MAY 2023 | ISSUE # 7
Retailing Excellence Special
Brand Equity Modeling Support on SynXis Retail Studio
By Derek Hervey | Retailing Excellence Lead at Sabre Hospitality
What do consumers look for when they evaluate brand equity? The answer is complex and full of likely variables: brand imagery, recall, awareness, loyalty, perception, etc. and the list goes on. It may feel overwhelming to know where to start, but with virtual storefronts found on SynXis Retail Studio we have answers.
This is a consolidated model to give focus on the most important attributes in building your property’s brand equity.
Meet category needs by curating the right product offerings at the right time. Within your property’s unique value proposition, what types of policies, services, experiences and goods will you offer in positioning personalization with the guest? Create value and variety by making sure all categories are represented, and at least 3-4 unique ancillary products are being offered in each category. Innovate and experiment with new offerings and promotions to drive seasonality and impulse purchasing.
*Reminder: SynXis Retail Studio’s platform supports unlimited offerings and attribute-based selling which allows for multiple variations to be created with a single click of a button. Platform also enables automatic offering recommendations based on guest type also known as trip purpose segmentation.
*Early Adopter Example: Service offering, transportation to and from the airport. Select one way or roundtrip, type of vehicle, quantity of passengers, date & time. Recommendation engine will kick in by displaying best products by user profile and which order they should be displayed by probability of purchasing.
Meet socio-emotional needs by positioning your brand with exceptional content. Provide top-quality high-resolution imagery with each offer. Drive carousel views by verifying that each offer has at least 3+ different images. Build the right captivating feature title for the offering. Guest rely on content to determine if an offering is worth purchasing.
*Reminder: SynXis Retail Studio’s platform supports unlimited images with sorting & resizing to appropriate dimensions, attribute specific imagery, unlimited descriptive content, and overall flexible content management.
*Early Adopter Example: Food & beverage offering, private dinner 3 course meal. The offering includes 5 images, descriptive content + view more option for additional written details including restaurant’s menu.
Meet societal needs by building purpose driven hotel endeavors centered on philanthropy, charities, social causes, loyalty benefits or complimentary items. A majority of consumers would recommend a brand that supports a good cause over one that doesn’t.
*Reminder: SynXis Retail Studio’s platform supports non-revenue generating items = (purpose endeavors), and will not charge any transaction fees for these items
*Early Adopter Example: Offer created as a donation to dog & rescue non-profit organization. “Give back and support our local charities” These types of offers, even if not contributed to, will build a stronger brand equity from the Guests’ perspective.
Utilize SynXis Retail Studio to support your product, brand, and purpose initiatives to strengthen your value proposition to the guests
with SynXis® Retail Studio™