Travel Industry Mavericks: A Peek Into the Industry’s Future with Peek's Ruzwana Bashir & Oskar Bruening
Mar 1, 2021
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Peek's CEO and CTO share insights on improving profitability through booking systems, scaling challenges for small operators during COVID-19, predictions on industry re-platforming, and virtual experiences post-pandemic. They discuss the importance of considering big booking systems alongside smaller ones, the demand for virtual experiences, and strategies for generating revenue in the industry.
Customize booking systems to address specific needs for optimized staff adoption and utility.
Investment in easy-to-use systems and personalized customer interactions enhances revenue generation and satisfaction.
API standardization initiatives aim to simplify integrations and drive industry-wide innovation and growth.
Pivot towards virtual experiences, targeting corporate clientele, and local customers for sustainable business success post-pandemic.
Deep dives
Challenges in Selecting Reservation Systems
Selecting a reservation system poses challenges to operators, highlighted by the importance of starting with identifying pain points and operational needs. Operators are advised to focus on marketing, customer journey, operational efficiency, and follow-up procedures to enhance their business. The recommendation emphasized customizing the system to fit specific business requirements, particularly during periods of change, to optimize staff adoption and system utility.
Impact of Booking System on Revenue and Customer Experience
Booking systems play a significant role in enhancing revenue and customer experience, reinforcing the need for easy-to-use systems and personalized customer interactions. Features like reviews, conversions, and add-ons influence revenue generation and customer satisfaction. The emphasis lies on designing systems that simplify usage for guides, owners, and staff, ensuring seamless operations and maximum business growth.
Promoting Standardization for Enhanced Industry Connectivity
Efforts are underway to establish industry standards for enhancing connectivity between reservation systems and accommodation providers, aiming to streamline operations and broaden business opportunities. The move towards standardization seeks to address the current complexities of integrations, allowing for more efficient reselling processes within the industry. By fostering collaboration and adopting common standards, industry stakeholders can collectively drive growth and innovation.
Covid-19 Impact on Women in the Travel Industry
The COVID-19 pandemic disproportionately affected women in the travel industry, reflecting broader societal challenges in gender equity and leadership representation. The pandemic-induced economic downturn has particularly impacted women in service-focused sectors, necessitating support for their recovery and reskilling efforts. Initiatives promoting inclusivity, mentorship, and diversity can help address gender disparities and create more equitable opportunities in leadership roles.
Adapting to Remote Work Trends for Business Growth
The shift towards remote work presents opportunities for businesses to innovate and adapt to virtual experiences, as exemplified by Peak Pro's exploration of virtual team-building activities. Leveraging virtual experiences can enhance team bonding, foster connections, and improve productivity in remote work environments. By embracing virtual offerings and experiential learning, businesses can capitalize on emerging trends and create engaging experiences for teams to thrive.
Enhancing Industry Connectivity Through API Standardization
API standardization initiatives aim to simplify integrations and foster enhanced connectivity within the travel industry, easing the process of collaboration between reservation systems and accommodation providers. By advocating for common standards and developing converters, industry players can facilitate seamless connections and expand business opportunities. The push towards API standardization holds promise for promoting interoperability and driving industry-wide innovation and growth.
Focus on Corporate Virtual Experiences
The podcast delves into the rising trend of corporate virtual experiences as a lucrative market opportunity for operators. With the increasing demand for virtual team-building activities and off-site events, operators are encouraged to tap into this market for growth. The pivot towards offering virtual experiences aligns with the current shift towards more localized and corporate-focused bookings, highlighting the importance of investing in innovative offerings to attract corporate clientele.
Embracing Change in Marketing Strategies
Operators are advised to refocus their marketing efforts on driving their own demand, especially targeting local customers. The podcast emphasizes the significance of leveraging digital platforms like Facebook and Google ads tailored towards locals to boost bookings. By prioritizing local engagement and implementing effective marketing tactics, operators can navigate the evolving travel landscape post-pandemic and position themselves for sustainable success in attracting customers.
Today Peek's CEO Ruzwana Bashir and CTO Oskar Bruening join the Travel Mavericks to discuss their forecasts for the season ahead. We discuss how you can enhance and increase your profitability and what impact the booking system you choose will have on them. Oskar explains why, although there are new small booking systems that might meet your specific needs, the big systems should also be considered due to their time in usage and what user feedback has meant in improving those systems. Ruzwana considers the problems small operators might have with scaling while coping with the uncertain future COVID-19 has presented to the industry and what she predicts will happen in the industry regarding re-platforming and other solutions to generate revenue and increase profitability. We also discuss the new virtual experiences corporates and the wider audience are now looking for and what their place in the market might be once we get to the other side of the pandemic.
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