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Adapting to the New Normal Hospitality: Industry's Changing Structure

29 Sept 2023 · 1 min

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Mark Simpson (speaker) advises hospitality business owners to adapt to post-2019 market conditions, describing a "new normal" that requires strategic planning and dynamic pricing. He contrasts pre-2019 booking predictability (setting dates in January, email blasts) with current volatility and warns that being fully booked far in advance (e.g., for 2023) likely indicates underpriced listings and recommends raising prices.

Chapters

As a business owner. I know if you're listening to this and if you're in the world of hospitality, you must be like going, oh my gosh, you want a bit of structure. You know, you're so. But this is the, this is the thing. If you've just come into the market, you're like, what are you complaining about? This is the norm. But anybody was around in 2019 and below. You're very used to setting your dates in January, putting out an email blast or whatever, getting your bookings coming in and then you can plan ahead. But you know, you have to adapt with the times and this is the new times. So I don't think anybody was hoping for those 2018, 2019 sort of levels. You should be ready. And if you are listening to this and watching this and you're 100% booked already for 2023, well, the signs there point to me that your prices are too low. So do something about your prices.