I was hired by an online travel metasearch engine operating across several markets as part of our Strategy Consulting expertise. The travel metasearch had been in business for 8 years and had seen impressive growth in the past, but since COVID-19 broke out, they have noticed a decline in their market share and bookings that did not seem to find the bottom. The owners of the travel site hired me as a strategy consultant to help the company regain its market position and increase profitability.
The Strategy Consulting Process
Here’s a short summary of how this Strategy Consulting project was approached as a strategy consultant:
- Conducted market research: I conducted thorough market research to better understand the current market conditions, the competition, and the customer needs. This provided valuable insights into the challenges facing the organization and what it needed to do to regain the market position prior to COVID-19 and improve it from there.
- Assessed the company: I also assessed the company’s operations, including its business processes, organizational structure, personnel, working patterns and marketing strategy/efforts. This helped me to identify areas for improvement and make recommendations.
- Develop a strategic plan: Based on the market research and assessment of the company, I developed a comprehensive strategic plan that included recommendations for revamping the site, improving business processes, enhancing the company’s organizational structure, and boosting marketing efforts.
- Considered new technology and partnerships: As a travel metasearch engine, it is important to stay ahead of the curve and leverage new technologies and partnerships. I recommended exploring new technology solutions, such as AI and machine learning, or virtual/augmented reality and potential direct partnerships with hotels, airlines, and other travel providers to improve the customer experience and increase visibility and profitability.
- Recommended updating the business model: I recommended changing the business model to incorporate elements of both a metasearch engine and an online travel agency. By offering direct sales and cross-selling opportunities, this travel company could be able to capture more of the customer value chain and increase profitability. However, I was very clear and ensured that this change in business model had to be aligned with the company’s overall strategy and the needs of its customers.
By conducting market research, assessing the company, developing a strategic plan, exploring new technology and partnerships, and using my vast experience in online travel, I was able to help this clinet regain its market position prior to COVID-19 and increase profitability.
In relation to the changing the business model, I recommended conducting additional market research to assess the feasibility and potential impact of this change. This included surveying current and potential customers to understand their preferences and behaviors, and analyzing competitors’ business models to see, should any of them have adopted a similar approach, how they integrated both metasearch and online travel agency capabilities.
The ultimate success of a change in business model depends on the execution and implementation of the plan. It is important to have a clear roadmap and dedicated resources to make the transition smoothly and effectively. The company is still evaluiating this last recommedation.
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