentley generates more profits than Toyota.

Another example from the hospitality industry four and five stars hotels exist everywhere much more than luxury resorts like the ones in Maldives or in Santorini , but still the luxury resorts make more profits, they are even less likely to suffer from seasonal variations.

Another example from the aviation and airlines industry there are airplanes that anybody can go for and there are private jets.

What does this tell us ? or What does niche focused mean? When you are Niche-Focused you will : 1-Earn more Profits and and have higher profit margin . 2-You will need to sell Less. 3- And your cost structure will be Lower .

But how can you be niche focused ? I will give you 4 Tips out of 12 to put you on the correct track to choose your niche; 1- Study the process that your targets experience with a certain product or service. like before using the product or service , then during using it and after using it. You will get to know a lot of gaps that competitors aren’t covering and that would be a great Niche opportunity to utilize. Like when you do your daily workout or when you read a book , or when you use your laptop or even use your toothpaste. Study the journey and tap the un-tapped needs . Look for Pain Points. 2- Explore what issues are prohibiting your targets from buying a certain product in your area of interest. Like why aren’t they using Paypal services as a payment gateway? 3-Ask Influencers ( could be a parent or buyer or a purchasing director or financial manager or a retailer or dealer …) what are the problems when buying a certain product or service, you will reveal a lot , you will get to know many pain points that are uncovered. 4- Think of people who might have an interest in common life aspects and would love to have and satisfy but can’t for different reasons. Like older people who would like to have a bachelor degree or a high education certificate in a certain field.

In addition to those 4 tips please keep in mind these extremely valuable directives :

1- Do not pursue incremental improvements because they will not distinguish you nor you will be providing a real value to your targets but you are only pursuing contemporary gain . 2- Do not benchmark your service or product with industry key players or major competitors because you will limit your thinking of finding your creative targeted niche. 3- Do not Pursue price competition because you will decrease your profit margin and increase your costs.

Please understand that competition is against business solid successful continuity , because you will be draining your resources , efforts, money , time and the most of all you are swimming far away from what customers value .

If you want to master tactics and mechanisms in achieving Niche-Based Businesses (Extremely Profitable Zone ) then please feel free to contact me via email: Dr.salamamin@yahoo.com or via Skype : Dr.Salam Amin       .

 

 

How to Successfully Setup an Online Business ?

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           Successful Online Business 

How to Successfully Setup an Online Service or Product Based Business ?

Before You start your online business you need to address the following questions as they are the foundations for your online Business. Ask yourself :

1- What kind of business I will do? Is it service based business or product based business?

2- Who is MY target market?

3- What information do I need to know about them? like their demographics, preferences, likes , dislikes, influencers ….and how I will know this information?

4- How my products or services will provide them value?

5- How to approach them ?

6- How to Retain my customers?

7- What Legal Documentation do I need ?

These questions will actually form your solid blueprint if you answer and prepare for them in advance…You will save yourself wasted time, efforts and money and you will also achieve better and faster results.

Let’s go through them :

1- Specify what exactly you will provide is it a service like; are you an e-accountant , e-legal consultations, social media services, marketing expert , gaming expert , Turnaround expert , Business consultant , designing , developing , SEO, hospitality consultations or online mentoring and training or teaching….Or are you providing a product like; digital products ( ebooks, sales pitches….) or physical ones like fitness products , handmade products, clothing , tech products, communication products, beauty products, Supplements , complimentary or manufacturing products in various fields.

OR maybe you are thinking of providing both like what I do; by providing business consultations for Hotels , Aviation,Tourism , retail , shopping Malls on how to expand their business, what are hindering their business profits or how to make competition irrelative and at the same time provide online courses and training (digital product) .

Let’s take another example in the fitness industry, where you can provide fitness tips about losing weight and getting in shape while also providing some products of different kinds like nutrition and workout products.

2- State who is your target market exactly; are they woman , men , teenagers , mid – weight people of all ages and genders or people who have relatively good weight but need to get in shape ….Here I advise you to choose a niche so you can focus and then expand within this niche. Dominate your niche you will even increase your potential profits.

3- Compile information about your niche ; where are they located , what social media platform do they use mostly , what are their pain points and needs, who are they influenced with , who have an impact on them , what are the occasions they care most about ( general and special occasions )…..

The more you know the better you can serve them and satisfy them and increase your profits . How do you do that ? There is no secret formula for that, you can do a thorough google search , go to forums ask questions gather answers, you can also use hashtags and track them look what people put images under these hashtags , who are they , what are they commenting ….you will get to know a lot .

People who comments in the youtube who watches those health and fitness products and workout videos are a valuable source for information….Sources are endless and many of them are FREE you just need to put in work and use your creativity.

4- In order to win a reward you have to provide something in return; you have to provide value to customers in order to achieve revenues and profits.

To attain the best results keep in mind two crucial points ; the first one is to fulfill a value that is not filled by other competitors or provide the same value but cover areas where competitors didn’t cover. look what other competitors aren’t satisfying as targeted people wish .

Let’s take an example from the medical industry ; regarding people who are diagnosed with diabetes who need to take insulin on a daily basis , these patients have different types of insulin offered from different types of companies that have different prices, compositions and with different impacts on the body , which all of them gained different profit margins and they competed based on incremental improvements but this is so effort consuming and constrained to limited profits and the most important un loyal customers.

Thus, other companies came with another highly profitable insulin that generated massive amount of profits by providing insulin in a simple fast painless way for patients to inject themselves with in order to mitigate their painful daily experience. Then the idea got imitated . Another company thought of producing insulin with totally different composition that will enable patients to only take it once a week without any pain plus that it will radically improve their diabetes status better than the daily insulin injection, which generated massive profits .

5- Approaching Customers online according to my experience with my clients from different industries and from different geographical areas across the globe can be best attained by identifying at the beginning only two main social media channels so you can focus especially if you are doing the whole work alone and you identify them after you gather your information , but I prefer to keep linkedin as one of them because its a strong highly essential platform for any type of business. Then you also should have a website with a hosted shopping cart like shopify or bigcommerce .

Or you can create your own shopping cart especially if you want to sell your own digital products . And ofcourse don’t forget to establish a payment gateway.

Another method is to create a profile on magazines and forums and social media groups where your potentials exist, this is so important because there you can get engaged with them know more about them and let them know about you also and what you provide .

6- Always Pamper your customers , even when they are one time customers. And there are various ways to do that by surprising them on their occasions with no sales offer just a gift this will have a huge impact on them. By giving constantly tips and advices about their areas of interest related to what you deliver. By providing a refund if they are not satisfied….Means are endless when you want to retain customers…. Again just be creative and limitless.

7- I advise you to consult an attorney who is knowledgeable about the laws regarding online business and prepare all the legal documents that is needed to protect the rights of all parts engaged in any transaction like you as a business owner or if there is a dealer and the customer or any other party that might be engaged in the process. If you can’t financially afford an attorney especially at the early stages or your attorney is in a vacation, then you can use one of these resources : Legal Match , Business in a Box, Find Law ….Also its important to have an extensive idea about legal stuff you will probably need .

At the end of this article I encourage you to plan ahead your online business to deliver and achieve the best value .Please Keep in mind to continuously learn new knowledge and update yourself with the latest industry trends and other related industries to make the necessary adjustments and improvements or it might be a radical Business Turnaround ! who knows?!

I will always be pleased to receive your comments or inquiries at Dr.salamamin@yahoo.com or at Skype : Dr.Salam Amin .

4 Tools for #Hotels to Maximize Their Ads Reach.

In this blog I will write about two tips to get the most of  hotels and accommodation providers ads campaigns ; The First Tip  is :  The most Important ads tools that each hotel should apply to increase their digital reach .And the Second is:  The 4 Tools that will maximize Hotels Ads Reach.

 

The First Tip is :  The most Important Ads Tools that each Hotel should Apply to Increase their Digital Reach.

 

The Second Tip  is : The 4 Tools that will maximize Hotels Ads Reach.

 

Tools and methods are infinite and they are continuously changin,g so you need to continuously  update your tools to ensure that your campaigns are effective and delivering the results that you are up to.

 

Remember you can always consult me at any time about your hotel or business .You are more than welcome . Let me share you your Success story.

Drsalamamin@yahoo.com

Whatsapp me  00962795116324

Skype Dr.Salam Amin.

Please after you read my blog  leave a comment. I will be delighted to hear from you.

2 Secrets to Beat Online Travel Agencies

2 Secrets to Beat Online Travel Agencies.

Online travel agencies are increasing their profits and and their shares in hotels revenues, not because they have those massive capabilities that can’t be defeated, but because hotels and accommodation providers are still not doing enough work to conquer them . Online travel agencies are even more laser focused than hotels and most accommodation providers.

In this blog I will mention 2 secrets out of 6 to beat online travel agencies that I figured out  after close monitoring and thorough research for hotels and online travel agencies actions towards each other and also towards other matters like their websites , issues and challenges they encounter and how they react to solve them…

The two secrets are : –

 

The First Secret is :  The Hotels’ Websites.

After going through several reputed and not reputed hotel websites still they are considered to be weak websites regarding the messages they communicate to visitors. We all know that most of the people who try to book via OTAs websites before completing the booking process they visit the hotel website to finalize their decision.From this point it is every hotel’s  responsibility to grab the traveler attention to book directly through your  hotel website instead of the OTA.

What messages are you providing on your hotel website that will lead the traveler to book? It’s not enough just to provide high quality images  or to place tripadvisor rating or positive customers’ reviews. Yes these are somehow important in the decision making process of the traveler but yet they are not enough to drive them to book directly and some of them are already there on the OTAs websites. So you   as a hotelier still have to rely on them to increase your sales. Neither it’s enough to provide 20% off  on booking directly and by being a member of a loyalty program like Wyndham Hotels. They are doing good but I prefer if they would change the message location on their site and to restructure the message itself.

What I advise hotels is to redesign their hotel websites to contain certain messages at  specific locations on their sites that would attract the visitor attention and would entice the visitor to take action. I will provide with only two messages that will make a big difference in your conversion rates , and these are :

A- Locate a message at the UPPER-Center of your hotel website that communicates the idea of any room on OTA book  it directly from here and you will get like 13% off, or 7% plus an upgrade.Simplify and make your message very clear to everyone .

Because just saying book directly or book now isn’t doing good enough and people don’t trust why they should book directly not via OTAs who are massively doing excellent in their marketing strategies.

 

B- Locate this message under the first one; Bring us any offer or package and we will give you a better one either through better price or amenities, or by upgrading , free trips or gifts…. or both…Just be creative so you can beat other OTAs here and other loyalty programs. ( rewrite the message in different wordings but I am giving you the core idea here.).

 

The Second Secret is  : Guests who come to your hotel via OTAs should be pampered and treated in an unexpected way that would make them your directly booked and repeated customers . And you can do that when you know about them more by monitoring their social media channels and get to know their preferences , interests and  any specific occasions or any events that happened lately in their lives and act upon that. Surprise them . You can do that by using tools like

Local Measure  and  Full Contact.

 

Beating Online travel agencies are not easy but not hard and not complicated. Beating them needs strategic smart meticulous actions to be set on. You as a hotelier or as a accommodation provider you have to rethink your actions and strategies to decrease your rely on OTAs  in order to increase your sales. You are increasing them but also increasing OTAs shares in your profits….!

 

Remember you can always consult me at any time about your hotel or business .You are more than welcome . Let me share you your Success story.

Drsalamamin@yahoo.com

Whatsapp 00962795116324

Skype Dr.Salam Amin.

Please after you read my blog please leave a comment.I will be delighted to hear from you.

 

 

How to Increase your Hotel Digital Visibility?

How to Increase your Hotel Digital Visibility?

The more your hotel appears in search results the more you are likely e to increase your bookings. In this blog I will provide you with 6 Tips  that will enhance your hotel digital visibility and presence.

1-Data Providers.

Team up or partner with : Data providers or apps to provide you with flights that are early booked or cancelled or delayed or people who want to change their travel direction and people contact info.  to connect with them  . In order not just to boost your ads exposure but also connect with them directly, personalize your connection ,by calling them or contacting them via whatsapp…Partner with Google flights, momondo , ITA matrix, Hipmunk, flight search direct ,skyscanner, Airhelp, Destigogo , flymble live…And do not confine your hotel to be an airport hotel to do this type of action.

2- RankBrain by Google.

Optimize for Rankbrain by google through creating  unique content that are relevant to your target audience; it’s  good here to target women , solo travelers , older people….

3-Sharing.

Share your content  with websites like smartertravel.com , jetsetter.com, crooked-compass.com , travelblog.org, Taptag

4- ???

Don’t forget to use these apps in your ads campaign so you can target millenials everywhere. Use Line , shots , kik and Viber also to post your ads to public..

5- Team-Up with these apps.

If you team up with these apps you can enrich your ads campaign.

  • Room8app.com for finding your next room mate.
  • Hitlyst for twitter  to know more about people interests trends and verified accounts and influencers.
  • Babbler to get to know more about influencers.
  • Whatrunswhere.com to know everything about your competitors.
  • You can check OTAs  and competitors website closely like to know unsatisfied guests and connect with them directly on their whatsapp…again not just emails or …..

6- Locate your Hotel indirectly

And to Increase your hotel digital presence indirectly locate your hotel by locating its restaurant,ballroom ,spa , beauty salon,Meeting room… like; Zomato , localeats, and also yelp, spafinder.com , enterprise.com ….

 

Remember you can always consult me at any time about your hotel or business .You are more than welcome . Let me share you your success story.

Drsalamamin@yahoo.com

Whatsapp 00962795116324

Skype Dr.Salam Amin.

Please after you read my blog please leave a comment.I will be delighted to hear from you.

 

 

5 Amazing Tips For Hotels that will Radically Increase their Profits.

5 Amazing Tips For Hotels that will Radically Increase their Profits.

Hotels & Resorts

These Tips should be added on  each and every hotel or accommodation provider postings via their social media channels or can be placed on your hotel website or your Advertisements.These tips and messages should result in :

1- Better Market Position .

2- Gradually Minimize your rely on Online Travel Agencies.

3- Radically increase your hotel Profits .

The 5 tips are :

A- Unique Selling Points (USP).

Talk about your hotel or resort unique selling points that will distinguish your hotel from other competitors.In your posting communicate things most of people care about and of great interest to them; like

  • Serving organic food .

 

  • Specialized people dedicated to help people with disabilities or special needs.

 

  • A team or a accompany mate for solo-travelers who want  to enjoy trips with people who share relevant  interests or  a companion who can provide them with great experience.

 

  • Providing special tools and high tech ones  for older people that would enhance their stay and make it enjoyable.

Ofcourse, thoughts are endless but these are some to enrich your posting exposure. Please keep in mind that you as a hotelier should  progressively Add and change in your hotel USPs.

B- Your Loyalty Program.

Always and on a  continuous basis communicate your loyalty program benefits and privileges to win over other rivals loyalty programmes and their privileges .And here it’s good to mention that don’t just stick your outstanding privileges to discounts like 20% but broaden them …

C-  24/7   .

In our current era and strong competitors you should be available at any point of time to serve people. So state that in your posts; tell them that you have 24/7 service.You can answer their inquiries , help them in the booking process and  respond to their requests ….

D- Fast & Secure.

Everybody likes to see this message because we all care about time and secure payment.It will also stop shifting guests from going to an opponent or leaving your site.

E- Direct Booking.

It’s been so clear that people are heading to make their bookings via online travel agencies like Tripadvisor , Booking.com , Priceline , Tablet ,Trivago , Expedia, Orbitz…It’s because they lack the information that if they book directly through your hotel website they will get the same price with extra amenities and they will also become a member of your Hotel loyalty Program that has exclusive privileges or additional privileges….

Note: if you are as a hotelier not using the mentioned strategy or a different one I advise you to start applying it due to its powerful results.

These were just some tips out of  multiple and multiple tips and messages that should me added to hotels and accommodation providers postings to strengthen their market position and to profoundly increase their direct  profits.

Remember you can always consult me at any time about your hotel or business .You are more than welcome . Let me share you your success story.

Drsalamamin@yahoo.com

Whatsapp 00962795116324

Skype Dr.Salam Amin.

 

Please after you read my blog please leave a comment.I will be delighted to hear from you.

 

How to Beat OTAs & Increase Hotel Revenues?

How to Beat OTAs  & Increase Hotel Revenues?

OTAs are continuously recreating and restructuring themselves either by acquisitions or broadening their services or both.They are increasing their international market share and so shrinking hotels revenues.They are now even trying to control your hotel inventory by providing distribution and marketing tech.

 

But, that’s not because they are smart and successful at what they do but because hotels of all types that are suffering from their diminishing market share and profits are not playing right in the market and definitely not moving strategically with all the effort that should be done to beat OTAs…

 

In this blog I will be providing you with some actions to help you as hotels of any kind or size to conquer OTAs competition. But the full information will be in my coming WEBINAR.

 

Below I will write for you a variety of actions that will attract lookers and then convert  lookers into bookers.

 

  • The first action is maneuvering : Spread the minimum number of rooms to be located on important OTAs that target your audience       (because you don’t need to locate yourself on any  random OTA) . But before that make sure to appear on the OTAs first page by paying the commission they ask for even if it is costly for you as a hotel. I know you will say what the hell is she saying ???she wants us to pay OTAs even more …Remember I said choose or locate the minimum number of rooms and the idea here is to attract potential guests attention through OTAs sites .Because most and more than 82% of  people who visit OTAs will go and visit the hotel websites when their offerings and prices that are located on OTAs  are suitable for them .And this is what we exactly want to get them to do to visit your hotel website. From there you have to gain their absolute attention and make them book directly by having a perpetual smartly designed website.

 

In order to make your  hotel website attractive , so useful and most of all of great value to your potential guests  make sure to :

  • Place the offers that are on OTAs on your hotel website ofcourse with the same price on OTA due to rate parity agreement but with  additional or FREE amenities or offerings when booked directly;  like free dinner or enjoying a  massage for free…etc.And ofcourse insert the button book now and between brackets ( it’s Secure, easy and quick).
  • Provide a 15 seconds video for the room and the amenities the guests will enjoy  and this is also for the sake of increasing the time  on your  hotel site.
  • Place in a clear message that bookings are commission free and Secure .
  • Ease the process of booking as much as you can make it clear and transparent with no hidden or surprising fees. And easy to navigate.
  • Use SEO  but that’s not all , use SEM( search engine marketing ) for your website .
  • Place reviews of your hotel from OTAs on your website.
  • Make sure that the download time of your hotel website is not more than 3- 5 seconds.
  • Mobile – optimized.
  • Provide  virtual tour for your hotel and play visual stories.
  • Provide unique captivating packages on your site especially for  older people , honeymoon , anniversaries, special occasions, business  events,…
  • High quality images.
  • Always and continuously update your website & social media content.

 

To have more  detailed information on optimizing hotel websites wait for my  coming webinar .

 

  • Secondly : Locate your hotel on google business listing.
  • Thirdly : Make sure that your hotel is on Hotel & Travel Search engines.
  • Fourthly: Use pinterest business account , create your profile on Google plus ,sign in  for google places listings and don’t forget to benefit from foursquare for business .
  • Fifthly :Use Proof to increase your website conversions.
  • Sixthly:  **Ads ** ads for your website , offerings, packages, story videos that brings guests emotions into play and ads for your hotel app. The ads that are beneficial to use if promoted correctly and designed with knowledge to target audience like:
  • facebook ads try to make them through power editor .
  • Instagram ads is another powerful tool.
  • linkedin ads especially if you wanted to target business events or professional people who take decisions and influence them.
  • Its so important to use bing ads and yahoo ads and GEMINI they drive proven results also.

 

These six actions or tactics are just a small part from a comprehensive process that should be applied towards achieving desired results like restoring your hotel market share locally and internationally and increasing it and your revenues. Also alot of actions can be taken to abandon at some point the use of OTAs, which I will be explaining  extensively in my coming webinar.

 

At the end of this blog I would like to remind you to paying a great attention to detail and content in your website and social media channels .Ask yourself  as a person of interest or in charge what type of customers or potential guests am I targeting? so, What content should I use , Where to locate it  and  each detail? when to locate it? .Pay attention to details like using science of colors .Again make sure that you are crafting and using  solid content ,thus weak ,random content or let me call it bad un knowledgeable content will throw  blocks on your road to success and I can see alot of this type of content on various hotels sites and social media channels.

 

Please keep in mind that you are always welcome to contact me via:

Whatsapp:+962795116324

Dr.Salamamin@yahoo.com