Its that time of year where budget planning is in place and critical reviews of current year spending are being analyzed. When it comes to looking at lowering costs while improving productivity, corporate travel policies rank high on the list. However, no longer can corporations afford the luxury of developing one program suited to all travelers and stay rigid throughout the year on compliance.
Digital advertising was once touted as the holy grail of marketing because it was dynamic, targeted and easily measurable therefore quantifiable. Nearly half of marketers plan to boost their investments in digital channels this year, reports Forrester Research, and 43% of respondents said they are still experimenting with digital marketing and do not yet know what works.
A 2013 survey conducted by PhoCusWright found that 92% of business travelers own a smartphone, and more than six in 10 own a tablet. It is no wonder that todays travelers want to take control over their business trips and access information anytime, anywhere. This is not to say that the role of the Travel Management Companies (TMCs) or corporate travel policies are dead.
In todays buyer-driven market, the travel industry is embarking on a transformative journey to adopt more customer-centric business models to improve performance and service quantifiably. The first step of this journey is to grasp the need for change - an imperative driven by the inevitability of the rapid evolution of technologies, more demanding traveler expectations, online reviews, OTAs and fierce competition.