Growth: Five-Year Growth Strategy
First Western partnered with a well-known Irish family owned Hotel, who wanted to develop a five-year growth strategy.
While it was doing solid business, it wanted to future proof itself to ensure:
- It stayed relevant to its customers and their changing needs
- Widen its appeal across different market segments
- Attract new customers
- Identify capital investments necessary to underpin the business and support its new market position
As a Hotel is an immovable asset, the experience offered has to be communicated to customers in a way that quickly resonates and appeals to them and entices customers to book and travel.
New experiences or products have to be strongly researched and tested to ensure that they will work before investment is made. We worked with the client over a period of 4 months to undertake a detailed and in-depth review of their entire business model. Using our in house expertise, we carried out a detailed review of the business, the external marketplace, and emerging trends across the tourism and hospitality industry in Ireland.
This included a review of:
- Their customers
- Current marketing
- Business operations
- Their values
- The market proposition
The solution provided to the client was a highly actionable and time lined strategy that:
- Identified capital investments with timelines and return on investment metrics all linked to a new marketing and sales plan
- A 5 year, costed and action itemised marketing and sales plan
- A step by step business diversification plan that allow the business take a step by step approach to widening their market and customer base, meaning that new marketing investments targeted specific segments
This allowed a much more measurable approach in terms of measuring success and allocating resources.
