CHPA’s 2010-2011 Strategic Plan

Access the complete plan here.

Key Focus Areas:

1. Industry Growth
2. Increasing Industry Awareness
3. Educating Members on New Markets and New Markets about our Industry
4. Increase Member Profitability

Industry Growth Goal
Increase the corporate housing market share as compared to the Extended Stay Hotels.
 
Action Steps:

• Determine market share and establish goal.
• Create a corporate housing industry awareness/education campaign that targets customer/economic decision makers (primarily using professional organizations.
• Provide members with tools (sample ads, speaking points, marketing materials, etc.) to help educate customers on corporate housing and consistency of product/service.
• Identify new associate partners to offer members wider variety of products/services.
• Implement a Public Relations program directed at specific industry groups, such as ERC, NAA, NBTA, etc.

Increasing Industry Awareness Goal
Create a baseline of business practices and services to facilitate purchasing of corporate housing.

Action Steps:

• Establish a three-tier ‘ranking’ system for corporate housing, defining product/service levels so potential customers can do ‘apple to apple’ comparisons.. Create a standard corporate housing RFP for use by customers to receive inventory and pricing information data from member companies.

Industry Education Goal
Educate/inform CHPA members about potential industries/markets as new revenue streams.
 
Action Steps:

• Identify and communicate to members how corporate housing meets the lodging needs of different industry employees.
• Establish collaborations with at least 3 new industry-related professional organizations/associations.

Increase Member Profitability Goal:
Increase profitability of CHPA members by successfully educating them on using industry data and the economic ramifications of rate degradation.

Action Steps:

• Educate members on why we collect industry data and how to effectively use the data to legitimize industry and business decisions and how outside validation adds credibility. 
• Increase usage of data collection and analysis by members by EOY 2010 by having at least 50% of CHPA members submitting data via CHIP.
• Publish a White Paper on revenue management practices for the corporate housing industry. 
• Communicate monthly to members on at least one aspect of how using data will allow members to make more effective business decisions.

Access the complete plan here.