It’s not all doom and gloom for the hospitality industry. Here are Ignite’s top 5 tips for a successful recession.
- Spend money on marketing. It’s proven that businesses that maintain or increase marketing spend during a recession succeed not only during economic instability but gain a greater market share in recovery.
- Invest in a marketing or operational audit. An audit can highlight numerous ways to drive new revenue and make existing business count
- Make the most of your chance to shine! Inevitably businesses and brands will fall by the wayside, and this is your golden opportunity to grab some of the market share they leave behind
- Look after those on the front line. Your staff are the driving force of your business so make sure they are well trained, motivated and inspired to take ownership.
- Focus on your customers’ needs & wants, make sure you give them what they want, and ensure they’re happy.