How To Predict and Anticipate Hospitality Trends - MBB Management

How To Predict and Anticipate Hospitality Trends

hospitality trends

The hospitality industry is one that faces a high volume of demand – year in and year out. In reality, the companies that succeed are those that often stay ahead of the curve. Especially when it comes to the components of customer service, what they offer to their recurring customers, and what they can bring to the table for new ones.

Not only that, it’s important to keep an eye on the hospitality trends that are ever changing. The sooner you catch on, the better your chances of sustaining success. This guide will go over how you can be able to predict and anticipate these trends so you can stay ahead of the game now and in the future.

Understanding the Significance of Hospitality Trends

Hospitality companies know that the key to survival is knowing what the customers want. As such, these customers are responsible for creating certain trends. That’s why keeping one finger on the pulse is essential.

Because customer preferences and technological advancements are often changing. Not to be outdone, societal norms are also making shifts as well. Keeping an eye on these trends will be essential to business strategy (and critical to making it in the hospitality industry).

Let’s take a look at the following steps that will help you stay in the loop:

Continuous market research

This is one of the most key parts of surviving in the hospitality industry. Researching the market almost on a constant basis will be critical to what will happen to your business now and in the next year and beyond. You’ll want to invest time in studying industry-related publications.

It never hurts to subscribe to industry-relevant newsletters as well. If you have time (or need to delegate the task yourself), travel to a conference that focuses on the hospitality industry. You’ll be able to get plenty of insights that may signal a change in hospitality trends.

Analyze historical data

As the old saying goes, “the numbers don’t lie”. So it’s important to consult and analyze historical data. They will be your best friend when it comes to making the most critical decisions in the future.
It will allow you to examine past trends while being able to spot patterns. Knowing and understanding the customer preference and behavior trajectory will give you a glimpse of what you can predict in the future.

Make technology your ally

We live in an era where we rely a lot on modern technology. For that reason, the hospitality industry should consider utilizing various tools that will help them analyze data (especially large data sets) and spot any emerging patterns. Customer behavior trends like contactless check-in or eco-friendly practices are great examples to look at.

It can also make the idea of hospitality rebranding a possibility (if you were considering such a thing at the moment). We’ll discuss that later on down the list.

Listen to customers

This can’t be stressed enough. If anything, this ties into our first point on the list. You want to pay attention to what they say in terms of feedback. Also, their complaints are just as important.

If people talk positively or negatively about the same desire or issue, this can be an indicator of a much broader trend. Open communication with your customers will be important, so don’t forget to encourage them to share their thoughts and feelings about their complete experience by way of surveys and feedback forms.

They will be useful in acquiring a deeper understanding of their needs – which will always change over time.

Experiment and innovate – even often

In business, success is possible with trial and error. Which is why experimentation is highly recommended. If you want to, you can be innovative and create trends yourself.

If it catches on with the others, then you know you’re on to something. It doesn’t, that’s OK. What really matters is that you followed through with the experiment and it gave you the answers you were looking for.

Hospitality Rebranding: Adapt to Change

If the opportunity presents itself by way of anticipating hospitality trends, rebranding just might be the way to go. It should also reflect the changing landscape. What entails rebranding you ask?

To begin, it includes a marketing strategy that is fresher than the previous one. Furthermore, you will also need to do a redesign of your logo and even the properties that you own. Align your brand with emerging trends.

These can include environmental sustainability, promoting wellness, or whatever the trends might provide.

Environmental sustainability

This is a trend that has taken the hospitality industry by storm in recent years. There are plenty of travelers in search of accommodations that adopt green practices. To ensure that your brand is in line with this trend, there are plenty of different approaches to consider.

This includes investing in technologies that are energy-efficient, investing in and sourcing locally-produced goods, and reducing waste. Such practices will help you draw in a group of travelers that are eco-conscious – which can be profitable since you are serving a specific niche.

It’s true that in business, if you try to serve everyone, you get nothing in return. So it’s always a good idea to whittle it down a bit.

  • What specific type of traveler do you want to serve?
  • Are they families?
  • Members of the LGBT community?
  • College students?

If there is a certain group of travelers you want to cater to, you’ll want to find out what trends are favorable towards them.

Final Thoughts

Hospitality trends are changing at a fast pace. That’s why you want to make sure you’re ahead of the game when it comes to making sure your business in the industry survives. Take your time to stay informed regarding the current trends and what may be on the horizon.

It will help you make decisions that will be critical for your business. As always, the market will be the ones with the answers you need. Also, with the most relevant and accurate data you can get your hands on – you can make those crucial decisions without issue.

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