Enhancing Hotel Visibility and Bookings Through Barter Collaboration in India
Navigating Through Crisis: The Rise of Corporate Barter in Hospitality The global pandemic has been formidable on small and medium enterprises (SMEs), including hospitality giants, facing the brunt of the economic shockwave. Compared to their larger counterparts, these businesses have struggled to stay afloat amidst a sea of challenges. Government credit schemes, designed as lifelines, often fell short due to the bleak growth horizon that stretched for months. This blog delves into the resurgence of an old yet innovative survival strategy: corporate barter, which has been heavily relied upon in the hotel industry for ages. But Let’s First Understand Corporate Barter Corporate barter is not a new concept. It has been active for years, especially since it has roots in the 1950s, when it caught attention during the U.S. recession of the early 1970s. “Retail” barter exchanges involve local trade among businesses and individuals, with a transaction fee paid to the trade exchange. In contrast, corporate barter companies engage in large-scale transactions, often involving publicly traded companies, and can take title to the goods themselves. The Evolution of Corporate Barter Initially, corporate barter was a means to an end—a way to offload excess inventory in exchange for media time and space, thus conserving cash. However, today’s corporate barter industry has become a sophisticated marketing tool. It offers many benefits, including entry into new markets, incremental sales, and utilization of excess production capacity, all without additional costs. Corporate Barter as a Marketing Strategy Corporate barter now serves as a strategic marketing lever, enabling companies to expand their advertising reach, extend geographical distribution, and even boost export sales. It’s a cost-effective method to reduce purchasing costs and generate positive cash flow. For SMEs, this could mean the difference between survival and closure. How Hotels Turn Empty Rooms into Big Savings: The Power