Gen-X, Digital Opps: Preferred Hotels & Resorts loses CMO amid spend declines (Score 20)
Preferred Hotels & Resorts lost its CMO Kristie Goshow in June to KSL Resorts, where she will serve as chief commercial officer. Goshow spent a little more than three years as Preferred's top marketer. Keep your eyes on this company as the next CMO may review its agency roster and shake-up the marketing strategy. We will be sure to update you once we confirm a replacement.
Per Pathmatics, Preferred earned 19.2m impressions YTD through Facebook ads (54%), desktop display ads (41%) and mobile display ads (5%). It placed the majority (54%) of these ads site direct onto facebook.comm and sacbee.com. It placed the remainder (46%) of these ads indirectly through Display & Video 360 and Google AdX+AdSense onto zillow.com, yahoo.com, foxnews.com, huffingtonpost.com and mocospace.com. It spent around $77k on digital display ads YTD, just 38% of the $200.3k spent in this channel during the same time period of 2020. Full-year spend increased 24% from $307.2k in 2019 to $382.1k in 2020.
Sellers-- Preferred appears to primarily be targeting Gen-Xers through its digital ads. Spend is significantly down so far this year, after the company increased spend in 2020. I do not expect Preferred to spend much on advertising until it finds a new CMO. It also invests in OOH ads, per Kantar. The next CMO will likely ramp spending up initially as he or she implements a new strategy. Sellers should be prepared to offer ad space.
Agency & martech readers-- I do not think Preferred is working with any outside agencies at this time. Pay close attention to this company so that you can pitch your services once it finds a new CMO. Those with hospitality experience may have an advantage.