How to gain more local negotiated rate accounts "LNR" ?
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To thrive in a saturated market, your hotel must outrun your competitors in securing agreements with local accounts based in your city or region, or what we call Local Negotiated Rate (LNR) accounts.
We are all familiar with the traditional prospecting strategies in gaining LNR accounts. We can go door-to-door, attend local networking events, or set appointments with potential clients. Day in and day out, we can shake hands and physically meet people from our local market the old-school way.
Prospecting strategies, however, are evolving over the years and with good reason. Today, we can join social media groups, send email marketing, or run digital advertising.
It is not to say that the traditional methods do not work; it is that there are now faster and more effective ways of gaining LNR accounts. Imagine if you are in a town of 500,000 people, how many years will it take you to meet them and filter who could be the best LNR account for you? You could be wasting a lot of time. Not to mention that we have only eight hours of work in a day, excluding the time you spend on your lunch, morning coffee, or checking your emails. You have limited time and a limited number of people to see.
Take, for instance, digital advertising on social media platforms like Facebook and Instagram. You can create an ad campaign, say a points giveaway, and create a buzz in the local market within 10 miles from your property. It would be cheaper for you to run that ad campaign than to go door-to-door. You could spend a couple of hundred dollars on that ad and reach 100,000 people in a day, or you could run around town hoping to speak to talk to two people in a day.
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