As everyone talks about how the recession may change their business, one industry that will likely feel the effects severely is travel. More specifically, leisure travel as people put off that next vacation, or choose to stick close to home rather than heading to more exotic destinations. You might think there’s not much any one property or destination could do to change that, but High Peaks Resort in Lake Placid has a brilliant idea that is doing just that.
They tied their room rates to the Dow Jones. So when the Dow goes down, their rates for rooms do as well. On a recent day, the Dow closed around 8300, which meant their room rates were $83 – a significant discount from the usual $250 they charge. The menu items at their restaurant also change prices based on this sliding scale. The effect is not only a great promotion that is generating big word of mouth for a single resort that most people would never have otherwise heard of, it’s also generating millions of dollars in free publicity and media. While companies like Exxon Mobil continue to post record profits, and many other businesses continue to try and make a few extra bucks off their customers, High Peak Resort’s example is a powerful reminder that sometimes the best marketing is to find a way to show your customers that you share their pain … and give them a real reason to choose you.