Hotel owners need to stay on top of the latest trends in order to run a successful business. In addition to staying on top of trends, owners also need to pay attention to the biggest challenges the industry is currently facing. Today in the Southeast International Hotel Brokers blog, we’ll talk about some of the top challenges in the hotel industry today.
Challenges Facing the Hotel Industry in 2019 and Beyond
Here are some critical challenges that hotel owners must overcome, now and in the future:
Home Sharing Companies
Companies like AirBnb continue to grow and thrive, and while they’re not pushing hotels out of the game, they’re definitely attracting potential guests that might have chosen your hotel instead. Hotels need to remain vigilant and continue to bring the latest technology to the table, while also creating great experiences for the customer. One of the biggest draws of companies like AirBnb is you get to live within the community, giving you a real taste of the city you’re visiting. Hotels need to create unique experiences and attract customers who might otherwise choose AirBnb.
Data and Data Security
Hotels need to learn to leverage their data in actionable ways that bring in more revenue. But more important than learning to analyze customer data is learning to protect it. Data security needs to be at the forefront of any hotel owner’s priorities. Make sure your data software is high-level, updated, and that you have an excellent support team on hand should you ever need them. Your guests are trusting you with their personal information, so letting that information leak could ruin a hotel’s credibility.
The Loyalty Problem
Loyalty programs can no longer stay stagnant, and it’s something that hotel owners will have to consider. Loyalty programs will have to become more dynamic and include more enticing features to get customers to engage and deem them worthwhile. Loyalty programs have been historically the best way to bring in repeat guests, but with all the options they have available, it’s not enough just to have a standard program.
Choose Southeast International Hotel Brokers
If you’re in the market to buy or sell a hotel, Southeast International Hotel Brokers is here to help. We have the expertise, resources, and dedication to customer service you want out of a hospitality broker team. Our expert team of hospitality brokers will walk you through every step of the process. Contact us today for more information.