Tuesday, April 24, 2007

Travolution Summit--Can the mainstream market serve the new market?

Ian McCaig, chief executive of Lastminute.com, rounded off the Travolution Summit by highlighting the importance of social media to the future success and failure of online travel companies.

"I guarantee you that if you go to university campuses today the relevance of YouTube, Wayn.com, Facebook, etc. is not diminishing.

You need to think about how you can monetise this group and identify what their disposable income is and how you can get a piece of that," said McCaig.

But, he warned, "You must be a credible player. "The instant you stop being credible, you're dead. It's over."

What about serving the traditional market? What of those Baby Boomers with bucket loads of disposable cash and leisure time who don't book online?

Can travel providers service both traditional and new travel generations, or will they need to make a choice?

This is the challenge of the mass-market player.

"The key is choice. You need to think about where you will be positioned in the marketplace and where you believe you can win," said McCaig.

"Those with the deepest understanding of customers and, equally important, a focus on the areas of the market they serve, will form the successful vanguard of the online travel industry."

Tricia Holly Davis, chief writer, Travolution

1 comment:

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