the new normal for hospitality professionals
DESCRIPTION
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 destinationsTRANSCRIPT
WelcomeTo The
New Normal
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
16 New NormalsThe impact of the new normal on
meetings, destinations and hotels
Buyers MarketOn 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
Buyers Market• Price Integrity • Rate Transparency• Less Brand loyalty
TRUST!
More Value - Pay Less
• New Competitive Set• Buy up, not down• Packages
Shorter Lead Times
No Longer serves us
Multi-Year Contracts Out
Group Biz Being Commoditized
• RFP Overload
• Grids
• Selling brass and glass
• More small biz
SMMSmarter Buyers
Green Is In
Billboard EffectExpedia/Cvent
Hotel Sales 2.0• Online footprint
• Social mediainteractions
• There B4 the Sale
• Geo-location
Social CRMA process to monitor, engage & manage conversations & relationships with existing & prospective customers & influencers across the Internet, social networks & digital channels. ~ Mark Walsh
Online Content & Communities
Threat or Opportunity
Monologues To DialoguesTo Polylogues
Extending The Reach• Technology
infrastructure
• Helping your customers reach their customers beyond four walls of venue
Untraditional Room Setups
Conduit For Connections
Reg List Attracts
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
WelcomeTo The
New Normal