Recession-Proof Hotel Marketing, Part 1: The Big Picture

So far in 2008, a number of negative events have taken place in the world economy.  First, oil prices soared over the summer, causing many people to re-think their travel plans. Then, the credit crisis intensified, causing the stock market to plunge and several established banks to fail.  Speculators wonder if the US and the rest of the world is headed for a prolonged period of economic recession.

As expected, the travel industry has taken a hit with this news.  A new survey by Travelocity showed that 66% of respondents’ travel plans are affected.  Many marketing professionals in hospitality are worried about how they can weather this storm.

But let’s take a step back and look at the big picture.

With all the gloom and doom going around, there remain some good opportunities for the savvy hotel marketer.

Life will still go on.  Business travel will still take place.  Weddings will still happen.  People will still take vacations, even if they tend to stay closer to home now.

You now have the opportunity to gain market leadership in this environment.  While everyone else is cutting back on marketing, you can gain market share by consistently running a smart promotions strategy.

Now is the time to increase your marketing, not decrease it.

Of course, you’ll have to play smarter.  The same old tactics and campaign may no longer be sustainable.  You’ll need to think outside the box, and develop a campaign that takes into consideration new trends in media and travel.

How can you play smarter?  That’s the subject of this series, and I’ll be showing you specific tactics in the days ahead.

Let me ask you this: how has your hotel been affected by the economy?