We should begin planning for that downturn but for the next 12 to 18 months, I would not lose any sleep over this. Whether you are opening a new business or getting ready for budgeting, now is the time to begin the planning process.
Economists are starting to talk about a recession in the next two years. The time for budget and market planning is coming up quickly. The opinions expressed in comments do not necessarily reflect the opinions of Hotel News Now or its parent company, STR and its affiliated companies.
Stay invested in your community Meet with key contacts at your convention and visitors bureau and chambers of commerce. Rauch has over 35 years of hospitality-related management experience in all facets of the industry.
Order blitz giveaways and mementos with your logo, address, website and phone numbers. Simply put, you need to create and share content while being of interest to lots of people to be a player!
No Comments Log In or enter name Comment Comments that include blatant advertisements or links to products or company websites will be removed to avoid instances of spam. We should see a 2.
Review the STR report and other market intelligence and market pace reports carefully. This will provide a baseline.
Please feel free to comment or contact an editor with any questions or concerns.
Create website awareness, or in other words, create some "buzz" via pay-per-click and unique offerings. Coordinate a market review with your franchise marketing manager if appropriate and discuss opportunities for digital advertising to promote your business with your extended marketing team.
Include a call to action in all advertisements and measure the result of every email marketing blitz and test new approaches periodically. All of this information continues to bode well for the hotel market in the U. Unemployment is low, consumer confidence continues to be strong, and notwithstanding the possibility of a trade war, the short term economic conditions are good.
You are fully responsible for the content you post. We believe that can be averted over the next 12 to 18 months. Review your central reservation database property information file for errors or omissions. Stay informed on your performance Review your trend report and competitive-set information from STR.
Use this process now or risk losing your competitive edge! Tour each business and establish a referral program. You will drastically reduce the hefty investments in traditional paid media that are becoming substantially less effective with modern consumers.
Develop a sales and marketing budget Do not assume growth from this year. Review quality and quantity of sales collateral and ensure your email lists are updated for newsletters and blasts and that you are compliant with GDPR.
STR is forecasting 2. Obtain a list of advertising and trade show opportunities for budgeting. Pursue many forms of marketing Contact guest loyalty rewards program administrators at franchise headquarters to arrange to promote your business in the next member newsletter.
Bloggers published on this site are given the freedom to express views that may be controversial, but our goal is to provoke thought and constructive discussion within our reader community.
The opinions expressed in this column do not necessarily reflect the opinions of Hotel News Now or its parent company, STR and its affiliated companies.
Review customer information guides, whether electronic or printed Plan a sales blitz.
Also, comments that include profanity, lewdness, personal attacks, solicitations or advertising, or other similarly inappropriate or offensive comments or material will be removed from the site. Naturally, if you are independent, you must ensure you have representation to compete in each market segment.
Develop possible press releases for the coming year along with a public relations plan and contact each segment specialist for the franchise worldwide sales staff to see what opportunities are available to promote your business at upcoming trade shows, future segment specific directories or sales missions.
Ghost-call competitors to obtain price points, features and benefits. Learn from the competition Meet with general managers and marketing team members of competitors.Before we complete our business plans fora review of macroeconomic data is in order.
Economists are starting to talk about a recession in the next two years. We should begin planning for that downturn but for the next 12 to 18 months, I would not lose any sleep over this.
We should see a %.
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