Top 10 Insights from PhoCusWright@ITB 2009

#10 – The best business leaders don’t look at overall market averages, but rather how they can break the trends and grow market share. Number of customers lost by recession is less than the number of potential new customers out there. Global travel will grow 3% in the year ahead.

#9 – Companies that only seek to cut costs now will emerge from this recession with an uncompetitive, outdated organization.

#8 – This economy is accelerating the rate people are moving from offline to online for travel bookings. There is a perception of better value from booking online.

#7 – Everyone in your hotel must be involved in your new media strategy – not just one person. Think holistically, and avoid thinking: “That staff person does internet stuff.”

#6 – Context – not just content – is king. Offer the right information to the right people at the right time.

#5 – Twitter is either the latest time wasting fad or an important tool for research and communicating with your guests. Make sure to determine its use for your hotel before jumping on the bandwagon.

#4 – Maps combined with location-specific photos and videos is the new interface of choice for travel research.

#3 – There will be major growth in video: both guest-created and professionally produced. It gives the viewer a richer perspective into the real hotel experience – more than standard hotel photos. For hoteliers, video is an opportunity to differentiate their properties and move away from price wars.

#2 – Mobile services will become strategically important in 2009. Smart mobile devices are now in the hands of many, and data connections are faster and cheaper. To benefit from this trend, hotels need to create platform-specific content that is simple and fast to use in any country.

#1 – The future will belong to companies that innovate boldy now, before the economy fully recovers. When recovery comes, it’s going to happen fast.