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The “moat” most operators skip
There's a marketing framework I like called "the moat."
Many people know a moat as a deep trench surrounding a castle used as a physical line of defense.
Intruders would have to go:
Over the river
Through the woods
To grandmothers house the castle they go
Then after a grueling journey, overcome the moat
Years later, Warren Buffet used the term "moat" to describe a company's ability to maintain a competitive advantage.
If a company had a good moat, they could fend off any new competitor and hold brand loyalty.
If one had no moat? They're pinching pennies jumping from trend to trend.
Rental operators can build moats too. That's what I want to share today.
The obvious first moat
The best way rental operators can begin building a moat is by:
Having better content than anyone else in the area
Showing it to everyone
Few rental operators do this. That's why it's the obvious first choice.
This is done by:
Capturing quality content of people enjoying your stay
Turning them into videos
Using Meta Ads to show everyone who cares
Future guests will:
Follow you
Browse your website
Tell their friends
And overtime you'll become locally famous on the internet
Any competitor would have to beat you in a popularity contest (your moat).
If your stay isn't in a huge market, you could build this obvious moat and be fine.
For our friends in bigger markets, you may need some stronger defense from a bigger moat.
Building a bigger moat
I've been paying attention to Bolt Farm Treehouse recently and I noticed a shift.
Last year, it seemed like they were trying to be a mountain top couples getaway.
Now, it seems like they've build almost summer camp for couples with:
Spa days
Events
Workshops
Virtual workshops
And more
They went from "couples getaway" to "THEE couples getaway" by offering elements found nowhere else.
That's a darn good competitive advantage (moat).
I've had a similar idea for wellness retreats. If this is you, pay attention.
What if your marketing started off by doing virtual:
Yoga Classes
Meditation Sessions
Workout Classes
Similar to Peloton.
From there, you offer in-person wellness retreats at your stay every quarter.
Now you've:
Made your brand desirable to the people who care the most (wellness folk)
Positioned yourself as THEE local wellness retreat. Found nowhere else
That's a darn good competitive advantage too (moat).
What I'm Saying
Every healthy business has a way to protect them against competitors.
You can build a moat around:
A niche guest
A deeper experience
Events
Workshops
Community
Reputation
All good ideas.
But the first moat is always strong marketing. If no one knows you exist, none of the other stuff matters.
Then, once people know you exist, you can get creative.
Start with the obvious moat
Get locally famous on the internet
Then make it harder and harder for anyone else to catch you
Anyway, that was my shower thought.
I'll see you Thursday,
-Scott
P.S. Happy 4th lol →
Minneapolis, MN | Friday, July 3rd | 3:23pm