Events Industry, Grow Your Revenue, Tips and Resources, Trends

This Week in Hospitality

I’ve always loved the start of a new year. It’s the perfect time to make those meaningful changes in your life, whether personal or professional. Unfortunately, it can also be a challenging time of year for many businesses, especially those related to hospitality. Winter months often bring with them a lull in patronage, and it can turn into a depressing time of year if you let it. I’ve always believed you should hit January hard and with extreme positivity. Focus on what’s working and remove what’s not. This week I’ve handpicked four articles that will help you take a favorable advantage on this season of change.

It’s time to take aim

Do you know who your venue’s target customer is? Like many hospitality professionals, your first answer might be “everyone!” But, according to Toast, that’s not necessarily true. The restaurant industry is an insanely oversaturated market. With more than a million restaurants nationwide, a consumer could theoretically dine at a different venue every day for 1,800 days. So how do you target the right audience in order to monopolize your corner of the market? Read the full article from Toast for some great insight on taking hold of your target customer. 

2020 Predictions

What would an end-of-the-year This Week in Hospitality be without a new year trend prediction article? This one comes from Nation’s Restaurant News and it rounds up 16 food, drink, and tech hospitality predictions for 2020. Among the list are some mainstays like plant-based upgrades and low ABV cocktails, but there are also a few newbies like delivery robots and blurring the lines between restaurant lounges and your living room.

Hit the year running

With January just a few short weeks away, it’s time for hospitality professionals to start thinking about new ways to drum up business during the slower winter months. A few notable suggestions from Restaurant Hospitality include taking advantage of all those holiday gift cards consumers received by running a special deal if guests redeem them in January, or promoting resolution foods like fad diet options; think Keto and Vegan menu specials. January doesn’t have to put your venue in the red. Read the full article to absorb a few new ideas, and make this January your best ever.

New year, new plan

This next read from BarIQ is intended to boost your new year outlook from a business standpoint. It’s sort of a new year’s resolution list for hospitality professionals, giving you six steps to set you up for success in 2020. The first item on the list is a call to drop the drama. Let’s be honest, every venue has its own internal reality show going on, and sometimes it’s not easy to remove it completely. But drama often creates negativity and how is all that negativity affecting your bottom line? Not positively. The next steps include becoming obsessed with values, and your core mission, and becoming an industry example. I think this is a great end-of-the-year read for any member of the hospitality world. Prepare yourself now, and reap the benefits in 2020 and beyond. 

Looking for more trends?

Check out our past blog posts covering hospitality trends and topics. And don’t forget to download our events industry handbook guides on topics such as sustainabilitycloud-based software for limited-service hotelshow to market your venue to corporate event planners, and more.

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