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New Product and Service Development SR Kimpton Hotel Group
Table of Contents About Kimpton Hotel Group Every Hotel Tells a Story Overview: New Product Development Process In Depth look at every step Post Launch Review – What did we learn?
Kimpton Hotels Kimpton Brand Focus - Kimpton Moments Kimpton Strives to be the Best Loved Hotel Company For our guests: Our mission is to create an emotional connection with every one of our guests; to deliver highly personalized service across our entire collection of hotels and through our marketing efforts.
About Kimpton Hotels Founded in 1981 by Bill Kimpton Innovative and Creative Management Team Kimpton Cares Kimpton Earth. Care Program Complimentary Evening Hosted Wine Reception Kimpton in Touch – Guest Loyalty Program Signature Elements: Care, Comfort, Style, Flavor, and FUN The Future of Kimpton Hotels
Every Hotel Tells a Story What is a story? – Stories are an encapsulation of an experience – Pictures are worth a 1, 000 words but stories live forever Why do our hotels tell a story? – Differentiated product that delivers unique benefits – Create an intimate connection with guests A hotel’s story – Hotel Vintage Park Seattle – Washington Wine – Marlowe in Boston - Discovery
New Product Development Process New Hotel: Ground Up Lights, Camera, Action All right Mr. De. Mille, I’m ready for my closeup When you come to a fork in the road, take it Show me the money I coulda been a contender Houston we have. . . You can’t handle the truth Testing 1, 2, 3 Give ‘em the old razzle dazzle
Ideation/Discovery Stage #1 Success factor is a unique superior product Product innovation is a process Kimpton Hotels is known as #1 boutique hotel Voice of customer – focus groups – We know the basics – Deliver what the guest wants before they know they want it Creation of Idea Bank – Hotel Story and Concepts – Amenities, Design, Gidgets and Gadgets, Buzzzzz – Competitive Set Hotels, Trade Shows, Suppliers
Screen 1 - Ideas I coulda been a contender Fit our vision and goals – Room keys – Type of Project Can the market support our style of hotel – Smith Travel Research Report (STR) Market Assessment – Location in relation to competitive set – Concept elimination − Danger: “If we build it they will come” philosophy
Act 1 - Scoping Lights, Camera, Action More in depth or preliminary market research – – Smith Travel Research Report (competitive set) Previous market success = lower market risk profile SWOT Analysis immediate competitive set Industry contacts, friends, counterparts Analysis of business partners – Experience in the market – Quality of project sponsorship – Strategic Alliances with developer Availability of capital – – Capital financial equity partners Feasibility study on return and risk assessment
Screen 2 - Viability All right Mr. De. Mille, I’m ready for my closeup Cross Functional Team - Home Office VP Revenue, Sales, Engineering, IT, Operations Take 2 – now that we know more re-analyze Screen 1 Verify with Legal that everything is okay and to code Prioritized Scored List of Projects (Q-Sort) Risk Reward Bubble Diagram
Screen 2 - Viability Risk Reward Bubble Diagram Pearls Bread and Butter High Miami, FL New York, NY Chicago, IL Maui, HI Charlotte, NC Hell, MT London, UK Oysters White Elephant Low
Act 2 - Build a Business Case When you come to a fork in the road, take it 22% of failed projects had no detailed market study Cost of project - Contractor price out as favor Entitlement of the site; create “envelope” of project Start schematic planning Preliminary design and Performa with operation SWOT and market analysis (convention space, development, etc) Create the story The single strongest predictor of investment value is “degree of -- The single strongest predictor of investment value is “degree of innovativeness the company” innovativeness of of the company”
Screen 3 - Go to Development Show me the money Cross Functional Team – Regional Director Revenue, Sales, Engineering, IT, Operations Review Results of market analysis Review Preliminary operations and marketing plans Must Meet Questionnaire (pre-developed) Ratio and balance between risk and return Sign off and presentation to CEO, COO, and CFO Total Company Commitment and Buy In Presentation to potential financial partners
Act 3 – Development Give ‘em the old razzle dazzle Fast paced parallel processing Construction/Development – Creation of Model Room > Cross functional team reveiw > Punchlist of items > Measurements, functionality, design Strategery and other funness – Hire Director of Sales and Marketing – Create Marketing Plan – Regional Director of Revenue – Develop detailed budget and market projections Milestones and periodic project reviews Detailed Checklist with due dates and action items
Act 3 – Development
Screen 4 - Go to testing Testing 1, 2, 3 Cross Functional Regional Level Team analysis - Product functionality, marketing plan, strategies - Ask the question: “Did we do this right” Revised Financials in line with original goals Compare to original criteria and plan Verify market place expectations unchanged 65% of projects do not include a pre-launch business analysis Complete site walk through by: –Designer, Project Manager, Director - Hotel Openings Alpha Testing – Current management spends night in room
Act 4 - Testing and Validation You can’t handle the truth Beta Testing – complete questionnaire Inner Circle Members complete a predetermined questionnaire – Include price sensitive questions/interest to purchase – Weighted scores on usability/functionality of amenities Opening Hotel Team – Selected manager’s from around country come in to help – Role play with new staff; intense training; Kimpton Cheerleaders Hotel story in place? Kimpton Service Standards in place?
Screen 5 - Go to Launch Houston we have. . . Final review of: – Marketing Plan, Business Strategies/Tactics – Rate structures, Pricing strategies – System integrations – E-Channel content and visibility CEO, COO, and CFO complete site walk through and visit Kill Criteria – Lobby and public space are 100% complete − Living room and stage have to be set before guests can arrive
. . . LIFT OFF
ü Watchlist Performance Hotel Call ü New Project Conference Call ü Smith Travel Reports (Rev. PAR Index) ü Employee Satisfaction Survey ü Guest Service Surveys (Sterling Report) ü New Project review Questionnaire ü Coyle Report Scores
IT’S A WRAP We’re bringing sexy back