The Travel industry is thirsty to compete on value and innovation rather than on pricing?
It's possible for travel companies to create continuously increasing demand through value and innovation rather than constantly fighting for existing market share through pricing.
Even though countless blogs agree that “Big Data” is widely overrated, the truth is that this phenomenon has re-defined the winners and losers of many other industries. Textbook examples like Target in the US and Tesco in the UK validate the concept of being able to treat thousands of customers like a local shop owner would, with individual knowledge, tailored products and targeted advertising. All of this has happened thanks to Big Data and the ability to accommodate individuals’ preferences and buying patterns.
In this month’s webinar titled “Business Intelligence and Big Data in Travel Distribution” by PhoCusWright, an interesting question was asked during the Q&A session: Will it be possible for travel companies to create continuously increasing demand rather than constantly fighting for existing market share through pricing? The answer for many industries is definitely yes, with players like Apple leading the innovation front, waving the big innovation flag and providing products that people want rather than need and buy at a premium price.
So why is this?