The recession, it seems, is officially here judging by the # of reports on survival strategies.
Companies typically take aim at the least-efficient channels at such times - online media are not really safe either.
Big online companies invest in many channels to derive maximum returns - search, email, display, ad networks What are the best strategies for travel sites to deal with tigher pursestrings and leaner budgets?
- Invest in the most ROI oriented channels without completely consigning brand advertising to cold storage. People still do the things they like in a recession - travel, eat, shop and they still like to save money and get the most bang for their buck.
A brand is a reassuring sign - a signpost for stability and hence not completely irrelevant in a tougher time
- Offer cheaper weekend vacations - Everyone needs a break from the endless cost-cutting! Weekend vacation deals give travelers a chance to cool it off without the intensive planning and costs associated with longer trips - Recession-proof vacations.
- Tune in for some fun and innovation - Look at unexplored avenues and still-in-the-works media.
Google, for instance, is stepping up its mobile advertising initiatives - being an early adopter in new, trendy media while others are still figuring out their budgets has its advantages - new audiences, new formats and the ability to quickly scale up in good times.
Vijay is Chief Operating Officer and part-founder of Apple Core Hotels- a chain of 5 midtown Manhattan hotels offering value and comfort in the heart of the city.Member of the board of Directors - Hotel Association of New York. www.vijaydandapani.com