Don’t overlook security intangibles in the hospitality sector…security products, services, and systems, applied correctly to function in concert with the intangible assets users – consumers expect will elevate value, competitive advantages, and revenue.
Often overlooked, under-appreciated, and perhaps even wholly unrecognized…but, never-the-less, essential aspect to marketing, selling, and assessing guest’s sense of safety and security while in a lodgingenvironment, begins by recognizing the…
- economic fact that 80+% of most business’s value, sources of revenue, and ‘building blocks’ for competitiveness, profitability, sustainability, and growth lie in – evolve directly from intangible (non-physical) assets, i.e., intellectual, structural, and relationship capital, brand, and reputation!
Yes, there are, and likely, will always be…a percentage of hospitality – lodging sector users – consumers (ala guests) who, for a variety of reasons…
- will convey little, if any, trepidation or awareness, for that matter, relative to the significance they place on their personal safety and security,
- however, the singular absence of an expressed awareness and/or concern for either, should be equated with expectations, i.e., a presumption of personal safety and security.
For hospitality – lodging leadership, this is akin to a fiduciary responsibility to seek and deploy the correct – effective…
- security products, services, and systems which have been designed and applied to function in concert with, and advance, the various intangibles, i.e., sense of safety, security, etc., users – consumers (guests) expect and desire in the lodging facility they select!
Again, when security products, services, and systems are effectively deployed (applied – integrated) into…a hospitality environment and aligned with relevant supportive policies, practices, and overall operating (guest) culture…
- the contributory role, value, and competitive advantages that accrue to a hospitality facility can be substantial, but also individualized,
- even more so, perhaps when hospitality leadership recognize what and how to assess and measure the relevant deliverables and variables, i.e. the positive (feel good, feel safe, feel secure) effects on users and meet – exceed guest expectations and outcomes.
For example, when correct – effective security and safety (products, services, and systems) are introduced – applied…
- to a lodging – hospitality environment, leadership are obliged to assess, distinguish, and measure insofar as enhancing existing and/or producing new (additional, desirable) intangibles felt – sensed by users,
- which can manifest as feeling safe, secure, and productive,
- which in turn, favorably affects a hospitality facilities’ reputation, image, and guest goodwill = value, revenue, and competitive advantage, etc.
Respectfully, the above may be self-evident for some…however, my experience in these matters have led me to believe this example, along with countless others…
- serve as important starting points from which to frame promotional pitches for security products, services, and systems, because, in no small part,
- growing percentages of guests – legitimate users seek, desire, and expect positive outcomes which the presence of security services represent, even though,
- a not insignificant percentage of hospitality sector leadership remain operationally unfamiliar (un-schooled) in the measuring – assessing the contributory roles, values and/or functionality of security products, systems, or services relative to deterring, mitigating, or preventing the materialization of risk to guests.
So, for vendors – developers – marketers of security products, systems, and services, it is essential to…
- incorporate the correct descriptors in one’s ‘pitch script’, i.e.,
- elevate awareness for the various intangible assets that hospitality guests routinely expect.
- ensure the functionality of those security products are distinguishable relative to the environment in which they are deployed, i.e., hospitality, and
- how their presence will enhance existing – contribute to delivering more competitive intangible assets.
A relevant example of this occurs when users of a lodging/hospitality facility…personally sense management respects – cares about their their patronage by deploying sector specific security products, systems, and/or services deigned to render the environment, in its totality, and guests, staff, and other legitimate users, as safe, secure, and productive as possible, presumably with the intent that…
- guests will be inclined to return that respect by being a repeat guest and/or recommending the facility to other travelers.
- hospitality property management will also recognize that sustaining a safe and secure environment is relevant to employee retention, loyalty, and productivity.
Respectfully, it should now be apparent to security product designers-developers, manufacturers, marketers, and vendors alike…they will be well served (lucratively, competitively) by applying language variants of ‘security intangibles’, similar to those conveyed above, in their marketing campaigns, promotional materials, and prospective client pitch scripts.
Again, the business rationale for doing so is…today’s business environment is increasingly (a.) go fast, go hard, go global, (b.) predatorially competitive, and (c.) dominated by intangible asset intensive and dependent businesses; the hospitality industry being a prime example.
Michael D. Moberly St. Louis June 18, 2019 [email protected], the ‘Business Intangible Asset Blog’ since May 2006, 650+ published (long form) blog posts, ‘where one’s attention span, business realities, intangible assets, and solutions converge’.
Readers are invited to explore other posts, video, position papers, and books at https://kpstrat.com/blog