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Between managing growth challenges, rapid industry changes, and keeping up with evolving consumer behaviors – there’s no shortage of issues vying for a CMO’s attention. Last month in New York City, HSMAI brought Chief Marketing Officers together for an Executive Roundtable. Here are five of the top issues that CMOs are focusing on:
1. Growth Paradoxes: Balancing Ambition and Reality
Challenge: CMOs are often charged with scaling operations while maintaining quality, profitability, and operational efficiency.
Silver Lining: An increased Average Daily Rate (ADR) and a commitment to travel highlight the industry’s strength. Hospitality brands are innovating with digital storytelling, enhancing the guest experience beyond traditional advertising and tapping into a rich narrative of travel enthusiasm.
2. Workforce Engagement: Bridging Generational Gaps
Challenge: Engaging a diverse workforce and bridging the motivational gap among different generations present ongoing hurdles.
Silver Lining: The re-introduction of internship programs and the commitment to enriching educational opportunities underscore a proactive approach to talent development and intergenerational mentoring. These efforts are vital as the sector evolves, ensuring a pipeline of passionate, service-minded professionals.
3. Stakeholder Management: The Art of Diplomacy
Challenge: Managing expectations and fostering satisfaction among franchisees and stakeholders demands a nuanced approach.
Silver Lining: There seems to be easier access to capital, signaling an investment in growth and stability. This financial flexibility allows for more strategic investments in property improvements and innovation.
4. Revenue Optimization: The Customer Journey
Challenge: The goal to optimize revenue streams has become more complex with the blend of physical and digital customer journeys.
Silver Lining: Advances in technology are enabling more targeted and effective strategies. Our eagerness to embrace digital marketing avenues opens unprecedented opportunities for engaging with guests in meaningful ways.
5. Performance Anxiety: Striving for Excellence
Challenge: Concerns about maintaining brand performance, hospitality, and profitability are ubiquitous.
Silver Lining: Overall, many continue to meet budgets and normalize leisure trends, trying to ensure future revenue streams are more predictable. The acquisition of new properties and the growth in small and medium-sized meetings reflect a continued demand for travel and face-to-face interactions.
Thank you to our facilitator, Dorothy Dowling, Managing Director, Howarth HTL and to HSMAI’s co-hosts for this roundtable, Expedia Group, Lotus Marketing, and Sojern. We’re grateful for the candid discussion from the eighteen executives from sixteen companies, including:
- Associated Luxury Hotels International
- BWH Hotels
- CoralTree Hospitality
- Drury Hotels Company, LLC.
- Hilton
- IHG
- KSL Resorts
- Marriott International
- Omni Hotels & Resorts
- Outrigger Hotel Group
- Preferred Travel Group
- Pyramid Hotel Group
- Red Roof Inn
- Sonesta International Hotels Corporation
- The Boca Raton Resort & Club
- Wyndham Hotels and Resorts
HSMAI hosts this unique by-invitation only forum annually for hospitality marketing executives. If you are interested in being invited next year, please email Bob Gilbert.