According to the NXTmove assessments done in the Travel and Hospitality Industry, the most important business driver is marketing. Marketing is what makes this industry tick! It is not surprising that branding and business intelligence rank as the other important strategic drivers in this industry!
It makes perfect sense that these three business drivers take top priority in the design of a business that operates in the travel and hospitality space. This is a highly competitive industry and the brand that is top of mind with the best marketing campaigns, will inevitably attract the most customers. This is an experience industry and the branding and marketing become part of the customer’s experience of the company that they buy from. Companies that fare well in this industry know this!
What successful companies in this industry also do, is to really mine their business intelligence! What is business intelligence? Business intelligence is the real-time information about the business available to the leadership team. This real-time information about the business, processes and customers will empower the leadership team to make real-time decisions. Companies in the travel and hospitality industry with this as one of their key drivers, lead the market because they can adapt and react to changes timeously and by doing that, outperform their competitors.
It cannot be untold that the area where the travel and hospitality industry spend the least energy in terms of their business design, is innovation. This has always been an industry that attracts customers despite less optimal processes, not the best design as well as customer service that could be better. Why? Because people travel, regardless!
The travel and hospitality industry were hit hard by the Covid-19 pandemic and having access to real-time business information as well as industry and environmental information will be key going into the future. Being able to reinvent and come up with innovative marketing campaigns and travel packages will ensure agility and the ability to stay abreast the changes and unforeseen circumstances. To stay alive, all industries will have to embrace what Industry 4.0 brings to the world of business. Learn and stay current!
Author: Lizette de Villiers