Many are asking, “will there be a recession in 2023?” and “what should I invest in if there is a recession?”
If you’re feeling the heat of a downturn don’t react, evaluate.
The data is pointing to a recession in 2023, so what can you do now? Adjust your strategy to accommodate a down shift.
Hotel Managers, while we won’t see the abrupt halt in travel of 2020, we can avoid the pitfalls of a lack of customer confidence, ability and means to get to your destination.
Now is the time to address your brand management strategy.
As we’ve mentioned, do not cut marketing and communications.
Budget to maintain your brand reputation by keeping open lines of communication with your customers and partners to retain and maintain business as it slows.
What kind of offers are you making now in anticipation of next year? What message are you sending?
Be realistic about your projected revenue. Consider the lower end, and the higher end, and strategize for both. Allow room to optimize internal communications and protocols, and make a big impact when things pick up.
If you plan for a downturn now—and when your competitors are reacting erratically—you will be capturing market share and tuning up.
If you want to evaluate your marketing spend, reach out to us and let’s talk.
We will help you achieve a clarity of purpose so you may connect with your audience and maximize your marketing spend.
