Marketing Your Business in a Declining Economy

In challenging economic times, marketing becomes a crucial tool for tourism businesses to not only survive but thrive. While a recession may bring uncertainties, strategic marketing can help you attract guests, retain loyal customers, and differentiate your business. 

Here are some tips to navigate marketing for your tourism business in a recession environment:

1. Focus on Value Proposition

• Emphasise what sets your property apart from competitors. Highlight unique amenities, personalised experiences, your special location, or exceptional service that guests won't find elsewhere.
• Offer value-added packages without compromising on quality. You don't have to always compete on price, but rather provide great value! That means the guest will feel like the price of what you offer is worth it based on your unique offerings.

2. Leverage Digital Marketing

• Invest in having a user-friendly website optimised for search engines (SEO). Ensure your website is mobile-responsive, loads quickly, and features high-quality visuals and compelling content. Consider the benefits of a tourism themed website on the monthly subscription plan to avoid large one-off costs for a new website design.
• Utilise social media platforms to engage with potential guests, share updates, promote special offers, and showcase your property's personality.

3. Build Relationships with Past Customers

• Leverage your existing customer base by staying in touch with past guests through email marketing campaigns. Offer them exclusive deals or incentives for repeat bookings. The domestic market is a strong opportunity for repeat business!
• Encourage customers to leave positive reviews on platforms like TripAdvisor, Google Reviews, and Booking.com. Positive reviews can significantly impact future bookings.

4. Collaborate with Local Businesses

• Partner with local accommodation, attractions, restaurants, and tour operators to create attractive packages that offer a comprehensive experience. Cross-promotion can expand your reach and appeal to a wider audience.
• Participate in local events or sponsor community initiatives to increase brand visibility and show your commitment to the local community.

5. Embrace Flexible Booking Policies

• In uncertain times, flexibility is key. Offer flexible cancellation policies, discounted rates for extended stays, or options for rescheduling bookings to accommodate changing plans.
• Communicate your policies clearly on your website and during the booking process to build trust and reassure potential customers.

6. Monitor Trends and Adapt

• Stay informed about industry trends, market demand, and competitor strategies. Adjust your marketing efforts and offerings accordingly to stay competitive and meet evolving traveller preferences.
• Track how your business is performing compared to previous years and seasons and fine tune pricing to cater to different levels of demand.
• Review previous campaigns and packages to see what worked well - recycle and repeat!

In conclusion, marketing during a recession requires a strategic approach that focuses on value, digital presence, customer relationships, local collaborations, flexibility, and adaptability. By implementing these tips, you can navigate challenging economic conditions and position your property for long-term success in the hospitality industry.

Posted by ResBook Team on May 01, 2024