Money, People, Time & Technology

Each time we decide to achieve a new project in business, it requires resources. Here at Capsolve, we define resources as Money, People, Time and Technology (MPTT). Whether it is a marketing, technology or another type of initiative, a given effort may require one or more of these resources to make it proceed from concept to solution.

More specifically, marketing initiatives rely upon these same resources in addition to Creativity and the 4P’s of marketing. This formula has shown results many times during the course of its existence. While many other considerations are necessary for a marketing program to experience success, these represent the blocking and tackling of marketing.

Each of these resources may take multiple forms, but ultimately, they create a currency for marketing programs to be executed. While money sounds simple, it may be gathered in its traditional form, or another currency that is of value to a particular team. Examples include raising funds for a non-profit program to occur, paying in an alternative currency such as bitcoin or loyalty points to get value from a program partner.

When discussing People or Human Resources (this label sounds even more appropriate as we take a new step in the era of robotics), there are many forms as well. This may include teams of people within your company or from the many companies with whom you have structured strategic alliances. I have seen many instances of the clever usage of people and their time from many a marketer.

This brings us to Time. How could we create time for an initiative aside from traveling to another time zone? Most of us rely upon adding people to accomplish more in the same amount of time. Others will hire people in other time zones to increase the number of productive hours in a day. These are tried and true tactics to making more happen in less time, but each has its limits.

Finally, what about technology? It doesn’t tend to play a major role in creating money, other than with governments, the lottery and gambling. By the way, I don’t recommend the latter two as reliable funding techniques for your marketing programs. However, marketing technology may play a significant role in creating the equivalent of more People and Time.

Let’s talk about Social Marketing as our example in this case. Every social media marketer realizes quickly that social marketing tools will drastically reduce the time required to disseminate their social marketing content across multiple sites. Even the free versions have this much functionality. Sending content to 5 sites took 5 minutes per site per post. If done with a social marketing tool, it may be done in 10 minutes, a reduction of 60% from 25 minutes. Alternatively, it allows a marketer to distribute content to many more sites than without the technology, creating better reach. Imagine a social marketing program that generates 3 posts per day for 250 days per year. Most businesses within this volume of social marketing require this technology. However, it provides many other benefits that accomplish similar decreases in the use of limited resources within most organizations. As a marketing team climbs the maturity curve for social marketing, the efficiencies increase at least linearly, but are counterbalanced by larger audiences, additional content needs and more sophisticated segmentation.

As you begin to plan and regularly adjust the social marketing component of your annual marketing plan, be sure to consider what technologies could create this type of efficiency with your marketing programs. Optimizing your resources is crucial for any size budget and will usually have a material, if not game changing effect on your use of limited resources.

The Customer’s Restaurant of the Future

I have to ask. Is the typical restaurant patron ready for technology to be a meaningful part of their meal or do they still prefer conversation with an informed person from the waitstaff? Personally, technology is cool, especially when it improves how something is done. However, as with most things in life, it has its time and place.

As a manager or an owner of a restaurant, you have to ask, “What could make our customer experience better today and generate results for our business?” Many products and concepts are circulating the industry that could provide expense reductions, differentiation versus the competition, increased opportunity for revenue or enhanced customer experiences, in turn creating an opportunity for increased loyalty.

What areas of the business and customer experience could be positively affected by technology? Here are a few considerations:

Marketing – creating awareness across the many possible patrons within the sites and venues where they spend their time. These segments may entail a spouse making a reservation, an Event Planner researching the details of a corporate event or an Administrative Assistant making reservations for a business dinner. Placing your product in front of these people at the right time is imperative.

Research – An increasing number of people need to research a place to eat before they are able to consider it for an option. The research they need ranges from the type of restaurant, type of food, price levels and whether the party’s dietary needs will be met to both customer reviews and write-ups from local critics.

Experience Management – While the customer has minimal interest in a restaurant reservation becoming a dominant part of their life for any amount of time, there are Pre-arrival, Pre-seating, Meal and Post-departure considerations that may make the overall customer experience memorable, enjoyable and even preferable.

Visualizations – Introducing the central most themes of the dining experience in a visual manner may prove beneficial to your patrons. This includes the setting itself, its associated facilities, the food of course, dietary information and any other detail that conveys your uniqueness as a business.

Customer Cost Savings – For budget conscious consumers, how could they eat at your restaurant within their spending limits. And for those more interested in the experience, how will the items designed for their palate entice them.

Upgrades – represent opportunities to present additional purchases at the most opportune time and in the best light. Is the best time to pitch appetizers at the table or while the customer is waiting to be seated and what type of appetizer is manageable for customers when not at a table?

Menus – require printing, are fixed in terms of content and may not be connected to the website or digital menu. While this is the best solution for selected restaurants, a digital menu experience that fulfills customer expectations online and in the restaurant is definitely worth considering for the future. This is a need in today’s market for locations that have a dynamic, regularly changing menu.

Ordering – The needs of each business are different in this area as ordering may be for delivery, for pick-up or pre-ordering for an on-site dining experience.

Service – There are many excellent service personnel in the industry and this function represents many jobs across the world. This facet of the hospitality industry has the potential to be the most impactful with regard to both the customer experience and operations management. If more transactions take place at the table and are facilitated by technology, the role of the server could change significantly. Where appropriate, it may enable restaurants to place more time against preparing a table for guests and fulfilling requests. This in turn allows the technology to receive orders and facilitate guest requests. It also creates much more flexibility for formulating the tailored customer experience that you want to provide for each person and group that walks through the doors.

Payment – Today’s multi-step dance has minimal value other than testing your patron’s math skills. All that is truly required is a brief review of the finalized check and the click of a button for approval with payment automated to the most optimal debit or credit card that will give a guest the most rewards. It simply doesn’t need to be any more complicated than this. Payment options now allow an experience close to this offered in many forms.

Each of these areas, and many others, could be positively influenced with the application of technology. And today, the technology exists.

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Today’s Marketing Looks, Tastes and Smells Better with Technology

Many marketing tasks in today’s world are improved with the appropriate amount of technology seasoning. Websites, as an example, are by definition a solution where the technology usually becomes the backbone of a company’s digital marketing presence. Stated another way, a company’s marketing presence may include a website. Given the competition, the website requires a base level of functionality to perform well and meet the needs of the necessary segments within a marketplace.

A deeper review of this website example shows that a typical website for the hotel industry has multiple components that make it work. A website may include:

Content Management System Email & Social Marketing
Digital Asset Management Content Marketing & Blog
Content Distribution Multi-screen Responsiveness
Internet Booking Engine Marketing Reporting & Analytics
Group Booking Functionality Property Performance Data
Guest Surveys, Feedback and Reviews Pricing Data
Integrations amongst these solutions and with others, such as CRS, PMS, Channel Management, CRM and ERP

Whether you manage this internally, rely upon a brand or hire an agency, it still requires a fair amount of oversight by the various people responsible for the performance of the property. When considering a website, another system, or all technologies required to make a hotel operate efficiently, there are many details to manage.

Furthermore, the advent of new technologies may present unique opportunities for competitive advantage, even if only for a matter of months or a few years. During the last 20 years the industry has seen this occur multiple times. Companies and properties created strategies to reap the benefits of each instance.

Email arrived in force in the corporate sector in the mid 1990’s. Websites became prevalent shortly thereafter. Subsequently, online travel agencies began providing new distribution capabilities. And more recently, hotel companies are better leveraging the features of social and mobile for their business. It is important for hotel marketers to stay aware of changes and address the opportunities appropriate for their hotel, brand and the customer experience they want to provide to the marketplace.

The question any business needs to ask themselves is what are the market opportunities for the industry and how will this marketing team take advantage of them to continuously improve its sales and marketing performance. Today, the answer to this question may require an investment in marketing technology. Now is the time to prepare for tomorrow’s marketing opportunities.