Does your business know which international markets look the most promising when it comes to attracting customers?
VisitBritain’s new interactive tool can help you determine which international markets might find your product most appealing – whether you operate accommodation, a pub or a restaurant, manage an attraction or even offer transport services . By specifying 3 categories using the online tool – business type, region/post code and popular area activities or offerings – the tool calculates which markets look promising.The basis for the Market Selector tool’s outcomes are derived from VisitBritain’s valuable inbound international tourism data alongside their in-house market intelligence. Once you’ve input the 3 categories, VisitBritain’s tool provides you with the top markets for your business or region, based on volume and value. It couldn’t be easier!
For example, a pub in Dorking, Surrey – an area popular with walkers, cyclists and music festival attendees – would have particular appeal to the following international tourists:
In addition to identifying the best potential markets, there is a further link to ‘More Market Insights’ for each one of the identified markets. This detailed data can be particularly insightful about a new market. For example, Belgian visitors are primarily from Brussels, make their travel plans online and prefer 3* and 4* accommodation along with good food.
To identify new custom or to better understand your current customers, use VisitBritain’s new tool and Market Insights at: Market Selector tool
A new research report from Barclays takes a look at the ‘feedback economy’ and its impact on the hospitality industry. Customer-generated online reviews are increasing and opportunities for significant growth exist for responsive businesses.
The report’s economic modelling suggests that the hospitality and leisure sector – if it becomes more responsive to online feedback – can reap benefits and potentially ‘boost the economy by £3.2bn by 2026′.
What does this responsiveness involve? The report explains how the online review process is managed by the respondents including, for example, the use of dedicated staff, Customer Relationship Management (CRM) systems and monitoring of online sites. Surprisingly, opportunities are particularly significant for small and independent businesses who appear to be more responsive to customers’ input. Case studies involving the five star Corinthia Hotel London, Villa Plus and Everyman Cinemas illustrate how to successfully manage feedback.
So what can hospitality businesses do to ensure they make the most of the feedback economy? Barclays’ report suggests taking a longer-term view of online reviews. The report’s infographic ‘Strategies for Success’ can help guide businesses in the steps a business can take to reap benefits from the feedback economy.
Barclays has made this report free to download. Find it HERE.
The British Hospitality Association, the trade association for the UK’s hospitality industry, has produced a 2015 overview of the UK food service management (FSM) sector which highlights insights on current and future trends shaping the sector. A regular publication of the BHA, the FSM report also looks at the sector’s current and prior performance and is the BHA’s 24th FSM-specific report.
The sector’s continued success – as employers, and in terms of its commercial, environmental and community-focused activities, is discussed. The latest findings from Oxford Economics’ research, which was commissioned by the BHA in early 2015, confirms that “the FSM sector’s annual turnover has grown each year since 1998 and has now reached £10.8bn”. The report also examines the sector’s efforts to control food waste and improve sustainability as well as the recruitment and retention of staff.
If you’d like to learn more about the FSM sector, find the FSM report on the BHA’s website where it is available free in a pdf format.
Reliable statistical data is worth its weight in gold for researchers, academics and business practitioners.
If you’re undertaking research, the World Tourism Organization (UNWTO) creates quality reports using data gathered from countries around the globe and makes these reports available in the UNWTO’s Elibrary. The eLibrary’s subject areas reflect important themes in the tourism sector, e.g. ecotourism, sustainable development, finance and investment, risk and crisis management, market research, tourism statistics and poverty alleviation. The format of the UNWTO Elibrary materials range from books and journals to statistical reports by country.
The UNWTO’s materials have a broad coverage of tourism and related subject areas. Although much of the UNWTO’s information is available to “Member States, Affiliate Members and Subscribers” there are some items available free to the public. Tourism Highlights 2015 is one such report.
For even broader coverage of hospitality, tourism and business management topics, the Institute of Hospitality offers its members FREE access to an online library containing publications from the best hospitality and business publishers. The eResources Collection contains hospitality and business-focused titles including over 500 ebooks and approximately 2000 ejournals. Members can also “borrow” from a selection of digital audiobooks and listen to some of the greatest management thinkers discussing leadership, business management and personal development.
The Institute’s resources are a round-the-clock collection of online resources that help hospitality managers hone their skills, find answers to sticky questions and learn how to be the best hospitality manager they can be.
One of our favourite hospitality industry reports is the one produced by BDO’s hospitality experts annually called Hotel Britain. This year’s report contains some exciting analysis of how Britain’s hotel sector fared in 2014 and where it is headed in 2015 and beyond.
The big surprise? Regional performance. The report confirms that 2014 was a great year for London with robust occupancy rates, but the regional hotels experienced a stellar 2014. London counterparts were ‘outperformed’ when the regional hotels’ rooms yield experienced double digit growth. AARR increased and regional hotels experienced a higher compound annual growth rate over the last five years when compared to that of the capital.
Find out who were the “Winners and Losers” in 2014, see a summary of 5 years of sector performance and find out if there are any bumps expected on the road ahead. The report can be downloaded at BDO’s website: http://www.bdo.co.uk/news/hotel-britain
Questions about Hotel Britain 2015 can be directed to Robert Barnard MIH, Partner, at 0207 893 2143 or email here.
Institute student members are focusing on a couple of popular topics this year as they write their theses. Employment is always a key issue for the industry so it comes as no surprise that students are examining the employment of migrants in the hospitality industry.
To expedite any research – whether for a thesis or dissertation, or for application in a business setting – here are some documents that review the employment of migrants in the international and UK hospitality industry as well as general migrant employment issues.
An excellent place to start industry research is with the hospitality industry’s sector skills council, People1st, which produces quality research on many aspects of the industry.
Academic (i.e. peer-reviewed) articles are available FREE to Institute of Hospitality EMS, student and regular members in the eResources Collection. The Institute’s own quarterly journal, Hospitality, is held in the Online Cataloguewhere members can search for and download pdf articlesto supplement their research. Members can access these resources and many other member benefits by using their registered email and password to login on the Institute’s home page. Questions about login matters can be emailed to: email@example.com
In 2014 “Europe attracted 22 million more international tourists than it did in 2013” making it a record-breaking year for some hoteliers. So what do 2015 and 2016 have in store for the industry? PwC’s hospitality experts weigh in with the 4th edition of a 58 page report called, promisingly, Room for Growth.
The report examines the economic backdrop for the hospitality industry in 20 of Europe’s major cities, from Amsterdam and Belfast to Porto and Zurich. It answers important questions such as:
What is the effect of emerging markets on Europe?
How have falling oil prices affected consumer spending?
How will Greece’s uncertain future in the Eurozone and regional instability further afield (i.e. Russia, the Middle East) impact economic growth?
Which cities will experience more challenging conditions, why and what can they do?
What can London expect in 2015-16?
Adaptive strategies for 2015 and beyond are discussed including the use of artificial intelligence (AI), how a global climate change deal may affect consumer behaviour, the all-important US economy, engaging with mobile technology and sub-Saharan Africa’s industry potential.
Room for Growth is a balanced industry report that recognises the many ongoing geopolitical issues and uncertainties, but also foresees growth as recovery from the recent financial crisis is replaced by prosperity and globalisation.