Welcome to the Friday Freebie!
Each week we share one impactful hotel and resort marketing tactic that you can implement immediately to drive more conversions and more revenue.
This week’s Freebie: The most critical thing you do to ensure success is getting the budget you need to achieve your revenue targets… so you better ask for the right amount!
Summer is fading fast. But, before you start focusing on fall and winter campaigns, let’s talk about your 2019 marketing budget.
By now, your hotel ownership and senior management team have started mapping out next year’s revenue goals and expect you to develop the marketing plan that supports those revenue goals. Before adding up what you THINK you’ll need to successfully market your property, ask ownership this vital question:
“Our marketing budget needs to align with revenue projections. So, what are the revenue goals?”
Don’t move an inch on a budget without knowing exactly what your marketing team is beholden to. Insist on a specific answer – by segment.
Then, ask for EVERYTHING you need to deliver the results they’re mandating. Your request should be fearless and contain some or all of the following:
“In order to achieve _______, I need $____ in marketing funds.
____ new marketing staff.
_____ product changes to be made.
And _____ department to report to me.”
Don’t use last year’s budget amount — you’ll be expected to do more with less next year.
And don’t let management decide how much to allocate on their own – they will always provide less than you need. Committing to a lofty revenue target without the proper resources and budget is dangerous for your property and your career!
Once you know the ownership’s revenue goals, you can now carefully consider what you’ll need to achieve them. And, thoroughly put together the ultimate hotel marketing budget for 2019.
Tambourine uses technology and creativity to increase revenue for hotels and destinations worldwide. The firm, now in its 34th year, is located in New York City and Fort Lauderdale.
Please visit: www.Tambourine.com