Are You Ready for the Next Industry Downturn?
Introducing nSight ViewPOINT, a Series of Expert Perspectives
NASHVILLE, TN – April 13, 2016 – Since 1980, the hospitality industry recorded six periods of RevPAR recessions that coincided with five economy recessions. It’s projected that the 2010+ recovery will be marked by an inevitable decline. Is the industry ready to respond differently than in the past to avoid potential rate spirals and ADR decline?
The hospitality industry, despite its access to high quality historical data and no shortage of smart professionals, falls into the same old pattern during every growth cycle. It builds analysis, projections and channel strategies around a perpetual growth curve and runs its core RMS and CRM systems using algorithms that depend heavily on historical data.
If history is the best predictor of future outcomes, then what does history teach us today so we can be better prepared for the next downturn?
nSight, the leader in online consumer shopping intelligence for hotels and destinations, today released the first of its new series of expert perspectives on hospitality industry issues, ViewPOINT. Each issue features insights from nSight’s industry thought leaders on topics important to travel executives.
The premier issue of ViewPOINT analyzes past recessions to explain how yesterday’s intelligence tools are inadequate for optimizing performance in today’s always-connected, web-dominated world. Insights from nSight Founder Rich Maradik challenge hoteliers to think differently in order to battle the downward push on rates in a slowed market.
“Tools used in the last recession are ill-equipped to guide hoteliers through the next market downturn,” said Maradik. “Today’s fast-changing market dynamics are the new normal and require a new perspective.”
Maradik explains that history tells us there will be another contraction in demand when pricing will decline as a result. Using historical data to guide decisions on how much to discount or where to spend digital marketing dollars just doesn’t paint the full picture today.
The first nSight ViewPOINT can be downloaded free from the nSight website at http://www.nsightfortravel.com/viewpoint-ready-for-the-next-industry-downturn/.
Download the new nSight ViewPOINT to learn what data and tools can better assess the progress of the hospitality cycle so Revenue Managers, Marketers and Sales Executives can stay ahead of the curve to protect RevPAR and guest acquisition growth.
nSight combines the world’s largest view of consumer shopping data with predictive marketing and revenue management solutions to deliver more guests to your hotel and visitors to your destination. Only nSight aggregates more than 85 million travel consumer shops and bookings daily across over 5,000 third-party travel websites. Understanding consumer shopping behavior, rate impact and future market demand enables better marketing and revenue management decisions. Follow us on Twitter, Facebook and LinkedIn.