rise in his business.
He explained that it was a result of hiring his Own Marketing Director and frankly was unable to answer the HOW but he loved the results nonetheless.
The next day he called to convey the conversation and query me - here’s a bit of a recap of our conversation:
Mike: “Rich, how exactly are we growing so fast? I mean from 17% occupancy (he’s a boutique hotel in the USVI) to nearly 90% is just unbelievable? What are you doing dousing our little area
with crack?” (Mike’s got a great sense of humor – always keep me laughing)
Me: “Mike its actually quite simple: Keep in mind: there are three and only three ways to grow any business.
1) Get more customers
2) Get those customers you do have to buy more stuff.
3) Get those customers you do have to buy more often.
So how we are accomplishing these objectives is this:
1) Get more customers – adjusting and augmenting the main Paradise Cove website, developing additional videos and increasing P/C’s presence online through SEO / SEM. Also direct response campaigns to potential guests already on island as well as market segments: Travel Agents, PADI members, Sailing crowd, Wedding parties and groups. Every business has these types of opportunities –
we just have a knack of finding them!
2) Get those customers you do have to buy more stuff – we opened P/C Café, Internet access service, Inspiration Hall and soon the Business Center. Also may add Specialty Advertising items such as P/C t-shirts, caps and hats, towels, souvenir items, etc. I’ve never seen a business that didn’t have loads of additional things that could be offering clients and customers.
3) Get those customers you do have to buy more often – Book & Bonus Specials, like our exclusive to the Caribbean: Book 5 Nights, Get 2 Nights FREE! This meant the length of the stays are longer which directly increased your bottom-line! Any business can do it – there’s always a way to up-sell, cross- sell and in fact if you’re offering great value you owe it to your clents.
To substantially augment all three above we should initiate a team effort to increase the number of Affiliate Agreement / Joint Venture Relationships we have on island (and off) – such as adding more
excursions partnerships, restaurant partnerships, entertainment relationships, etc. Must be an on-going strategy and team effort with all staff members participating.”
There you go, that was our conversation. A Short Story that is as Instructive as it is Simple. Now Mike can go back to his entrepreneur friends and tell them how he did what he did.
He’s a genius!