2020 will always be remembered for the moment the travel landscape changed on a dime. Big city hotels are out, and remote destinations are in. Overseas flights are out, and road trips are in. Large meetings and indoor events are totally out and small parties seeking high-quality outdoor activities are totally in.
A bull market for experiential travel is taking root in the hospitality industry. Ranch, lodge, sporting, and adventure properties are poised to gain significant market share in 2021 and beyond. Moreover, because first-time visitors are highly likely to become repeat guests, these operations can expect sustained revenue gains for years to come.
These are some steps you can make to take advantage:
- Double down on your marketing dollar and invest for the long-term.
- Position your brand in new markets.
- Promote the benefits of outdoor activity and the safety of uncrowded and peaceful environments.
- Assess your digital tools and enhance your business systems to increase lead conversion.
While the current economic environment certainly presents new and different challenges, there are many reasons for optimism in the experiential sector. Owners and managers who can adapt their operations to meet the growing demand stand to see the greatest returns.