The trade war between the United States and China has lasted for more than one year — and a resolution is nowhere in sight.World Economyread more
The Fed is expected to cut rates Wednesday, but it is unlikely to tell markets what they want to hear on future rate cuts.Market Insiderread more
Pelosi said Trump should not have tried to address China's trade practices in a way that opened Americans up to financial pain.Politicsread more
Investors await the Fed's latest decision on monetary policy, set to be released on Wednesday stateside. The U.S. central bank is widely expected to cut rates by 25 basis...Asia Marketsread more
TransferWise posted an annual net profit of £10.3 million on revenues of £179 million.Technologyread more
Live the high life with a night's stay at Highclere Castle, the iconic stately home made famous by Downton Abbey.Spendread more
Large banking institutions face the risk of failure if interest rates in Europe continue to stay negative, warns the global chief economist of the Economist Intelligence Unit.Banksread more
The fallout from two fatal crashes of Boeing 737 Max planes has ensnared the manufacturer's most-loyal customer: Southwest Airlines. The carrier has canceled thousands of...Airlinesread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
In the survey, conducted after the third in the Democratic Party's series of debate, the former vice president draws 31% compared to 25% for the Massachusetts senator. At 14%,...2020 Electionsread more
Stocks rose slightly on Tuesday, but gains were capped as the Federal Reserve kicked off a two-day monetary policy meeting.US Marketsread more
This year, vacation and travel destinations around the world are expected to spend a whopping $542 billion on advertising to lure vacationers to their locales, according to recent figures from eMarketer.
Yet Nihiwatu, a resort on the remote Indonesian island of Sumba, has its own unique method of drumming up high-end clientele—and it costs them virtually nothing. Perhaps more interesting is the exact way in which they've managed to earn an enviable word-of-mouth reputation.
"When guests book and we ask, 'How did you hear about us?' Instagram constantly comes up," James McBride, the resort's managing partner, told CNBC recently. "It's actually fascinating how much it comes up."
Instagram, the Facebook-owned, photo-sharing app just marked its sixth year since inception, and claims more than 500 million monthly active users. The platform is also a growing marketing tool, with companies flocking to harness Instagram influencers—accounts with large amounts of followers—to boost their products.
In Nihiwatu's case, however, the resort is reaping the benefits of being an influencer without much of the costs. It currently has more than 45,000 followers on its Instagram account, and a night at the resort ranges between $600 to up to $12,000. depending on the accommodations.
Despite the hefty price tag, the hotel has little trouble booking rooms, and gets lots of referrals from the photo-sharing site.
"When the content is beautiful, people follow you and they live vicariously through you," McBride said. "Word of mouth and social media are almost intertwined to a certain degree. They coexist."
If you're looking to get away from it all, Nihiwatu may be just the spot. In fact, there's not even at ATM to be found on Sumba Island.
Still, reaching the secluded destination can be a considerable trek. There are no more than a couple flights per day to Sumba from the island of Bali, but that hasn't deterred the flock of U.S. residents who are the most represented demographic among the island's guests.
Until very recently, Nihiwatu has relied purely on organic social media. McBride told CNBC the hotel has invested very minimally in advertising on both Instagram and Facebook.
McBride said people often ask him which agency runs his social media accounts, "I always answer with a straight face, and I say, 'Mary Tilson, our yoga teacher does it,' " he said.
Not only is he intrigued by how many people found his resort without him having to use conventional ads and travel agencies, but he also takes pride in relying on local staff to share experiences through social media.
"Anyone can do it if you got good taste, take good pictures, and it costs you nothing," McBride said. "There's a mindset that social media needs to be run by an agency, or someone professional, when it's really not that difficult."