Strategic Management
Strategic management can be defined as the process of coming up with major goals for an organization and ensuring these goals are implemented. It also involves the initiatives undertaken by a company’s top management on behalf of the shareholders. The initiatives are taken in consideration of the resources that the company has. The company’s internal and external environment in which it operates are also taken into consideration when coming up with such strategies.
Strategic management provides an entity with direction and it spells out the company’s main objectives and the course to be taken to make sure those objectives are achieved by allocating the necessary resources.
Customer Relationship Management(CRM)
Customer Relationship Management is an approach taken by entities to manage and interact with their current and potential customers. It greatly relies on analysis of customer data pertaining to their past engagements with the company in order to grow business relationship with customers with the main motive of retaining these customers and subsequently driving sales up.
One important aspect of customer relationship management is a system called CRM. This is a system where customer’s data is stored and it offers a 360-degree view of the customer information. It sources data from various communication channels mainly the company’s website, telephone, email, marketing resources and social media information about the customer.
Through this CRM system, a business can study a lot about their customers so as to know the best approach to take when dealing with them. It gives an idea of the customer’s needs offering an opportunity to the sales team to up sale and cross sale business products to the customers and most importantly how to continue catering for customers’ needs.
Case study
In this piece of work, we take a look at Hotel Granduca Austin and how it employs this strategic management of customer relationship management to foster its growth and expansion and making it a market leader in the hospitality industry.
Hotel Granduca Austin is a luxurious hotel found right at the heart of Texas Hill Country. Opened in 2015, Hotel Granduca Austin has become the pacesetter in Austin for its luxurious and first class services. It is part of the Interfin Hotels hospitality group and for sure one of the groups finest jewels.
At Hotel Granduca Austin, the scrambling and gambling for hotel guests is at its peak as the city of Texas expands with new properties cropping up across Austin.
The hotel has 194 rooms and it offers unique luxurious experience to both local and international tourists. In order to be a market leader in this competitive tourism and hospitality industry, an entity has to come up with well thought of strategies in its approach to brand marketing and to be precise, one that lays emphasis on compatibility and timing vis-à-vis shotgun approaches.
Hotel Granduca Austin partnered with Cendyn Hospitality cloud. As it is widely known, Cendyn is the leading innovative cloud software and services provider for the hospitality industry. It mainly focuses on an integrated hotel CRM, sales and revenue growth strategies as well as marketing of hospitality entities.
Hotel Granduca Austin main reason behind this partnership was to assist it attract new travelers and help retain the known guests using its tailor-made, relevant and well timed messages sent to the guests at the right time and right place.
Quoting the words of one of the hotel’s top management concerning the partnership, “Cendyn has been instrumental with bringing in travelers and luring back repeat guests through these personalized timely messages and we are glad to have them as our partners. As a hotel with high quality of excellence, we are looking for vendors who echo commitment to service and Cendyn has been fantastic in that vein, offering friendly, timely and right services”
Through this partnership, Hotel Granduca Austin has been able to target marketing offers to their most formidable guests and also potential guests with ease and swiftness and all these is owed to Cendyn’s unique hospitality oriented technology. Through this technology, Hotel Granduca Austin has been able to curate the exact lists that are available in the CRM database and this has enabled them to know who to specifically target and also know what they want in advance.
Hotel Granduca Austin has an actionable hotel data which has enabled it to come up with very clear marketing campaigns that are easy to execute and implement. The hotel noted that working with Cendyn to drive their customer relationship management has been very fast and efficient.
Hotel Granduca’s focus in customer relationship management while partnering with Cendyn has greatly impacted positively on the hotel’s growth and increase in its market share as it continues to expand its brand awareness, retention of guests and year on year revenue growth.
The hotel has recorded a direct and bottom-line development in its customer relationship management efforts and the hotel’s capability to grow and maintain repeat guest base. Growing this important relationship with its both current and potential customers has been very instrumental in keeping Hotel Granduca Austin ahead of others.
Conclusion
In summary, customer relationship management as a management strategy is very important as it helps build a relationship between a business and its customers which leads to increased customer loyalty and also customer retention as can be seen with the case study on Hotel Granduca Austin.
After corporate strategy, customer relationship management tops the business strategy in any organization as the customers forms the most critical component of business survival. Customer relationship management is a strategy that if well drafted and thoroughly executed can lead to very high profits for the entity or the organization.
Once an organization builds this personal and emotional attachment with its customers, it becomes very easy for the organization to know the needs of its customers and come up with better ways of meeting this needs. Hotel Granduca Austin has perfected this art through the help of their partner Cendyn. In a nutshell, every organization should make sure that it has a full-fledged Customer Relationship Management system to help it counter all its business needs.