26 Jan “Price Is What You Pay; Value Is What You Get” in yesterday’s Hotel Online.
Warren Buffet included this sage piece of advice in a 2008 letter to shareholders and in 2011 it’s even more true. Travelers today have become more frugal. They have embraced the idea of competitive shopping and they aren’t so brand loyal anymore. All of this in pursuit of the best deal. “Value” is the key word today and, please note, I didn’t say “cheap.” Price point isn’t the only consideration and, thank heavens, we have moved past the mindset of commodity-purchasing only. Travelers know what they need, know what they want, know that they can usually find it if they spend a little time shopping for it. They want the most bang for their buck and meeting planners are following the same path. Beyond all else, the price must reflect value to the buyer. Read more in my article for Hotel Online and see how packaging can help reinforce the value proposition. Would love to hear your comments.