By Craig Carbonniere and Keith Brophy
Key macroeconomic trends and hotel industry stats indicate that the recovery is well underway, occupancy rates and ADRs have been increasing, and leisure travel, weddings, and events are returning to fuel growth. conomic growth has been healthy despite inflation and having a marginal impact.
One of the trends is when indexing to pre-pandemic levels of 2019, we’re really starting to see now the recovery emerge where all the hotel KPIs are reaching those same levels. Now every market is different, but in general, the US is seeing solid recovery.
US travel spending is growing 10% net of inflation, focused on leisure travel, international travel is likely to gather pace by 2023. It will be important to remember the demographics of the consumer may be changing, and you will see new type of audiences in your market mix, like b-leisure, business-leisure travelers who tack a vacation day the edge of a business trip.
When you are looking at your budget for next year and you’re trying to identify strategies, the story is there’s going to be a lot of opportunity and one of the ways you really should look to try to attack is to present almost as a new hotel to the market, or we need to present ourselves to a new audience that has never seen us before.
So, whether we are looking at attracting more drive-in traffic, whether we are trying to attract more group traffic, whether you’re trying to attract more international traffic, there are new people that are out there and there’s a lot of opportunity to reach out and make them aware of who you are.
Also, our polls suggest a very diverse view of allocating budgeting and planning effort and majority of our customers want to spend 2023 in focusing on upgrading digital experiences; be it new website, content refresh, SEO, or developing better online reputation to drive demand.
Now is the time of the year to take some time to assess the marketing landscape of technology, media, and labor and make a blueprint that will support your growth goals for next year. Tune your website, content, and channel strategy to optimize your output. Your plan should blend tried-and-true tactics with technically innovative ones added in to keep you ahead of your competition. Whether your company does top-down or bottoms-up planning, you can use the learnings from this blog and implement some best-in-class practices to create a meaningful 2023 budget and digital marketing plan
Our recommendations from here are hopefully going to help you identify where you can build some opportunities and where you really should be focusing your time to differentiate yourself and set yourself apart from your competitors.
Understand your customer needs, market, and demand and align budget accordingly. You can plan your budget according to goals: rooms revenue/occupancy vs. group business growth. You can generate best results when you optimize platforms for digital capabilities to achieve goals to increase room revenue by focusing on direct booking share and increase ancillary revenue. To discuss your budget planning contact us at sales@milestoneinternet.com
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