The annual plan for 2010 is probably the most difficult plan a hotel will ever formulate.  There are many independent variables going forward in all market segments.  In this web cast we will review what the experts are saying about the economy and recovery next year as well as the specific impact on the hospitality industry.

Economic Recovery:  What is recovery likely to look like in 2010?   When will it begin for the key areas of importance to the Hospitality Industry?  When can we expect rates to recover?

Market Share, Rates and REVPAR:  Matching the expectations of owners to the reality of the market and the economy will be key.  Balancing market share and rates in order to maximize REVPAR will be the ultimate balancing act.

Meetings:   What are the trends in the meetings market?  What will be the expectations of planners in hotel selection?  Will the AIG effect wear off or is it the �new normal? 

Leisure:  This segment is highly dependent on consumer confidence and the unemployment rate.  What will be the trends going forward for this important segment?

There is a phrase that if you keep on doing what you have always done you will keep on getting what you've gotten before - but not in this economy!  If you keep on doing what you did last year you will get less than you got last year - a lot less! 

• Get aggressive in locating new business.  There are leisure and corporate customers still travelling.  We will look at the research and trends for the opportunities and cost effective, innovative ways to reach out to the real people and companies within those opportunities.

• Revenue Managers - Keeping all the balls in the air.   Based on the new consumer priorities and selection processes, making the right offers to the right customers at the right time --  keeping  track of the offers on all channels to maximize revenue and minimize the cost of reservation.

• Locating and appealing to the �trade down' customer.  We will focus on using market intelligence to identify both RFP and group customers �trading' into the hotel's product/rate category.

• The �customer centric' strategy.  Reaching out to both leisure and corporate customers in order to  get  their  attention and set your hotel  from the other 100 hotels �chatter' .  The customer is clearly in the �driver's seat'!

• Incentives to �buy now'.  Don't just lower pricing to get the business - cut deals selectively.  We will explore proven tactics to move the customer off of �dead center' -- actual case studies from other hotels that work!

It is critical to remember that social networking is in addition to current sales responsibilities and requires time and commitment to be effective.    When used well, social networking platforms can complement and supplement current sales activity.

• The Importance of Developing a Social Media Plan
• Targeting Social Networks by Market Segments
• The Hotel Profile as a Demand Generator --  What to build into the profile so the rest of the network can find you when they want to � buy'
• Aligning Social Networks with Sales Responsibilities - who does what on which networks
• Social networks as sales �Search' Engines  - How to effectively use social networks for  sales research, qualifying and identifying contacts
• Discussion groups - sorting through the clutter and participating constructively
• Guidelines and Monitoring Social Networks to Maintain Brand Integrity.

Many people request to know when these programs will be repeated so we try to make the most popular available at the end of the year - although we have never experienced as challenging a year as 2009 and likely the same in 2010. 

The Hotel Sales and Revenue Book 2.0 makes a great gift for sales and revenue management departments.   Click here for more info. http://www.carolverret.net/viral/book08-catch.php

Carol Verret is an author, speaker and trainer to the hospitality industry in the areas of sales and marketing, revenue management and the guest experience.  Log onto the web site www.carolverret.net, the blog www.hotelsalesblog.com or find her on LinkedIn and follow her on Twitter.

Carol Verret And Associates Consulting and Training offers training services and consulting in the areas of sales, revenue management and customer service primarily but not exclusively to the hospitality industry. To find out more about the company click on www.carolverret.net. To contact Carol send her an email at [email protected] or she can be reached by cell phone (303) 618-4065.  Visit www.hotelsalesblog.com.