Budget cuts without an optimization strategy risks falling behind in market share and revenue when the economy bounces back. Leading travel marketing executives share similar tactics and strategies.
Skift Research surveyed 756 travel marketing professionals globally to assess the impact of Covid-19 on marketing and advertising spending and identify challenges and opportunities travel marketers are facing in response to the pandemic.
The depth of marketing budget reduction across all travel verticals is nothing but staggering. Nearly 90 percent of marketing professionals in the survey said their companies had cut down marketing spending due to the pandemic, with 7 percent of companies shutting down the entire market team.
With the uncertainty looming around when the outbreak can be under control and when people will start to travel again, travel marketing executives don’t anticipate a fast recovery. Forty-three percent of the surveyed respondents predicted that their marketing budgets wouldn’t be back to the pre-Covid-19 level until the second half of 2021 or beyond.
How are your marketing team dealing with resource restraints and changing mandates in this pandemic? In our newly released U.S. Travel Marketing During COVID-19 report, we present the benchmark data from the survey and examine tactics and strategies that winning companies and marketing teams have in common in navigating through the crisis.
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What You’ll Learn From This Report
- Benchmark data on levels of marketing budget cuts, breaking down by travel vertical.
- Key tactics that travel marketers are adopting and major challenges they are facing in response to Covid-19.
- Travel marketers’ predictions on the timing of full recovery.
- A framework and best practices on how to be best positioned to come out the pandemic stronger.
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This is the latest in a series of monthly reports aimed at analyzing the fault lines of disruption in travel. These reports are intended for the busy travel industry decision-maker. Tap into the opinions and insights of our network of seasoned staffers and contributors. Over 200 hours of desk research, data collection, and/or analysis goes into each report.
After you subscribe, you will gain access to our entire vault of reports conducted on topics ranging from technology to marketing strategy to deep dives on key travel brands. Reports are available online in a responsive design format, or you can also buy each report à la carte at a higher price.
State of Travel
Skift Research’s 180-slide overview of the business of travel, covering consumer and macroeconomic trends, and performance analysis of all travel sectors.
Tags: covid-19, skift research, travel marketing