Actionable tips help agents, operators and destination management companies across the world find new revenue streams and increase efficiencies
Flywire, a high-growth vertical payments company, today released a playbook to help companies within the travel industry adapt to the changes brought on by COVID-19 and kickstart growth into 2021. The guide, “Bouncing Back 2021 Playbook: Tips, Trends, and Strategies for Resilient Travel Companies,” draws from industry experts to share actionable insights into how companies can grow their business despite the headwinds posed by the coronavirus.
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“The coronavirus has upended the travel industry to such an extreme that, for most companies, the old way of doing business is not sustainable,” said Colin Smyth, head of travel at Flywire. “Consumers have completely reset their expectations for what constitutes a safe, yet enjoyable experience. By adapting to current customer demand and putting the right tools in place, travel companies will set themselves up for long term success.”
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The key takeaways from Flywire’s new framework for travel companies include:
- Adhere to updated Health & Safety Guidelines to mitigate risk. Follow the new standards set out by The ATTA and Cleveland Clinic to manage COVID-19 risk factors and create a safe environment for travel customers.
- Reset Terms & Conditions to protect your business interests. Update your terms and conditions to include more transparent communication around refund and cancellation policies. This will help preserve cost and minimize risk for the business.
- Adapt travel insurance policies to meet consumer demand. The Google search term “travel insurance” surged 92% once the coronavirus hit. Providing customized and flexible insurance policies will cater to the changing expectations of clients and protect the business from unanticipated events.
- Master social media marketing to attract new customers. Effective social media marketing can yield significant ROI. Certain tips, like turning customers into content creators, will help grow your customer base overtime.
- Digitize payments to reduce costs. Leverage a digital payment platform, like Flywire, to reduce fees, simplify processes, mitigate risk and improve the guest experience.
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