New Trends in the Hospitality Industry
New Trends in the Hospitality Industry
Fifteen years ago, who would have thought giant hotel chains like Hilton and Marriott would be competing with… your neighbor? Now that Airbnb has taken the hospitality industry by storm (the company brought in a reported $2.6 billion in 2017), it’s high time hotels, motels, and bed and breakfasts started rethinking their business models. Here, we’ll cover some innovative trends industry leaders should keep an eye on.
Millennials
A recent article from Business Insider let us in on a fun fact: millennials takes 35 vacation days a year. And one-third of them are willing to spend upwards of $5,000 on a trip. What does that mean for you? Millennials should be one of your biggest focuses. Millennials value things like sustainability, convenience, and a customized experience. They also want digital everything. Think of self-service check-ins, selfie stations, and mobile phone integrations.
Technology
Speaking of digital, your hotel needs to be at the top of its technology game these days. Travelers are more than comfortable using their phones and apps to navigate their way around the world, which means you should be catering to these expectations. Of course you need to offer powerful WiFi and the highest quality equipment for meetings and conferences, but what else? Keyless room entry, digital payment options, and smartphone charging stations are a good bet to encourage repeat guests.
Wellness
There’s a true moment happening in the health and wellness world, with more and more people focusing on their diet and general wellbeing. Fitness centers are one thing, but guests are also loving pools, spas, locally sourced food options, and yoga areas when seeking out lodging. Just because you’re on vacation doesn’t mean you have to put your healthy lifestyle on hold.
Eco-Friendly
We touched briefly on this above, but sustainability is an important trend to keep an eye on—both for your bottom line, and for the good of the globe. Hotels are increasingly ditching the “travel size” bottles of shampoo and lotion in favor of larger soap containers that can be used for multiple days and bookings. It’s also worth thinking about implementing lights and air conditioners that automatically turn off when guests leave their rooms, or solar panels to offset electricity costs.
Social Media
We first heard the term “hotelfie” nearly five years ago. It’s just what you think it is—a selfie taken at a hotel, usually posted to social media with the hashtag #hotelfie. This is great way for guests to promote your establishment via social media, which is one of the best (and cheapest) methods of advertising. You’ll want to make sure your establishment is active on as many social platforms as possible, posting quality content that’s relevant and timely.
Bear in mind that there can also be a bad side to social. Guests having a poor experience will be quick to let all their online followers know, which is why you need to have a well-staffed social marketing team to do damage control. Make sure you’re responding quickly to any negative reviews of your business. Showing concern and compassion is the best way to get yourself out of hot water and build customer loyalty.
Hospitality trends are always exciting and interesting, but we recognize incorporating new innovations isn’t always financially feasible. We invite you to take a look at our loan products on arffinancial.com. Our new Interest-Only Revolving Line of Credit gives you quick access to as much as $500,000, plus you pay just the interest for up to one year. We’ve got many more loan options where that came from. So stop by today for an offer. We can’t wait to help you grab that next great opportunity!