The 21st century has seen a significant change in the lodging industry. This has increased with the growth of the millennial generation. This new demographic of customers has entered into the market with new and different expectations, calling into question what the industry has to offer. This younger audience of travelers is not only more cost conscious, but also more focused on experience.

With this in mind, hoteliers and other industry players have taken into account the fact that this younger generation would prefer a limited service to reduce costs, but with certain added conveniences. To achieve this, many contenders of the lodging industry have cut unnecessary high-cost factors, such as restaurants, large guestrooms, room service, daily housekeeping, and so on. They have worked toward replacing these with more practical alternatives, such as smaller rooms, food to go, free bikes, Wi-Fi, and more.

With these changes, hoteliers and other alternative lodging hosts do have a number of critical success factors to consider. As new lodgings are launched, competitors must know how to position themselves for growth. According to ‘Global Hospitality Insights, Top Thoughts for 2015’ by EY (http://nnw.fm/NvI88), some of the most critical success factors include:

• Analyzing the market for opportunity gaps
• Understanding the target market to stay relevant
• Providing a service that offers an experience not just a place to stay
• Building a differentiation concept that offers guests a unique experience
• Establishing whether to target a market with a new brand or by developing an existing one
• Leading with purpose-driven brand and build a culture based on this
• Planning the long term execution of the brand

Alternative lodgings have become one of the best opportunities for growth, giving travelers a unique experience without the high-costs and unnecessary services. The introduction of technology in the industry has leveled the playing field, giving new contenders the chance to compete with established brands more quickly. Monaker Group, Inc. (OTCQB: MKGI) offers all of this in one space thanks to its flagship NextTrip.com.

According to CEO Bill Kerby, the company is “committed to building innovative technology platforms and unique product sets for the travel marketplace. We are excited about our current focus and initiatives, and believe we are well positioned to take advantage of the current major uptrend in Alternative Lodging and Travel.” The company’s real-time booking engine features a variety of alternative lodging, from vacation home rentals to resort residences and unused timeshares. From this platform holidaymakers of all demographics can book their entire trips, including accommodation, flights, car rentals, and everything in between.

For more information, visit www.monakergroup.com