The New Normal For Hospitality Professionals
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The recession and down economy have had an impact on every industry. Here are 16 new normals from the recession that are impacting hotels, meeting venues and destinations
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The New Normal For Hospitality Professionals
- 1. WelcomeTo The New Normal
- 2. More regulation, a weaker consumer, higher rates of unemployment, years before housing prices get back to old highs, a weaker dollar, more government debt, more taxes, a little deflation, then a lot more inflation and an end to U.S. global economic downturn… Welcome to New Normal ~ Don Reynolds, Economist 21st Century Forecasting
- 3. 16 New Normals The impact of the new normal on meetings, destinations and hotels
- 4. Buyers Market On an inflation-adjusted basis ... it’s going to probably take eight to ten years to get hotel room rates back to where they were in 2007. Mark Lomanno, President Smith Travel Research
- 5. Buyers Market Price Integrity Rate Transparency Less Brand loyalty Trust!
- 6. More Value - Pay Less New Competitive Set Buy up, not down Packages
- 8. No Longer serves us
- 10. Group Biz Being Commoditized RFP Overload Grids Selling brass and glass More small biz
- 12. Green Is In
- 14. Hotel Sales 2.0 Online footprint Social mediainteractions There B4 the Sale Geo-location
- 15. Social CRM A process to monitor, engage & manage conversations & relationships with existing & prospective customers & influencers across the Internet, social networks & digital channels. ~ Mark Walsh
- 17. Online Content & CommunitiesThreat or Opportunity
- 18. Monologues To DialoguesTo Polylogues
- 19. Extending The Reach Technology infrastructure Helping your customers reach their customers beyond four walls of venue
- 23. To expect a normal recovery cycle, whether it is corporate profits or lending or consumer spending or capital investment, or pick the category—increased meeting attendance, or association growth, or… is just not reasonable.~ Don Reynolds, Economist 21st Century Forecasting
- 24. WelcomeTo The New Normal
Editor's Notes
- Economic stimulus wear off
- Certainly, the news has not been good for hoteliers, Lomanno said. On an average day, there are 215,000 fewer rooms sold, generating US$42 million less in revenue than a year and a half ago. “That’s a lot of ground to make up,” he said.Yesterday 80% of you believed we would be in a recovery within 2 years.
- Short term corporate is a good barometer, golf too!
- Demand ROI, consider virtual alternatives, leverage spend
- Less Brand Loyalty, 28% decreased direct bookings, prefer direct bookings for changes, points, cancel, requests
- Social Support – customer service in social mediaAdopting a culture of listeningNew rules of relationship management - http://www.altimetergroup.com/2010/03/altimeter-report-the-18-use-cases-of-social-crm-the-new-rules-of-relationship-management.htmlPR challenge – Navy Response ChartCustomer complaint – same as responding from the front desk
- Gap between audience and presenter shrunk
- Backchannel, polling, more interactive
- Fishbowl,OpenSpace, multi-setups (rounds followed by highboys & lounge areas)
- Public spaces for networking – food, WiFi, computer terminalsBars and hotel restaurants for TweetUpsLounges, seating areas for informal learningSpeak lanaguage of informal versus form