The international hospitality industry is a welcoming one. For a long time, there was nothing new in this area, but the advent of the technologically demanding economy changed the situation considerably. The launch of Airbnb was an indication of this change, along with an increase in boutique hotels. Soon, even traditional restaurant networks began to experience, grow, acquire, and, as a result, intensify innovation.
This brings us to the existing hospitality scenario. While it continues to be a tough, unstoppable and tough competition industry, the path to success has already gone a long way. There is no formula that applies to all, and hotels are no longer forced to subscribe to difficult and fast rules. Technology plays a great equalizer, giving even the smallest player the chance to survive.
Worldwide travel, tourism and hospitality sectors remain the key to economic development and new jobs. It is fair to assume that in this economy where transportation becomes more favorable and the borders of the country are blurred, travel and tourism will remain a dominant sector for the near and distant future.
Take a look at these statistics:
In 2016, Travel & Tourism contributed $ 7.6 trillion to the global economy and supported 292 million jobs.
This income is 10.2% of the world GDP.
1 in 10 of all jobs can be attributed to the Travel and Tourism Industry.
At 77 percent, recreational travel was a fraction of what people spend. For comparison, corporate and business travel accounted for the remaining 23 percent.
Domestic travel (72 percent) was higher than international travel.
In 2016, all contributions to GDP increased by 3.1%.
By 2027, this sector will account for 11.4% of global GDP and support more than 380 million jobs globally. Of course, this shows that the sector is ahead of the global economy.
There is no doubt that companies like Airbnb can compete head-to-head with hotels in certain market segments. This implies that part of the job may be additional, as travelers travel more (and longer) without choice. What is important, however, is that specific accommodations have changed the consumer's preferences by identifying what a hotel is and where it is.
Competition in the hospitality industry stems from two aspects:
Changing the customer profile
As I said earlier, technology has taken the game to a new level and has contributed to various aspects of the industry, including the brand, communication and broadcast. There are three special trends
is going to change the hospitality industry in the coming years. Let's look at each one separately.
Mobile First Approach
With emerging markets around the world, 1 billion people are expected to come online globally. Most of these will be customers who will live on their smartphone their entire life. Hospitality and travel companies have no choice but to invest in mobile-friendly and mobile first-hand recruitment and retention strategies.
In any case, customers are always looking for a "personalized" experience and using innovative mobile technology used by AirBnb and Uber when it comes to brand identity and experience. For convenience of customers, hotels will have to offer mobile phone booking functions, lightning speed operations and other points of contact throughout the customer's journey.
The transition is only going to increase as digital and local residents have limited access to the Internet. In addition, with the distribution of market-related devices and wearables, hotels will need to innovate when it comes to new ways of interacting and interacting with consumers. Virtual reality tours, enhanced reality interaction, robotics, and AI will guide the market and prepare for other vicariously accessible travel experiences.
Machine Learning, Big Data and Analytics
Touching on big data enables the creation and protection of a broadly personalized experience for each type of consumer. Many marketing campaigns can be applied seamlessly and can be tracked, given the number of material for growth and optimization.
It also speeds up existing processes such as customer service, feedback, email automation and customer engagement. In addition, it can also provide expansion and reduction of work in line with the company's goals.
Change customer profiles and brand experience
The tourism industry witnessed changes in the psychographic and demographic profiles of travelers. Along with the Gen X travelers, there are millions of new streams that set expectations and lifestyles that are completely different to industry performance.
Customer experience is the most preferred brand differentiator at the moment. There will also be need for referrals and hotels to increase customer loyalty and synthesize more targeted, personalized and sophisticated loyalty schemes.
This also applies to the types of experiences that you create and personalize. Home away from home & # 39; the concept eliminates the homogenization of luxury, a previously tested and tested paradigm.
Now, it has become important to radically replace the hotel in local climatic conditions, to give experience outside of the conventional hotel area. The millennial demand for organic foods and sustainable choices also creates greater sensitivity when it comes to hotel safety risks and food security.
Travel brands are lagging behind non-travel brands that provide high-quality services to their customers. Amazon, Starbucks, and Uber are just a few steps that millennials have taken at the highest level, and competition will increase as customers begin to expect the same from every service provider, especially the hospitality industry.
This brings us to the end – marketing for a new consumer. Hospitality sales, as usual, are different from other consumer goods. The reason is the sale of both tangible and intangible products by the player. Success is more about marketing your consumer than getting what you offer. depends on the presentation. It is important to create the right brand image that encourages moth and beyond.
As there are several fronts that customers can draw on your brand, a consistent brand identity becomes even more important. Your active participation in social media as a portal related to your client becomes very important.
Customers can also do research and evaluation through portals like TripAdvisor and Yelp. The opinions and recommendations of a friend or an influential person suddenly become crucial for sales growth. In addition to providing a steady flow of revenue, repeat customers can also fall into their sphere of influence.
The use of all the tools and technologies that come with digital marketing is not only clock-wise, it is cheaper and tailored to customers' choices. Email and content marketing are now closely linked to SEO and brand visibility on the network. Most of these marketing efforts are focused on creating, developing and maintaining a brand identity and image. Constantly engaging your customers with the best marketing practices of the new era, beyond providing an invaluable experience, what will be above and beyond your competition.
The sector is extremely profitable at this point and is preparing to grow and invest at an affordable rate. If you are an existing player who does not play well or you are a new player trying to make a significant tooth in the industry, taking all these points into your competition will give you a significant advantage.