In board rooms all across the country, the debate is growing as to how the market has changed, how decision makers are seeking new messages and solutions and this invariably means that most companies do need to adapt their narrative.
It is a challenging topic for many companies as, for so long, the strategy has been to keep a relatively low profile and to rely on either their sales teams or recommendations to grow business. For many years this has been a successful approach but today the landscape has changed and more is required.
It has been maybe one of the real lessons of this period. One can no longer wait and sit on the side-lines; one has to proactively engage and possess a narrative which a target audience will buy into.
- It is well known that both the employee and the consumer hold more power than in previous times and all are now seeking to engage these two audiences.
- At the same time, the cost of living crisis is impacting which is seemingly splitting society
- Many are seeking a more bespoke experience where they feel valued. It will see both luxury and personalised bespoke offers potentially enjoy a strong period of time.
- For others, they are seeking business partners who possess real social purpose and values.
- Many are being asked as to their credentials in sustainability by clients, customers and investors.
- There is some research promoted by the BBC earlier in the month which noted that 25% of the UK adult workforce possessed less than £100 of savings. How are companies going to support their own people and their customers in this time?
- Many talk today about the real value for money but what is this? What is the measure for value for money in a period which could be so socially split?
It doesn’t matter who you are; today you do need to possess a narrative which will engage a target audience. It doesn’t mean one has to be controversial but it needs to be genuine and authentic.
Many believe that markets will now split. For hotels, this will split into
- The luxury offering
- The bespoke boutique
- Lodging which is forecast to grow
- The business and budget hotels
- Mass accommodation
And the division will be greater than it has ever been. All though have strong potential markets to appeal to.
For food service, the same is true with different strategies which emerge between:
- Full service offers
- The experiential offer
- Limited service offers
- The delivered in model
- The tech or SMART led offer
Again all possess very different solutions and cost models.
The same is true on the High Street as, although many are noting that their transaction levels are once again on the rise, there is not always clarity on the difference between transactions levels, income levels and profitability.
The restaurant sector is splitting in the same way as the hotel sector with
- Fine Dining
- Boutique experience which is on the rise
- The branded and casual dining offer
- The delivered in offer
Markets are fragmenting and all will need a narrative so they can communicate effectively to their audiences.
The one great truth is that, if one company is not then another will be.