How storytelling can increase hotel revenue
A pair of eyeglasses is just a pair of eyeglasses. That is until it’s a pair from Warby Parker. That’s because, for every pair sold, another is donated to a person in need. Suddenly, everyone who buys a pair is part of an inspiring story–one that unveils something meaningful about each person.
In a world filled with an abundance of choices, an inspirational narrative is what sets brands apart. For your hotel, it’s no different. Richer stories—especially those shared by your guests–can help you break away from the competition, and increase hotel revenue while you’re at it.
How? Stories shape travelers’ perception of value, urging hotels away from competing so heavily on price.
The science behind stories
Significant Objects was an experiment that studied the effect of storytelling on an object’s perceived value. Each object, most of which people would argue were useless relics, was purchased on average for $1.25. The objects in total came to $128.74.
However, when paired with a compelling story written for each object by a pool of talented writers, all the objects sold bid-style for a grand total of $3,612.51—over 27 times more than what they were originally purchased.
It’s clear that stories play an enormous role on perceived value to the consumer.
If that’s not enough proof, a recent consumer study from Hill Holliday, an ad agency in Boston, found storytelling had a positive correlation on a hotel’s room price. The room that was paired with a photo and story from someone that stayed at the hotel was worth 5% more than the same room with just typical accommodation photos and a description.
Ilya Vedrashko, SVP and Director of Research at Hill Holliday’s consumer research arm, Origin, summed up the study nicely: “Every time, the product that had a story pulled in more money than the same product without one. That’s a lift on no additional investment.”