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Trent365

Author: Trent Munday

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Daily Thoughts and Insights on the world of spa, wellness, hotels, business and life.
892 Episodes
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Dynamic Pricing is all about adjusting your prices based on the market demand. Usually that means, if the demand is high, the price goes up. If demand is low, the price goes down. Airlines are the masters at this. Many airlines let you pay a bit extra for an upgrade after you actually board the plane. This makes sense for the airline because at that point, an on-board upgrade is the only chance they have to sell an empty seat. But the process is often limited by the passengers who have already paid for the higher category seats. If an economy passenger can end up in a business class seat on the day by paying significantly less than that business class passenger paid in advance, the airline will have a very unhappy business class passenger. But what if the airline went ahead and sold those on-board upgrades, at the discounted price, and then gave the full fare paying business class passenger a rebate? Now, both passengers are happy.  #dynamicpricing #pricingstrategy #pricingoptimization #pricing
The luxury boutiques like Chanel & Dior are masters at Slow Retailing. They don't want you to rush. Take your time. Stay a little longer. Spend a little more. At the other end of the spectrum are supermarkets and convenience stores. They're all about Fast Retailing. Their focus is more on volume. In and out. The question is, where does your Spa fit on this spectrum? I believe, in many cases, we focus too much on the quick sale when it comes to retail. Maybe if we tried a little harder to offer a Slow Retailing experience, we could drive up those retail sales numbers? #retail #hotelspa #slowretail #retailstrategy
Personal Branding is something just about everyone should be thinking about these days. Whether you're an Influencer, or trying to sell your online courses or just trying to progress in your career, your Personal Brand matters. PS: Remember when we used to just call it your 'reputation'? ;-) Like any brand, you need to know Who your market is, What you're going to do for them, and What outcome they will then achieve as a result. You need to have a Personal Brand Statement. You need to be able to fill in these blanks... I help ______ to do ________ so that they can achieve ________ Once you have that, you're on your way! #personalbrand #branding #personalbranding #missionstatement
According to Seth Godin, advertising is essentially interruption. We're being interrupted from whatever we're doing - be it watch TV, flicking through Facebook or walking down the street - to see or hear a message to compel us to buy or do something that we otherwise probably wouldn't have. But today we've become blase about advertising. We don't trust it anymore. Thus, the efficacy or effectiveness of ads is quickly diminishing. Sponsorship, however if different. Sponsorship is seen as supporting a like-minded activity or event. It's a way of your brand joining the community or the tribe that does that thing. And that is a more effective way to spend your promotional dollars than to simply continue interrupting people. #advertising #sponsorship #marketing
Retail is Dead. Everyone's saying it. It must be true. But it's NOT. Retail Spaces are simply Overpriced for the value they currently give to the sellers or retailers. Once upon a time, when we all shopped in Bricks n Mortar stores, high retail rents made sense. Because having prime retail space meant high foot falls and represented great value. Today, lots of people don't shop that way. So the value of retail space is not as high as it once was. But if the retail rents were lower, they would then represent value for money. Also, the shopping experiences in-store need to evolve to make them more relevant to today's consumers. Think Apple Store. #retailspace #retailsstores #bricksandmortar
We don’t search online...we Google it. We don’t book a ride-hailing service...we call an Uber. Just like Kleenex & Xerox before them, these brands have become generic trademarks (or proprietary eponyms). They have come to define the category. So what happened to YouTube? Surely, the brand that has owned video for more than a decade should also have become the proprietary eponym? #branding #product #category #brandstrategy 
Help People Do X At Home. That's a basic template for a potentially infinite number of new startup businesses, according to Paul Graham, Founder of YCombinator. YCombinator is one of the most famous startup accelerators of our time, having created such great businesses as AirBnB, Dropbox, Reddit and many more. The Founder, Paul Graham, was recently lamenting how his kids never seem to leave the house anymore because everything they need comes to them in some way or another. Whilst Graham doesn't love the fact that his kids don't leave the house, he does realise that this is a great template for any business in the future, for a very long time to come. #startupideas #businessidea #futuretrends 
More customers. More sales. More revenue. More is usually what we strive for. But it's important to remember that at some point, the Law of Diminishing Returns will probably come in to play. If you add more items to your menu, your customers might get confused by the choices and give up. When you drive too many more customers into your store with one day specials, the shopping experience for your regular customers will probably be negatively effected. So they shop there less. There is always a trade-off with More. You just need to decide is it trade you're prepared to make. #more #balance #tradeoff #diminishingreturns
Can you imagine a world where Hotels did not have Spas? Many can't. But the fact is, just 25 years ago, most Hotels did not have a Spa. But if we are to be able to effectively imagine the Hotel Spa of Tomorrow, I would suggest what we need to do is forget everything we know today about the Hotel Spa and start again. Begin with a completely blank canvas. So, if the Hotel Spa did not exist today... - what would we put in its place? - where would it be located? - what services would it offer? - what would be the price point? Lots of questions. Time to start coming up with some answers. What are your thoughts...? #hotelspa #tomorrowspa #hotels 
One man's inconvenience is another man's value. After-Sales Service is an inconvenience to the Seller...but potentially invaluable to the Buyer. Amazon's return policy is a massive inconvenience to the organisation...yet, for many customers, it's a key factor in them making the purchase in the first place. So next time you're thinking about all those little inconveniences in your business, just remember, they might actually being exactly what is providing your customers so much of the value that they seek. #convenience #inconvenience #perspective #value #customerservice
Not so long ago we often found ourselves asking 'When's the best time to call?' But that was a different time. A different world. A world without the mobile phone. Today, we're in a mobile-first world. We're always on. Always connected. And with that comes the flexibility for us to take and make calls whenever we want. So in actual fact, the best time to call me is 'My Time'.  The problem is, you have no way of knowing when exactly 'My Time' is for me.  'My Time' is different for everyone and also varies from day-to-day. Today, I might want to take a call in my car on the way home from work. Tomorrow, I might have someone with me in the car, so that's not a good time. So, if you're the caller, don't worry about. Call whenever you want. But just understand that I too will answer &/or respond whenever I want. The critical thing is not the time that you call, but making sure that whatever message you have for me is compelling to me. If it is, I can guarantee I'll be calling you back soon. #mytime #phonecall #callme #communication  
Author Joseph Pine is credited with coining the phrase The Experience Economy. What's it's all about is the shift, over time, from a Commodities-based Economy, to a Goods-based Economy, to a Services-based Economy and now, heading into an Experience-based Economy. In short, our customers, guests & clients are looking for something more. Something experiential. Today's focus is on Time Well Spent, rather than Time Well Saved. What can you do in your business to make give your customers and more immersive experience. A more experiential offering? Here's the book - The Experience Economy - https://www.amazon.com/Experience-Economy-New-Preface-Authors/dp/1633697975 #experiential #immersiveexperience #customerexperience #guestexperience
If you're looking for a new customer, a new product innovation, a new market opportunity or even a new job, it's time to STOP LOOKING and START LISTENING! The problem with Actively Looking is that your bias kicks in. You're looking for a result and so you might just end up seeing one that isn't really there. When you're Actively Listening, you're responding and reacting to what you're hearing. To what the market is telling you.  With this mindset you are far more likely to find what it is that you are seeking. #listening #looking #bias #perspective #mindset
The Aged Care industry is looking to Hospitality and Wellness for fresh ideas and ways of doing things. But I believe it won't be too long before it's the Hotel Industry looking to Aged Care to find better ways to integrate Wellness. And there's a very simple reason for that. Wellness in Aged Care is a NEED. Wellness in Hotels is, and will largely continue to be, a WANT. There's a great article here by Nancy Griffin on the Aged Care - Hospitality - Wellness intersection... https://www.insidersguidetospas.com/features/wellness-hospitality-in-senior-care/ PS: Thanks to Nicole Hagestad for sharing it. #wellness #agedcare #hospitality #hotels #hotelspa
"The only thing you change by moving, is your address." A great quote for the show The River on Netflix. The point they're making is that running away won't necessarily solve your problems. I don't totally agree. Especially if your problem is being in a bit of a rut. In that case, moving is possibly the best thing you can do. #problems #newlife #freshstart #newbeginnings
Routines are great thing in business. In many ways, they're critical in achieving operational efficiencies. But they also can inhibit our ability to see what is right in front of us and to identify new opportunities. By breaking your routine and doing something a little bit differently from how you would normally do it, you then see things from a different angle, a different perspective. And that can open your eyes to amazing new opportunities. FYI - If you want to access the Full Archive of the Trent365 Show, you can do so here - http://bit.ly/trent365 #opportunities #freshperspective #routines #change  
Let me pitch you a new cuisine concept... We're going to take a slab of raw fish, stick it on a slab of cold rice. And you're going to eat it! Doesn't sound very appetising, does it? And yet, Sushi is one of those global phenomenons in the world of food. You can get it all over the world. And, you're willing to pay a premium for it too. But why? #sushi #cuisines #food #why
When it comes to Wellness Trends for 2020, many have said that Veganism is right up there. And whilst I'm often skeptical about whether or not many of these so-called Trends are little more than fleeting Fads, I'm thinking Veganism may well be having it's moment. Case in Point - this week's Golden Globe Awards in the Us opted for a Vegan Only menu for the first time ever. To be clear, they positioned this as a move to combat Climate Change rather than to increase Wellness. Still, I think it was a big step in the right direction for those touting the benefits of going Vegan - which, like it or not, are pretty hard to deny. #vegan #veganlifestyle #wellness #wellnesstrends
Brain Heater over at TechCrunch reckon CES 2020 might just go down in history as The Year of Sleep Tech. But he also ponders the irony of why we seek out technology to solve our sleep problems when in fact it's technology that's largely to blame? Great question. If technology is indeed contributing so much to our sleeping issues, surely just putting that technology down and switching it off should go a long way to solving the problem, right? What say you? Do you rely on technology to try to optimise your sleep? If so, tell me what works for you. #sleep #sleeptips #technology #CES2020
What Value Do You Bring? This is really what every potential employer is trying to work out when considering candidates. But it's amazing how many candidates don't have a good answer to the question. So I'd like to propose that you start your own Value Journal. What's that?  Simply a daily, weekly or even monthly journal of exactly what you did to create value today. It can be Revenue Value, if you made a sale. It could be a Management Value, if you helped a team member with an issue. The possibilities are limited only by the value you create. Now, next time someone asks you about the value you bring, you will have no shortage of examples. PS: If you want to access the entire Trent365 Back Catalogue, here it is - https://www.audio.trentmunday.com/ #bringvalue #interviewtips #value #interviewskills
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