Custom «Lilypad Hotels and Resorts» Essay Paper
Branding and corporate branding are methods used in marketing to create product brand recognition. Corporate branding is a process where the name of the company is used as a product brand name. Branding is that quality that identifies a product, service or a company through its name, design, term or a name.
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Lilypad’s hotel should be marketed under a corporate brand. Corporate branding denotes that lilypad hotels have a business strategy. The business strategy shows how the hotel aims to do and also what it wants to be known for in the market. Lilypad hotel would have to advertise its name in every property they posses.
If the hotels opt for a corporate branding, there will be cost efficiencies, i.e., a reduction in marketing and advertising cost. Corporate branding will replace the budgets that each of its property could have used to market itself. The management will reduce costs for every combined corporate and product branding strategy. Lilypad could buy the items in bulk at a discount from their suppliers, its staff and subordinate staff of all the properties under lilypad would be trained together and their uniforms would be similar. These among other steps that would be undertaken would drastically cut down the costs. This helps in achieving economies of scope. Money saved will be used to create and promote new brand image fo each new product.
There would be an increase in unit sales. If the Lilypad adopts the corporate branding strategy, others hotels like in this case Hotel Afzal and hotel La Plaza would seek for a chance from Lilypad to incorporate them under their wings due to their strong hotel name. Corporate branded hotels like Ritz-Carlton and Four Seasons have an annual cross-property usage rate of about 10% to 15%. If Lilypad hotels were to change to corporate branding, its cross property usage would also increase significantly. These two factors would lead to an increment of the hotels’ unit sales and so do the profits.
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Corporate branding would raise both the popularity and the level of service delivery to those properties of Lilypad hotels and resorts that could have been seen to be substandard by the clienteles as compared to the company's flagship hotel, the Maritime. This would be so because Lilypad hotels and resorts would carry out renovations to those properties that needed it, training of staff, universal website, and revised phone greetings among other tasks.
Corporate branding would create simplicity to the clients. Existence of one-brand architecture that tends to market all the different hotels and resorts under one umbrella will make it possible for the clients to know all the properties that belong to lilypad with much ease..
If Lilypad hotels and resorts should switch to corporate bonding, communication between the company and the customers will be highly facilitated. Corporate branding makes use of slogans and trademarks each of which clearly conveys the company’s image to the customers in its preferred way.
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Strong corporate brand of Lilypad’s hotel and resorts will enable it gain value that is separate from the products and services provided by the company. This value is got from the time and money invested by the company in developing its brand which as time progresses, consumers get to recognize it. Clienteles with positive experiences to both the products and the services of the corporate brand will automatically respond more favorably to the brand in the future. To those clienteles who are familiar with their brand and not its product and services, they usually have the built in sense of that brand and this makes marketing much easier.
Corporate branding is a big thing today. It is believed that it will be adapted by almost all the businesses in the world by the end of year 2012. Lilypad hotels and resorts are renowned properties that feature in the annual list of the best hotels in the world as per the latest Travel. Lilypad should therefore at the forefront of other companies in adopting the corporate brand marketing strategy.
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