EP #283 - Tobias Rein: Going Back to the Drawing Board
Swisspreneur Show
Are You Thinking About Going IPO?
Toby: At a certain point, you just get too big to potentially be acquired. The most important and most relevant destination for Get Your Guide? Rome. Are you a museum goer, a tracker or a clubber? Toby: I would love to be acquired by booking a comb.
Timestamps:
05:00- The Change in the Travel Market
16:10 - GetYourGuide’s Business Model
30:38 - The Dawn of the Pandemic
39:13 - Growth Strategies
49:22 - Navigating the Future
About Tobias Rein:
Tobias Rein is the co-founder and Principal Engineer at GetYourGuide, a leading online booking platform for travel experiences. He studied Information Technology and Electrical Engineering at the Swiss Federal Institute of Technology (ETH Zürich). During his studies, he also worked for the design agency, Palindrome. In 2009, he and his four co-founders had an idea to create a marketplace for tours and activities, and from there GetYourGuide was born.
What started out as a concept targeted at students morphed into a platform with a B2B business model aimed at professional suppliers and businesses, since students weren’t as interested in the initial concept of GetYourGuide as the team initially assumed. After they launched the prototype, companies started reaching out to them to get on the platform, which they took as a sign to go back to the drawing board and launch GetYourGuide 2.0, a platform for professional suppliers.
Tobias thinks timing is one of the keys to any successful business model, especially businesses in the travel market. At the time GetYourGuide started, travel was just beginning to move slowly online. They decided to adapt to the market and created GetYourGuide as a forerunner of the online travel era in terms of online booking experiences. As they grew, new products started to launch in the market, and Google became one of their biggest competitors by integrating booking features in its software. Tobias believes that the key to standing out from big competitors such as Google is to provide unmatched customer service and to have a solid knowledge of the brand.
In 2020, the pandemic disturbed travel as we knew it, and GetYourGuide, along with many other travel platforms, was deeply affected. With the rise in their competitor’s leverage and the onset of covid-19, Tobias and his team incorporated three main principles to help them outlive the crisis:
- Saving money
- Staying together as a team
- Prioritizing customer satisfaction
By doing this, they cancelled tours that were no longer possible and set up a hassle-free process to refund customers. They avoided mass layoffs, though inevitably letting go of a few people. Finally, they were more frugal with their expenses, getting rid of non-essential items they were no longer using. Despite the changes they had to go through, Tobias believes that this experience made them more resilient and better prepared for any upcoming challenges. Post-pandemic, GetYourGuide has been redeemed, seeing their revenue skyrocket since borders have opened up.
Memorable Quotes:
“I would rather go on the safe path of adapting to the market, rather than trying to change the market”
“Motivation and passion are only half of it”
If you want to listen to more episodes talking about other platforms made for travellers, check out our conversation with Oliver Huber founder of Nomady.
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