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The New Normal For Hospitality Professionals

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The recession and down economy have had an impact on every industry. Here are 16 new normals from the recession that are impacting hotels, meeting venues and destinations

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The New Normal For Hospitality Professionals

  1. 1. WelcomeTo The New Normal<br />
  2. 2. More regulation, a weaker consumer, higher rates of unemployment, years before housing prices get back to old highs, a weaker dollar, more government debt, more taxes, a little deflation, then a lot more inflation and an end to U.S. global economic downturn…<br />Welcome to New Normal<br />~ Don Reynolds, Economist <br />21st Century Forecasting <br />
  3. 3. 16 New Normals<br />The impact of the new normal on meetings, destinations and hotels<br />
  4. 4. Buyers Market<br />On an inflation-adjusted basis ... it’s going to probably take eight to ten years to get hotel room rates back to where they were in 2007. <br />Mark Lomanno, President<br /> Smith Travel Research <br />
  5. 5. Buyers Market<br />Price Integrity <br />Rate Transparency<br />Less Brand loyalty<br />Trust!<br />
  6. 6. More Value - Pay Less<br />New Competitive Set<br />Buy up, not down<br />Packages<br />
  7. 7. Shorter Lead Times<br />
  8. 8. No Longer serves us<br />
  9. 9. Multi-Year Contracts Out<br />
  10. 10. Group Biz Being Commoditized<br />RFP Overload<br />Grids<br />Selling brass and glass<br />More small biz<br />
  11. 11. SMM<br />Smarter Buyers<br />
  12. 12. Green Is In<br />
  13. 13. Billboard Effect<br />Expedia/Cvent<br />
  14. 14. Hotel Sales 2.0<br />Online footprint<br />Social mediainteractions<br />There B4 the Sale<br />Geo-location<br />
  15. 15. Social CRM<br />A process to monitor, engage & manage conversations & relationships with existing & prospective customers & influencers across the Internet, social networks & digital channels. ~ Mark Walsh<br />
  16. 16.
  17. 17. Online Content & CommunitiesThreat or Opportunity<br />
  18. 18. Monologues To DialoguesTo Polylogues<br />
  19. 19. Extending The Reach<br />Technology infrastructure<br />Helping your customers reach their customers beyond four walls of venue<br />
  20. 20. Untraditional Room Setups<br />
  21. 21. Conduit For Connections<br />
  22. 22. Reg List Attracts<br />
  23. 23. To expect a normal recovery cycle, whether it is corporate profits or lending or consumer spending or capital investment, or pick the category—increased meeting attendance, or association growth, or… is just not reasonable.~ Don Reynolds, Economist 21st Century Forecasting<br />
  24. 24. WelcomeTo The New Normal<br />

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