the new trends in hospitality (and the marketing tips hotels need to keep up)
TRANSCRIPT
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The New Trends in Hospitality
& The Marketing Tips Hotels Need to Keep Up
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The hospitality world is experiencing a shift in trends & customer behavior as a result of the new generation of travelers.
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Recent Trends1. Rise of the Sharing Economy
At 2.1 million registered users, AirBnB is leading the way and sparking competition with brand name hotel companies.
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$3.5 billion
Forbes estimates the revenue flowing through the share economy directly into people’s wallets will surpass
this year, with growth exceeding 25%.
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Recent Trends2. Competition from Online Travel AgenciesExpedia and Priceline are at the forefront of bookings with revenues now reaching $35 billion.
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With a large global population of online users, OTAs will begin looking into untouched international markets like Italy, Spain, Germany and Mexico.
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Recent Trends3. Millennials
Millennials are more interested in traveling than any other demographic.
66% of Millennials consider travel a very important part of their life.
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320 millioninternational trips.
The World Youth Student and Educational Travel Confederation
projects that by 2020, young travelers will take
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Recent Trends 3. Rise in Business Travel
Domestic business trips are projected to reach 480.5 million in 2016.
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$72 billionin spending in
2014.
The Global Business Travel Association recorded
An increase of 7.1% from the previous year.
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The industry is rapidly changing. Hotel marketers must constantly be ahead of the curve to stay relevant with this large segment of consumers.
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3 Critical Marketing Strategies For Hotels
1. Targeted Content2. Building Better Customer Relationships Through
Email 3. Understanding Guests by Collecting Site Data
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1. Targeted ContentStudies have shown that travelers visit up
to 38 different sites before booking their stay.
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Targeted Content
★ The short amount of time a visitor hits a site will make or break their decision to book.
★ Marketers need to ensure content, campaigns, and messaging is focused and personalized for each visitors needs.
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2. Building Better Customer Relationships Through EmailEmail marketing has proven to be extremely effective in
returning potential guests to the site to complete their booking.
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Email ★ A positive email experience can persuade guests
to return to a property, even if they booked with the competition in the past.
★ Placing a simple email capture banner or form on the site will entice visitors to sign up before leaving the site.
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3. Collecting Site Data
Properties can begin to have a better understanding of the customer booking experience, simply by using their site data.
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Collecting Site DataFor Example,★ 1) How are people searching for hotels? ★ 2) How are people completing the booking
process? Third party or direct? ★ 3) Importance of certain types of information to
search (pictures, reviews, amenities).
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Sources:://blog.virtuoso.com/traveler_trends/5-trends-know-today-millennial-traveler/
http://www.forbes.com/sites/tomiogeron/2013/01/23/airbnb-and-the-unstoppable-rise-of-the-share-economy/
http://skift.com/2013/08/26/travelers-visit-38-sites-before-booking-a-vacation-study-says/
http://www.inc.com/rebecca-borison/business-travel-2015.html
http://marketrealist.com/2015/08/online-travel-agencies-future-industry-outlook/
http://www.fastcompany.com/1835654/airbnb-numbers-85-users-inactive