The travel industry as a whole is hard to generalize about. OTAs have different challenges to those that fall into the newer category of “the sharing economy”. The hotels market is different from the airlines market. And we could drill down further: low-cost carriers have different challenges to traditional airlines, high-end luxury hotels differ from budget. Yet there are some fundamental trends and challenges that underlie each. But, more importantly than that, the travel industry operates, at times more than it realizes, as a of network of interdependent business models. Consider the innovative forces the industry has witnessed in the past decade.
The message is clear: customer experience is more than a new wave in marketing speak. It’s an essentially new way of thinking about business structure and product delivery. The companies that get this right are the ones that will be truly innovative; these will be the successful companies of the future.
In a market that is currently determined so much by price, travel companies struggle to find points of differentiation.They face challenges such as:
- The cost of perishable inventory
- Ancillary models of revenue
- Creating loyalty
- Understanding customer intent across devices
- Minimizing the purchase cycle
This book argues that a truly customer centric approach will transform traditional challenges in the travel industry into opportunities. We then offer you five actionable big ideas.
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