| If you own or manage a B&B you should | | | | will be speaking about statistics and trends. Tourism |
| consider the following benefits obtainable from | | | | business advisors can provide you with |
| market research as part of your business success. | | | | comprehensive information relating to your industry. |
| Benefits of Market Research | | | | - Read travel blogs, reviews and testimonials about |
| One of the greatest benefits obtained from | | | | other bed and breakfasts with a similar value offering |
| undergoing some form of market research is a richer | | | | to your own, look for what they liked / disliked |
| understanding of your target market and | | | | about their stay. Making comparison with similar bed |
| competitors. Being able to assess how well aligned | | | | and breakfast providers helps you ensure you are on |
| your Inn is with your target market and its | | | | the same or better playing level. |
| competitive marketplace can be invaluable. You will | | | | Another idea for gaining valuable information is to ask |
| begin to get an idea of what others in your industry | | | | friends and family to stay at other accommodation |
| are doing in terms of marketing and budget in order | | | | providers' which target the same market as you, and |
| to attract and retain guests. | | | | then supply you with constructive feedback on how |
| Market Research is particularly important for setting | | | | your business compares. Again, helping you |
| up your business marketing plan & objectives, | | | | understand if you are meeting the needs of your |
| along with making strategic business decisions. The | | | | target market. |
| information you find out can help you refine your | | | | Feedback from guests about where and how they |
| marketing campaigns. You may find that a certain | | | | found your Inn is another important form of market |
| radio station, bed and breakfast publication or | | | | research. If you provide an evaluation / rating card, |
| website has returned a profitable return on | | | | covering service questions such as : How did you find |
| investment for other Inn owners and therefore | | | | us? and How would you rate our B&B meals? |
| decide to devote more of your advertising budget to | | | | which guests can fill out after their stay, you can use |
| this source. | | | | the information found from this tool as a benchmark. |
| Market Research Ideas & Sources | | | | Giving you an opportunity to improve on areas which |
| - A good habit to get into is regularly reading free | | | | are scored lower than you would prefer. |
| and paid reports about industry trends and patterns. | | | | Given that the burn out rates for B&B providers |
| You can also consult other B&B owners; join up | | | | can be particularly high, it is even more important to |
| to industry forums with other owners from around | | | | dedicate sufficient time and resources to market |
| the world and within your country. | | | | research. You should continue to invest in marketing |
| - There are many sources that contain industry | | | | that works and drop others that are less effective. |
| related information such as: online and print | | | | Eventually you will be able to reduce your marketing |
| magazines, newspapers and journals. Being aware of | | | | spend to just those mediums which provide you with |
| what is going on in the bed and breakfast | | | | a steady flow of guests, whilst trialling other |
| marketplace can help you anticipate potential declines | | | | advertising methods that you have found in your |
| or slow times and make allowances for this period. | | | | market research process which are associated with |
| - Find out about upcoming hospitality conferences | | | | your target audience. |
| where consultants from the accommodation industry | | | | |