Turning Current Hospitality Trends into Marketing Strategies

By Amy Colbourn, Managing Director, Business Strategist at MONOGRAM

In this post, we’re exploring the trends, insights, and marketing strategies for leveraging some of the consumer behaviors that are so important in today’s consumption and travel economy.

The Experience Economy

A few months ago, we attended the Skift Global Forum at the Glasshouse in midtown Manhattan. One of the overarching themes was the idea that we are in an experience economy. In this experience economy, we’re finding that consumers value experience over things to the extent that the luxury travel segment is outpacing the GDP. It also means consumers are placing a high value on experiences over things, especially on perks and VIP experiences. And these experiences go beyond activities to the booking process, the front desk at the hotel, concierge services, and everything in between.

Trends and Their Marketing Strategies

Speaking of the experience economy, we found four trends that support the notion of providing higher-value experiences. When paired with marketing strategies, brands can make the experience for their consumers that much better. Let’s break it down.

#1 Personalized Experiences

Behavioral segmentation dictates how people shop and buy. Because of this, customers have come to expect more personalized shopping experiences. It makes them feel as though brands are speaking to them on their terms, making for a better experience.

As marketers, here’s what we can do: customize to a segment of one. We can use machine learning algorithms to sort through data and information to tailor product recommendations and offers based on individual user behaviors.

This marketing strategy has the potential to increase customer satisfaction and retention.

#2 Human Touch

While automation and technology can make things faster and easier, human interaction can make or break a customer experience.

As marketers, here’s what we can do: strike a balance between being automated and being hands-on. A good rule is to automate what’s predictable, such as content creation, and humanize what makes for an exceptional guest experience.

This marketing strategy has the potential to enhance perceived brand value and communicate brand authenticity.

#3 Community Building

We’re seeing an increased value in brands that build community and make customers feel part of something more significant and meaningful.

As marketers, here’s what we can do: create elements that build a sense of community. Use online communities in social media channels to create authentic connections, promote brand advocacy, and encourage sharing among consumers’ individual networks. Nurture offline, in-person communities through strategic partnerships, brand endorsements, collaborations, and branded extensions.

This marketing strategy has the potential to impact customer loyalty and retention through advocacy and word of mouth and enhance long-term engagement.

#4 High-Quality Content and Thought Leadership

Consumers find inspiration online before booking experiences such as shows, events, hotel stays, and travel.

As marketers, here’s what we can do: put experiences at the top of the funnel along with the intent to travel. We can create more high-quality content and deliver thought leadership through editorial content, blog posts, and podcasts.

This marketing strategy has the potential to raise brand credibility and drive organic traffic to your website and booking engine.

The Last Word

When it comes to tracking trends, it’s important to identify the insights and apply them to marketing strategies to get ahead and stay ahead.

MONOGRAM can help you apply marketing strategies to these and other consumer trends to connect with audiences more meaningfully. Contact MONOGRAM today schedule a complimentary brand consultation with our team.