Hospitality and the SRQ Marketplace

Key demographic and local trends affecting hotels, vacation rentals, restaurants and golf courses in the Suncoast and SRQ marketplace

Florida continues to experience growth across both the general population and the inflow of travelers. Enterprise Florida reported a growth in the state population of around 2.0% in recent years. VisitFlorida reports that travelers into Florida from all global destinations increased 2.5% for 1Q17 compared to the same period the previous year, reaching 31.1 million visitors.

Manatee, Sarasota, and Charlotte counties are no exception to this. ESRI’s analysis showed these counties experiencing a total population growth rate of 7.3%, 6.0%, and 5.0%, respectively, from 2010 to 2016. Further to this point, Metrostudy reports that Sarasota County experienced 23.4% growth in housing starts when comparing 1Q17 to 4Q16. Manatee county experienced a decrease of 0.2% in the same metric.

Other cities within this area also reported meaningful population growth. The Herald-Tribune recently reported that the city of Sarasota experienced 2.5% growth from 2015 to 2016 based upon Census Bureau data, while Bradenton was at 2.3% and North Port at 3.3%. Each of these areas has a different demographic makeup and understanding the local hospitality industry supply, population and demographic data at the county level shows metrics that should be of interest when planning for future marketing activities.

Local Hospitality Industry Supply Levels

County

Hotels Full Service Restaurants Limited Service Restaurants

Golf Clubs

Manatee

130

552 332

43

Sarasota

192

836 479

51

Charlotte

48

290 209

20

Source: Enterprise Florida

However, most of us understand that these numbers are changing and sometimes rapidly. Hotel room inventory in the city of Sarasota will be changing significantly during the next 12 to 18 months. It may also be worth mentioning that while these numbers are close and directional, they are not perfect due to how business types are categorized within the data.

Reviewing the population of the area allows us to compare it to inventory levels for each hospitality segment.

Local Consumer Demographics

County

Population Median Age Households Households 50k +

% Households 50k +

Manatee

346,511

47.0 144,760 70,802

48.9%

Sarasota

402,055

55.1 185,183 93,276

50.4%

Charlotte

167,940

58.0 77,379 34,679

44.8%

Source: Enterprise Florida

Ratios: Population Per Supply

County

Population/ Hotel Population/ Restaurant

Population/
Golf Club

Manatee

2,665

392

8,058

Sarasota

2,094

306

7,883

Charlotte

3,499

337

8,397

While the above table has a reasonable amount of consistency across each county, the data at the city level is much more disparate with significant variations in the ratios from city to city. These calculations lead owners to ask if they are getting a fair share of the population and its extended sphere of influence to visit a specific location. Completing this analysis properly, requires the addition of inbound fly and drive travel activity to be included. Combining these data sources creates a baseline of volume that should be achievable for a given location and promotes a better understanding of the ebbs and flows from which marketing programs may influence revenues.

Wondering how to create a marketing technology platform as unique as your business? Start by sharing some basic information with Accubase about what you want to achieve or simply explore a new area that you feel may be a possibility.

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Accubase Introduces Core Services for the Hospitality Industry

Nokomis, FL – May 15, 2017 – Accubase, a marketing technology research and services company, announces the availability of its research, planning and implementation coordination services specifically designed for the hospitality industry. Accubase recently customized its offerings to meet the needs of the hotel, restaurant and golf club management segments of the industry to provide each subscriber a cost effective resource for creating the technology aspects of their marketing initiatives. The compiled research covers thousands of solutions and services to assist teams responsible for both marketing and architecting the necessary marketing technology infrastructure. Accubase’s planning services enable clients to identify marketing and technology solutions to architect a capability plan for a campaign, initiative or as an essential element of a complete marketing plan. Its implementation coordination services guide a business from marketing concept to results.

Accubase understands the roles and value provided by the corporate group, brand, region and individual location and provides services designed to complement each. Understanding the scope and breadth of marketing solutions allows Accubase to formulate Marketing Technology capability roadmaps that provide insights into what’s possible with the resources of the buyer and the innovations from today’s Solution Providers, such as software companies, technology vendors, marketing agencies and consultants.

Today’s solution providers and their products enable time-constrained marketing and IT teams to do more with less and at a faster rate. These solutions number in the thousands, creating a sea of unknowns when embarking upon a new marketing initiative. “When partnering with Accubase, companies are able to generate competitive advantage by architecting the future of their marketing capabilities and then making tactical investments as they navigate their planned roadmap,” said Tim Henthorn, CEO of Accubase. Essentially, Accubase facilitates a company’s ability to identify, design and implement either individual marketing initiatives or comprehensive marketing programs for multiple hospitality industry segments, including:

  • Hotels: Chains, Brands, Ownership Groups, Management Companies, Hotels and Vacation Rentals
  • Restaurants: Restaurant Groups, Management Companies and Restaurants
  • Golf Courses and Clubs: Golf Management Companies, Private Clubs, Semi-Private Clubs and Public Golf Courses

More specifically, Accubase strives to increase marketing capacity and positively influence both the probability and level of success of marketing plans. Accubase is positioned to allow a client, along with its marketing and technology resources, to quickly adapt to the market by regularly invigorating its business with the necessary marketing capabilities required to achieve its planned objectives.

A Marketing Technology Guide

As they say, Rome wasn’t built in a day, neither was Gaudi’s Sagrada Familia. In fact, it is still being erected today, more than 122 years after construction started. The time required to create this work of art continues to be influenced by many items. The level of complexity of this building is beyond the imagination of many of us and it is covering its expenses based on donations from the community and visitors. Therefore, my intention is not to judge the swiftness of the project, but rather marvel in it as a human accomplishment for analogous purposes.

Marketing Technology is similar in at least one respect. Not in the years required to implement it, but in how it benefits from a sound plan. The typical business starts its marketing planning cycle with marketing concepts and small investments in technology. The Marketing techniques mature, the engaged audiences increase and the technology needs grow with the success of the business. However, Sagrada Familia was designed as a whole rather than as an individual room and then another. A complete blueprint of the design was drafted, reworked and finally perfected into an architecture schematic. While additions to the plan are often necessary, designing a baseline enables an organization to define its goals and future. When the effort to build the concept was actualized, issues arose and were circumvented along the way as architects, engineers, construction crews, city officials and city planners turn idea into possibility and eventually reality.

Read more about Sagrada Familia in Barcelona, Spain

Formulating a MarTech plan as part of an annual marketing plan is a necessity and requires a similar amount of knowledge and possibly fortitude, along with quarterly updates. Why?

  1. Marketers are implementing more marketing techniques
  2. Many technologies are now available in the cloud and
  3. MarTech is changing rapidly

The result is that each day clever new marketing techniques are uncovered due to creativity, our collective understanding of how marketing influences people and how technology solutions provide automation, consistency and efficiency. As an organization’s marketing skills mature and generate improved results, the resources required to make it happen must also evolve and advance.

The following guides provide selected marketing fundamentals for businesses within specific industries and the potential corresponding marketing technology building blocks.

INDUSTRY MARTECH GUIDES

As presented in the guides, there are many components to consider, but keep in mind that each could be implemented with the simplicity of a spreadsheet and time or the automation of an individual or multiple technology solutions depending upon the sophistication and budget of a given business, among other factors. Creating a foundation of people, money, data sources, marketing technologies and marketing services that will allow a business to expand, will enable a marketing team to respond to market needs accordingly. While this adaptability may not be in place at the outset, diligent planning will improve marketing results today and enable heightened success in the future.

What’s required to achieve this well-tuned, optimized marketing performance engine? For starters:

  • An understanding of what’s possible across the myriad potential marketing techniques
  • Coverage of numerous marketing technologies for each marketing objective
  • A marketing plan with defined objectives and goals

The above information in totality is too much for the typical marketing team to handle in today’s world. Having resources for businesses to get up to speed regarding marketing technologies applicable to specific objectives is crucial to generating results and meeting performance goals.