Trends & Strategic Takeaways from the NAVIS Leaders Conference
With over 160 attendees from 80 companies and a roster of high-profile speakers, attendees left the 2016 NAVIS Leaders Conference with a better understanding of industry trends and strategies to make them more competitive—setting them up to “Go Far”—in the coming year. Speakers at the event included Peter Yesawich, Vice Chairman of MMGY Global and industry veteran Larry Mogelonsky, Founder of LMA Communications Inc. Navis Leaders Conference partners at the event included: Flip.to, Miles Marketing. GCommerce, HeBSdigital, InterCoastal Net Designs, Perceptions by Mayer, and MP&A Digital and Advertising.
Here are some highlights and takeaways from NAVIS Leaders Conference 2016:
“The Fragility of Loyalty”
According to Peter Yesawich, the travel industry is experiencing an erosion in repeat visits due primarily to millennials who are in pursuit of one-of-a-kind experiences. Currently the largest travel demographic, millennials are less inclined to repeat the same experience and are threatening the lifetime (repeat) value of the guest that the hospitality industry has counted on.
The Strategy: Drive new guests now while the economy is healthy and travelers are spending money. Communicate differently and personally to your segments. Boomers want tried-and-true vacations while millennials want something new and different than what they have had before.
Align Organizational Goals
Hotels and vacation rentals are not as profitable when sales, marketing, and reservations are not aligned. Everyone should be working toward the same goal and using the same data to analyze trends and projections, and determine success.
The Strategy: Integrate technology that cooperates with your PMS and other systems and can be accessed by sales, marketing, and reservations so that revenue and occupancy goals are clear, and the path to achieving them can be more easily mapped out.
Tapping into the Leisure Boom
According to MMGY Global research, Leisure business is driving the industry recovery and currently responsible for two-thirds of all booking inquiries. The biggest indicator of the likelihood to spend disposable income on travel is having job confidence. With job confidence at its highest point since 2008, now is the time to capture this revenue (MarketWatch).
The Strategy: Tailor marketing to leisure guests. Segment leisure in your CRM based on spend, the length of stay, and season in order to deliver targeted messages that are more likely to convert.
Group Vacations Steady & Rising
Celebratory events, such as significant birthdays and anniversaries (all numbers divisible by five such as 25th anniversary, 40th birthday, etc.), drive more revenue than average because travelers are arriving in bigger groups and indulging a bit more. Multi-generational travel is also on the rise. These travelers are worth targeting, as they drive revenue and profit more quickly.
The Strategy: Both celebratory and multi-generational vacations can be targeted with 2 to 5 room specials.
The keys to taking advantage of all the trends and strategies presented at the conference are communication and technology. Establishing goals based on current industry trends, communicating those objectives across the organization, and implementing solutions that allow your team to segment and to speak (quite literally) to the needs of your target travelers will set your organization up to go the distance in the coming year.
An extremely successful NAVIS Leaders Conference is, we hope, a precursor to a wildly successful year for our clients. To share your feedback on the conference or your success stories, reach out to hello@theNAVISway.com.