Yeah. That's sort of the main thing you can differentiate on, the rest tends to get commoditized away, especially in a business like hotels without other moats
Consistency of service delivery is another factor that drives pricing for many NYC hotel rooms I am sure. In our company's case, we had mandatory executive meetings in NYC each quarter, with ~8 people attending from our side. A couple came in from Europe and the UK, the rest from the US. In those meetings we had to make financial and other presentations to our investors, who numbered another 8 or so. The investors, bless their hearts, had certain quality expectations when it came to lodging and food. Only certain arrangements would suit. So four times a year we would have to fly in the investors, transport ourselves to NYC, and put everyone up in a suitable hotel and arrange a dinner the night before. All in with a $4-500/night hotel, various levels of business class airfare, and other incidentals times 16 people and you have probably 25-40K costs for the meeting. Furthermore, these meetings couldn't be moved once scheduled. To ensure smooth results, we relied on high-end personal-assistant type staff who would manage these meetings like military campaigns. They had certain hotels that they knew well, certain limo companies that they always relied on, certain restaurants, etc. Details would be arranged months in advance. I'm sure we paid full rate, but it was worth it because in exchange for our regular business those special vendors delivered a superior reliability of total experience. An absence of screw ups if you will. Nothing to distract from the core activities of the meeting.
You are right, eventually all everybody is selling is a 'feeling'
Yeah. That's sort of the main thing you can differentiate on, the rest tends to get commoditized away, especially in a business like hotels without other moats
The suggestion to read the reviews by lowest rated is thrilling - doing this more often.
haha it's really such a little anthropological journey, weirdly intimate view of people
Consistency of service delivery is another factor that drives pricing for many NYC hotel rooms I am sure. In our company's case, we had mandatory executive meetings in NYC each quarter, with ~8 people attending from our side. A couple came in from Europe and the UK, the rest from the US. In those meetings we had to make financial and other presentations to our investors, who numbered another 8 or so. The investors, bless their hearts, had certain quality expectations when it came to lodging and food. Only certain arrangements would suit. So four times a year we would have to fly in the investors, transport ourselves to NYC, and put everyone up in a suitable hotel and arrange a dinner the night before. All in with a $4-500/night hotel, various levels of business class airfare, and other incidentals times 16 people and you have probably 25-40K costs for the meeting. Furthermore, these meetings couldn't be moved once scheduled. To ensure smooth results, we relied on high-end personal-assistant type staff who would manage these meetings like military campaigns. They had certain hotels that they knew well, certain limo companies that they always relied on, certain restaurants, etc. Details would be arranged months in advance. I'm sure we paid full rate, but it was worth it because in exchange for our regular business those special vendors delivered a superior reliability of total experience. An absence of screw ups if you will. Nothing to distract from the core activities of the meeting.
That makes sense and is very valuable / a lasting advantage once a reputation is built
pretty crazy to think how much $ the typical board meeting costs, just in hotels and flights and food
Your illicit photo has an elbow nose. You already knew that.
I did not actually know that! I hadn't looked at it for shame until today
🙂