4th New Year's Revenue Resolution

As I reflect on our fourth New Year’s Revenue Resolution again because of the pandemic I continue to consider how important it is….Plan Your Yearly Marketing Strategy.

So why is this so important? Why is it part of our most important 5 steps to start the year? Well especially in this heavy consumer market and after a ‘reset’ of sorts visibility is the key to success. Hotels commonly struggling are those with known challenges or lack of visibility. Well in those cases the best revenue management in the world wont save you. Good rates wont draw visitors that are concerned about known issues and competitive rates don’t suddenly put you on the guest radar. Strategic, sound, creative, planned, and most importantly EXECUTED marketing does this. And of course resolving those issues. So many properties overlook these two key steps (foreshadowing a little I know), but they really are integral. So why is that? Well it’s your perception! That perception of seeing it only as a cost and not as a function of their overall demand. No matter how you sugar coat it, most guests especially in the OTA age are not hunting or digging, so being easy to find and making our benefits clear is imperative. No focus = fewer guests. Additionally considering with a strong marketing plan a property can focus their peak spending (or strategy) to best impact those periods which need the most marketing attention for success. By strategizing and planning out the future of your marketing can help protect your rate integrity, plan for future slow periods, enhance the efficiency of your marketing when you need it most, and help to avoid the need to cut or remove marketing.

I hope you had a wonderful week. We will return to reflecting on our New Year’s Revenue Resolutions, with #5 Plan Your Guest Relations strategy.