Investments Well Worth It
Caller One asks Apoorva Gandhi VP, Multicultural Affairs, Marriott International: Hey, Jasbina. Hey, Apoorva. That was pretty interesting.
My family is part of the hospitality industry. We see how good a job Marriott does with branding and how they cater to different groups.
I was wondering, when you look at the hospitality industry and the Indian community at large, what do you see from some of the Indian owners that they should be doing a better job at? I’m wondering about the industry as a whole.
I just want to make sure I understood your question. As we look at the Asian/Indian owners, what are some different things that they should be doing better?
Investments Well Worth It: On Par
Yes. What we see with companies like Marriott, they set themselves apart with things like branding, being able to cater to a number of different communities and being able to cater to a number of different sections of society.
In the hospitality industry, especially with a smaller motel or hotel, sometimes we’re not up to par. I was wondering whether you had seen some things that work well for Marriott.
I’m not an expert in our ownership area. Our Indian owners are really good. They sometimes do a better job of running these hotels than we do.
Investments Well Worth It: Revenue Management
By nature, we know revenue management. We definitely know revenue management. It’s in our blood.
We know how to run a business really well. If I were to respectfully offer a piece of advice it would be, sometimes if we don’t see the immediate direction to increase profit, we may be less willing to take a risk on something.
Marriott has very good branding. Hotel companies generally have very good branding. They have very good research that can tell you what the trends are, not for this year, but for the next five to ten years.
Investments Well Worth It: ROI
I think if some of the owners would be willing to make some of those investments, it could give that ROI, make it even better and more sustainable for the future.
These are things like understanding the generational changes in America.
We’ve all heard the Baby Boomers are getting older.
Investments Well Worth It: Technology
The Millennials are growing like crazy. They use technology. They use so many different ways of booking.
Sometimes, some owners might be a little skeptical. They might think, “Why should I make this investment for a return that I’m not going to see next year? I don’t want to take that risk with you guys.”
As they say on Shark Tank, “I’m out.” I think, at times, if they are willing to take that chance, they will see an even better return. Does that make sense?
Yes, it does.
Can you share any experiences with investments well worth it? Share with us below in the comments section.
The above is an excerpt from Jasbina’s interview with Apoorva Gandhi
The entire interview transcript is at: Apoorva Gandhi NetIP (Network of Indian Professionals) Interview – The Intersection of Indian Culture and Hospitality Industry
Listen to the entire interview on: Intersections Match Talk Radio – Jasbina’s Lifestyle Show