PhoCusWright Identifies Extraordinary Risk/Reward Environment for Travel
FOR IMMEDIATE RELEASE
Exceptional marketplace forces intensify need for strategic review by travel companies
Sherman, CT USA, May 1, 2012 – Facing an array of economic, technological and marketplace challenges, travel companies everywhere are exploring new markets, models and technologies. In too many cases, however, these "tweaks" are just not enough, according to PhoCusWright, the travel industry authority on the dynamics that influence how travelers, suppliers and intermediaries connect. Recent PhoCusWright research across a range of topics and markets reveals that, all along the travel industry value chain, there is an increasingly urgent call for strategic review. The travel marketplace has been jolted by dizzying advances in technology, voracious appetites for mobile and social, bold new business models, and threats around every corner. In the midst of this market upheaval, simply staying the course may no longer be sufficient.
"We are deeply embedded in all sectors and geographies of the travel industry, and work with hundreds of companies in the course of the year, from unknown upstarts to global giants," says Philip Wolf, founder and chairman of PhoCusWright. "The number of those considering a major strategic shift – or desperately in need of one – has clearly spiked. This call for realignment has become such a paramount consideration that the 2012 PhoCusWright Conference theme – Pivot Point – is dedicated to it."
Pivot Point acknowledges the extraordinary transformation that has gripped the travel, tourism and hospitality industry. When technological change in the marketplace causes the pot to boil over (or at least bubble at the brim), organizations are compelled to consider all options, including major strategic shifts. In the face of dramatic developments, companies need to evaluate whether their current skills and assets can adequately deliver what their customers want. Do they still provide the products and services that matter most? No excuses or denial; it's time for a cold hard look in the mirror, warts and all.
The call to pivot knows no boundaries, and applies equally to daring upstarts and media darlings, local players and global powerhouses. Today's climate demands that all travel companies boldly answer, and acknowledge that the right answer may mean trading short-term predictability for down-the road potential. In the context of this transformed marketplace, the pain of embarking on a major strategy shift may pale in comparison to the cost of not pivoting.
The forces that precipitated Pivot Point are intertwined and unavoidable. Travelers are moving beyond the device and platform, and increasingly seek a seamless experience in which their information and preferences find them wherever they are and however they choose to connect. For travel companies, the obvious areas of growth are gone, and what's left is being fiercely contested by a new crop of competitors, both from within and outside the industry. Still, great pockets of opportunity remain, for those properly positioned to tap them.
Stay the course or pivot? Whatever the path, Pivot Point is now. For more on the Pivot Point theme, and the upcoming PhoCusWright Conference to be held November 13-15, 2012 in Scottsdale/Phoenix, Arizona, USA, click here.
Pivot Point underscores the importance of strategic shifts within the travel industry. To speak with a PhoCusWright analyst about the sweeping changes that are driving some travel companies to pivot fully, and others to at least consider a shift in strategy, email email@example.com
About PhoCusWright Inc.
PhoCusWright is the travel industry research authority on how travelers, suppliers and intermediaries connect. Independent, rigorous and unbiased, PhoCusWright fosters smart strategic planning, tactical decision-making and organizational effectiveness.
PhoCusWright delivers qualitative and quantitative research on the evolving dynamics that influence travel, tourism and hospitality distribution. Our marketplace intelligence is the industry standard for segmentation, sizing, forecasting, trends, analysis and consumer travel planning behavior. Every day around the world, senior executives, marketers, strategists and research professionals from all segments of the industry value chain use PhoCusWright research for competitive advantage.
PhoCusWright enables clients to bolster productivity through superior staff training and education. Scalable products, customized programs and cost-effective delivery improve the performance of thousands of travel, tourism and hospitality employees worldwide.
To complement its primary research and learning solutions in North and Latin America, Europe and Asia, PhoCusWright produces several high-profile conferences in the United States and Germany, and partners with conferences in Canada, China and Singapore. Industry leaders and company analysts bring this intelligence to life by debating issues, sharing ideas and defining the ever-evolving reality of travel commerce.
The company is headquartered in the United States with Asia-Pacific operations based in India and local analysts on five continents.
© 2011 PhoCusWright Inc., Sherman, CT USA
+1 860 350-4084 • www.phocuswright.com