The travel and tourism industry has never faced a shock as swift and destructive as the coronavirus pandemic. Crafting the right strategy now will enable companies to emerge stronger than ever.
If there’s a silver lining to this crisis, it’s this: travel and tourism companies have the opportunity to think much more boldly about the future—and perhaps act on a once-in-a-generation idea. Companies that move fast and remain flexible in adapting to the COVID crisis stand to gain significant market share and secure their positions.
Fundamentals still matter. Travel and tourism companies need to manage pricing and customer relationships in the short term, while retuning their revenue management systems to optimize revenues for the economic recovery. But innovation, driven by bold ambitions, will be the real key to strong post-crisis performance.