Competing in the retail revolution
How are travel agents not only going to survive, but thrive in an increasingly challenging retail environment?
Guest speakers at this year’s annual Travelport conference in Seoul have enlightened some 300 delegates about how to effectively compete during challenging economic times.
First off the bat, Australian retail marketing guru Amanda Stevens asked delegates to question who their new travel consumers are and how agents were converting them into advocates for their brand.
Stevens proffered her insights having spent the past year researching common characteristics of what successful retailers in Australia, Asia and America have done over turbulent economic times of late.
Packaging up a number of common characteristics, Stevens said in Australia alone over 3000 local retailers have been forced to close their doors. However, at the same time, many have survived, and not only scraped through, but also thrived in the changing environment.
According to Stevens, retail travel agents should also look to consumer trends to see what is driving the way in which people consume and experience retail spend, which could lead to the creation of new opportunities for travel agents to embrace.
Four pillars as outlined by Stevens include:
1. The notion of BUSY- ness.
Our greatest currency is time – and we seem to have less and less of it. Time to do those things which are important, time for relaxing, time for having great holiday experiences and spending quality time with loved ones, (not while on the phone or on social media). The currency of time, therefore, is becoming an increasingly valuable commodity.
Time as a currency is a far more valuable than saving costs, in the view of the time poor traveller. Most business practices don’t focus on this factor coined by researcher Tim Kasser as “time affluence”. Studies by Tim Kasser reveal that people respond much more positively to the notion that their time is considered of value and will remain consistently loyal if they feel their time has been saved and valued.
Travel agents should ask, “How are you saving time for your customers and what small things are you doing to contribute to their time being saved when they are planning their trips, be it for business or leisure?”
2. Health is the new Wealth (particularly for women).
Health, fitness and wellness travel has gone from emerging trend to badge of honour in the past few years. With a plethora of packages bundling health and wellness into travel experiences catering for this growing market, the segment has truly come of age and fits nicely with the time poor audience mentioned earlier.
Agents should ask, “ How well placed is your business to capture this growing market?”
3. The growing consumer segment known as “WOMAN”
In Australia, women are earning more, staying in the workforce longer and having children later. However, it is two emerging consumer segments that should concern travel agents the most.
Women aged between 25-40 and women in the 50+ age categories have cemented their position as increasingly powerful purchasing decision makers.
According to Stevens, they are also 5 times more likely to refer a brand or experience to their “inner circle “ of at least 2-3 other women.
Agents should ask, “How well is your brand or business engaging with these two sets of potential customers? And how well placed are you to capture these opportunities strategically?”
4. From word of mouth to word of mouse
Social media is unquestionably amplifying marketing opportunities for brands, but as travel businesses go, agents are still and always will be in the experience economy.
The question to ask is, “How well do you currently leverage technology to enhance your customers experience so they become your raving fans?”
Focusing business strategies across these four insights, according to Stevens, should prove the future does indeed look bright for travel agents who are well established to maximise these opportunities.
Nancy Hromin is attending the Travelport Conference in Seoul on behalf of Travel Weekly and can be contacted at nancy@travelweekly.com.au
Email the Travel Weekly team at traveldesk@travelweekly.com.au
Amanda Stevens gds marketing travelportLatest News
Collette goes off the beaten track with Canyon Country tour
To be clear TW is not advocating actually walking off the beaten track. Avoid the coyotes. Stay on the beaten track.
Intrepid & Korean Tourism Organisation team up to give agents a cooking masterclass
These guys learnt that Korean cooking is more than just putting kimchi on 2-minute noodles (as we once thought).
Winner, winner! Intrepid reveals the 9 lucky agents that won $2k
Who won the incentive? Which Intrepid trip will they spend it on? What day of the week is it again? Where am I? Huh?
Corporate Traveller reports 42% increase in Easter traffic this year
Business travellers just love Easter! Expect plenty of chocolate stained documents returning to the office on Tuesday.
Turbulent year wiped $384m off Qantas brand value: Report
Meanwhile, eating tuna at your desk can damage your own personal office brand value by several thousand dollars.
FAMIL: Room-Res & Singapore Tourism Board shows agents the Lion City’s roar
Click this article to see a man very impressed by a 20-layer chocolate cake. We're not kidding, he loved it!
Oceania Cruises offers sailors free pre-cruise hotel stay
Looking for ways to make your holidays as long as possible? Look no further.
Bonza launches new website to compliment app, agent portal
Does news about an airline's website fill you with ecstasy, glee and joy? Get your hit of the good stuff here.
MTA agents attends ‘Lunch ‘n’ Learn’ with AMA Waterways
When organising the event, Lunch 'n' Learn beat out Dinner 'n' Divulge and Breakfast 'n' Banter. Understandably so.
Travelmarvel reveals 2025 South America tours
If you spot any typos in the newsletter today it is because TW became distracted Googling images of Machu Picchu.
Tourists from 5 countries could be BANNED from visiting Australia
Anthony Albanese's immigration laws could impact tourism from certain countries.
Just how many passengers will Qantas & Jetstar hop around this Easter?
Airline workers are ready for gleeful Easter travellers! Also prepared for sticky children with chocolate on their face.
Air New Zealand gets ready for bumper Easter weekend
Air NZ gears up for travelling passengers this Easter, while TW looks to beat our egg eating record. 117 here we come!
Four Seasons Yachts reveals first itineraries to the Caribbean & Mediterranean
These trips look so good we wish there were five seasons! Alright, we'll see ourselves out...
FAMIL: Travellers Choice treats top agents to the wonders of Rotorua
This one's got plenty of famil pics and no one looks shockingly hungover in them! Clearly no TW staffers were there.
European Waterways celebrates 50th anniversary with week-long founders cruise
Plan on celebrating your 50th anniversary with a bottle of Moët and fairy bread? European Waterways has better ideas.
100th route! Jetstar celebrates the launch of Brisbane-Avalon with 12 hour sale
Jetstar knocks a ton and celebrates with a sale while TW once scored a ton and celebrated with about 17 beers.
Record-breaking year for NSW as visitor expenditure soars past $50 billion
Enjoy running round the Opera House? Be prepared to elbow even more tourists out the way.
Norwegian Cruise Line makes play for solo travellers
NCL ensuring you don't have to go trawling Tinder to find a cruise partner. Thank goodness, we were sick of catfishing.
Entire Travel Group’s Canada and Europe 2024/25 brochures are out now
Entire's new brochure is bittersweet; it both informs your clients and makes you envious of the holiday they'll take.
Malaysia Airlines adds 3 new destinations & A330neo seats
More seats means cheaper airfares and more money to spend on overpriced airport sandwiches. Woohoo!
Two divine days onboard Crystal Serenity
It's only pure serenity onboard this ship. Anxiety, agitation and anguish have been rejected by the bouncer.
How the Globus Family of Brands elevates coach touring: Travel Weekly TV with Chris Fundell
Chris' here so you don't think coaches mean peeling your thighs off a sticky leather seat every time you stand up!
The Flight Centre Foundation gears up for massive 2024 with 3 new board members
The foundation looks to invest $200k this year, spurring the TW journos to figure out how to qualify as a charity.
Barking Owl Communications to head up Anantara & Avani in ANZ
Fellow PR competitors had been barking up the wrong tree even thinking of bidding for this job!
Amex GBT to purchase CWT for $871m
It's big deals like this that get a firm handshake - hence the sore hands over at the CWT and Amex GBT offices.
1000MTG’s second global conference reminds agents to ‘strive and thrive’
Alongside messages to 'strive' and 'thrive' were those to 'survive', 'drive', 'arrive' and 'jive' (when appropriate).
Qantas A330 makes “loud bang”, pilots forced to shut down one engine
Qantas refusing to let Boeing have all the headlines in aviation world today!
GX Community Tourism Summit 2024 location revealed!
The new location has arrived and it'll blow your socks off! Time for another trip to Target for more socks then.
Visiting the destination my Mum didn’t want me to
Yet again, this journo has been a stress to his mother. Discover how this trip spurred his mother's anxiety here.
Agents come out of their shells at P&O’s turtle hatchery event
For some, it's a few glasses of bubbles to lure them out of their shell. For these agents, it was a bit more literal.
Boeing cleanout: CEO, chair to go as safety crisis plagues the manufacturer
CEOs are falling thick and fast these days. We should have started up a bingo game with their headshots in the office.
Virgin looks to swap MAX 10 order for MAX 8s amid Boeing delays: Reports
Virgin has changed its order for something smaller. Much like we have to at Maccas following a worrying doctor's visit.
Club Med unveils newest luxury yacht for 2024/25 early bird sale
This yacht is preserved for the early birds! Night Owls may also get onboard depending how late they stay up.
Abercrombie & Kent 2024 Asia Portfolio is here
Round up the family and get planning an Asia jaunt. Or, if they're hard to handle, brush them all and go it alone!
Elevate your earnings: Final days to secure double commission with Inspiring Vacations’ March offer
What could inspire you to sell more Inspiring Vacations? Double commission of course! That's all the inspiration needed.