Extend the product offering:
A flight is usually the first purchase point for a traveller, so flights and the associated products (baggage, seats, upgrades etc) are obvious initial revenue streams for airlines.
However these products are just the start, travellers are also likely to need hotels, travel insurance and car hire at the very least.
Travel brands are actually in the prime position here as they know details of a person’s travel plans before anyone else in the travel process – but they have to use their data effectively.
Although travel brands should own the travel space, many of these services are also offered as part of added value accounts from banks.
The banking sector can provide strong learnings for travel brands regarding innovative revenue initiatives, with £874 million coming from positive fee incomes in 2007 alone.
Travel brands though, are obviously more suited to selling travel products than banks, so they should aim to extend their reach – the customer expects it!
Extend the product offering:
A flight is usually the first purchase point for a traveller, so flights and the associated products (baggage, seats, upgrades etc) are obvious initial revenue streams for airlines.
However these products are just the start, travellers are also likely to need hotels, travel insurance and car hire at the very least.
Travel brands are actually in the prime position here as they know details of a person’s travel plans before anyone else in the travel process – but they have to use their data effectively.
Although travel brands should own the travel space, many of these services are also offered as part of added value accounts from banks.
The banking sector can provide strong learnings for travel brands regarding innovative revenue initiatives, with £874 million coming from positive fee incomes in 2007 alone.
Travel brands though, are obviously more suited to selling travel products than banks, so they should aim to extend their reach – the customer expects it!
NB: This How To series is authored by Janet Titterton of Collinson Latitude