Discover Untapped Markets, And See Your Profit Grow
This week we’ve been thinking about how hotels discover and use previously unknown markets. New growth areas are emerging that hotels may have to cater for this year as a knock-on effect of societal and global financial changes, but how do you discover them?
Business travel is on the up with consumer and business confidence growing year on year, and there also some more niche markets to tap into too, which you’ll find out in this article.
The beginning of a new year is the ideal time to reflect on where your core business comes from and make sure you’re covering their needs. If in any doubt as to your target markets, take a look at your booking engine data and redefine your top segments.
The findings from this process should be the inspiration behind your tailored packages – adding value to suit each market such as free drinks, spa access, workstations, or children’s activities. This is a great example of a corporate package at The Kingswood Hotel.
Read on for industry news related to markets predicted to grow in the coming year.
The number of Brits taking singles holidays is booming, with people spending more and visiting more exotic destinations.
The biggest growth area is women over 50, according to data by leading online guide, 101 Singles Holidays.
The analysis of 62,656 singles holidays taken in last year found that female travellers outnumbered male by almost two to one: 63 per cent of the solo holidays were taken by women, compared to 37 per cent by men.
Growth is expected in the coming year but, like the rest of the travel industry, business travel remains in a state of perpetual transition
There is going to be more money around this year, so on the face of it business travel should pick up speed. The Global Business Travel Association (GBTA) thinks it will, after taking a look at global economic prospects, and is forecasting business travel spending to grow by 6.1% against a likely 5.1% in 2017.
Happy New Year and welcome to our first blog post of 2018! We’re crystal ball gazing again, but this time it’s not about what hotels will be concerning themselves with this year (we gave our thoughts on that last week), but what will be on their customers’ minds.
Luckily there is a multitude of trend forecasters out there willing to weigh on what they expect to be big in the next 12 months. Some of their suggestions you’ll have heard before — wellness travel, longer breaks (particularly for Baby Boomers) and sustainable travel will remain popular — but a few others caught our attention, especially because there’s potential for many hotels to capitalise on them. Here’s our pick:
As a hotelier you might see your guests at check-in, dining in your hotel restaurant, or using your hotel’s leisure facilities, but do you know who your guests really are?
Do you know who your website content should be targeting, who’s visiting your site and who’s actually parting with their cash to make the booking? If you can’t answer those questions, it’s time to start building a picture of your target market in order to better meet their requirements and wishes.
We hope that’s given you lots of inspiration to redefine your top segment rate plans this year! Let us know how you get on in the comments below.