Topics>>Panel discussion: The Rise of the Experience Economy

Panel discussion: The Rise of the Experience Economy

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  1. Eiffel Tower18:32
  2. Forrester Research8:35
  3. Lake County1:54
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Thu, 11 May 2017|

Gil Harel, VP Business Development, Trip.com (was Gogobot) | Melissa da Silva, President - USA, Contiki Vacations | Gavin Delany, CEO and Co-Founder, Stride Travel | Parker Stanberry, CEO and Co-Founder, Oasis Collections

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Automatically Generated Transcript (may not be 100% accurate)

We look at the rise of the experience economy we've heard a lot of bad. Do we actually know what it means. Well. How is like getting India doesn't join in that sector. As well as traditional tour operators and hotels that might already be there we have a fantastic panel here. Plan wasn't introduce themselves and tell us. What do you do organisation. Call may do. Our most procrastinator area and the founder and C alpha company called a wee says. We are highly fury did concept. In the alternate accommodations based basically trying to bring you the call can trawl a minute even service other hotel. Ensued the world of Sharon McCullough legions namely redeem someone else as a partner from. When you travel unstuck in the company in what a sad is about seven years ago and we're now in 23 cities in thirteen countries. That would 500 told all our properties and can grow quickly. Terry ready my name is listed solar and the president friction cheeky in US. Yeah we do you social travel experiences breaking a 35 year old sits pretty much are we down since we started about 55 years ago. And we have a bath and over the past many years and especially in the last decade and I think that's probably why my head again I think and Morin Moorer obviously by demographic as enjoying your demographic data polite about the last and few sessions. They have very ever changing needs in Seoul and as a result we needed to meet their experiences are owns. And immerse of as possible sale I think that's their within about minute. I like gambling in the CEO and founder of strike travel. And scribe is about foreign connecting the 800 reserve for our queries Lake County. With on the millions of port security people want to take. Professionally where interests. But don't one and you all the logistical planning and sells. And so we really help them find compared others thousands of our options. Gift that dad passed them. Professionally when experience are they can relax have their adventure. In the nine have to do any of the hard work of travel planning. So we launched in February of last year in day we actually you won the focus raid alarms fair competition in their last November to restore relatively new but we're growing our similar out of customers and helping poorer freedom rear ends taken. Build their brand back credibly with the reviews on the safe. Hi I'm deal I'm heading of his development forum to deduct come. What was called before a goal that people another company. We are I would say in their power that helps people plan their free time meaning more steam travel plans territory defined. For a civil way to go get inspirational ideas. And then find your rate hotel. Things to do restaurant in Serra. Also we have an extremely popular power higher there is using tribute are a locally. I'll tell do you plan your free time we use a Lila personalisation. Pile we have a concept called tribes. Which basically the German rewire the travel role model I'm you can jump in the business travel among local among luxury chalet pointed that. The whole experience becomes for a size. It was also our artificial intelligence we determine whether the time of day. The web era the location and density of seas and our plans of that he tried to predict which like. In giving the right recommendation. So that's better output quotas at the end from the audience I've got. For what goes through first supposedly have you guys get started what research. Goes into shifting your product to experiential travel. It. I think Alan. So I mean had people research is critically important and any time especially as arbitrary then upgrading our checks for quite a long time. And then we know how this so if we have a dynamic China we have our and so well we really differ researchers week. We look at three rankings and I ain't seen online arsenal presentation zero people looking get past amounts of and and I think eking began on the list and whether Mac. So we look at three easily tap to our travellers first and foremost we why now why is that they want from their jets. So we survey every single customer the customer that's. And M front that weekend get alive really Bible insights we are also due surveys so we partner with agencies to do some surveys each year. And and I think why they're really interesting takeaways from this evidently did note three summary. Was at 96%. And JDN. Gen Y travel this 65%. The theory strongly 96%. Strongly. Life experiences and we've experiences are the most important thing in life not just in travel and we needed a little bit deeper are. And the three things that they want and then travel experiences are. To learn more about another quarter are to have a better food emerging experience and to have a social experience said those of the three things we took away from the survey this year. And can really they were across the worked for generalising gently. And third we really worked out. And just wait people list and we sort of where those three things Garrity get a better initially winning and Emmy test. So what fest and you know for example this year. -- To a power. Over offerings across the different regions so. Really just doing our research with existing and then and then just holistic paper or something that's gonna. Chart yards do you give a quick wary Freitas all the different because. We have we haven't been around for a lifetime so sort of the it was the underlying premise of of why we started the company wasn't as is that driven it was calibre. A premise which wires that. Yeah a staying in the offer was hotel is just inherently. Less rich vein experiences there and staying power in Geneva Hyde inner apartment going to retreat store. Julia are going to a younger studio instead of hotel general just an inherit ritualistic came from that experience. In that if you could enable people tonight just have up that night just bought an apartment in neighbourhood which has more about a million B. Kind of concept OK you're enabling summoned a Bogota and that's great. Biden it's how you take the next dad and actually really. Yeah yourself as a hospitality provider provide them the tools to immerse them in the quarter whether they're staying there for four days before my. And so that was kind of moral or corporates. I'm glad redoubt supported Hillary component. For us the way we started. Worse basically in there was a lot of companies who find about the I think try to do their arm but. Six years ago when goal what's sided we said there was a better way to do travel palm it was. One big company will provide a condition is still very big. But we've I was very flat and you can really relate a lot of the reviews that you read speakers in late you'd wasn't precisely what might Q. So we said there was a better way and so which also. Has really strong buy back then you why in design which is really. Crystal acquittal and specially more while. Into that we cleared. The really strong. AB testing culture so we glanced up really quickly if it works we continue. If not before the way. You know we we started by looking at though marketplaces Edwards missing. And sell their. Many search our options for hotels and plate a lot of other. Single components of the travel experience but now for the whole package are together so we first serve in the market is otherwise a real all then we survey. Two groups of people both as people we knew one this experience with our if you will we start should want this experience but didn't necessarily. Self identify Lori saying it one at a different AF important thing you can mine union serving in doing at Forrester Research. Is due. Nut limit yourselves just you. Pressure is already your target customer. In just make pretty go through it seems to me that loyal customers relative. He. Young without the correct. We we the mid majority of our customers and millennial. Yeah yeah for us actually this is the opposite self mothers to make you presented us and for the overall experiential package travel market. Provide people over the age of 55. Sell our primary target is actually order travellers baby boomer generation. Which has been accelerating in terms of how might as they retiring this paper trip has become really interesting and it's interesting because of the travel industry has been. Very focused animal when your generation for good reasons. The baby boomer generation Eddington dad doesn't get and a member of the generations like Vegas but they don't get do you. About secondary I enters the younger of the millennial while we don't see booking via an African safari Sarah our families. I'm markets. Exclusive eking a very bad that we are apparent channel preparation family of brands and I can tell you found. Well we know is that all across all of age range demographics people are looking for an ID four amorous experience. You know were like two thirds Tories 745. Cell kind of good good bit more yield good you know gen Y gen X is well. Alright that's it again next question. Where's the money come from how can you make additional revenue by adding these experiences through existing products. That's to act now. Either quickly Frist Dassault OK so you know that the core of the quiet pride with buyers is is the culmination itself right by we are very much setting ourselves up. To use service to bombers acted as a bit more over other travel agent meridian C destination military company in terms of pledging that. If you come with away says we will help sort your entire Europe on the ground experience night just Euro culmination self. We're thinking about your summer that is nine. Revenue generating it's just it's part of our it's part of package is part of our service promise were gonna be Jerricho again you're gonna have a cards eurozone COLT point 47. That is supportive of the guest experience but then on the revenue side there certainly are no idea if you can establish credibility. In the gas comes do you for work those. Ends wary needs. Now looking at stuffed its bias in prior pretty likes us like Frey age extra cleaning except era. In try to make dad is seamless as part of what's night book ball in or out now it gives you have to it's through website into kind of requires these. So I think going as seamless and had driven it's possible for the for those experiences as Roy important. Iran also dooming the out of primarily experiences transportation's. Our maturing march Couric Samara and in particular as a rise on sensible revenue source doesn't talking about of those products happen later. Julian yeah yeah. Typically typically. With the end of a couple days of dirt of the tremor. For for a some of the services end in trip for what spitzer's. I guess first question is where its revenue impact if you don't meet the shift if you don't need to change in their new Arab Brentwood become a rather then it's 4 S that's silly then when the driving factors are though of course there is some incremental revenue may be deemed by. You know at having as extra option arm and add lines or are being among their tragic terror premium for a concluded and expenses. I think you know there's somebody. To a primary. Prior rebounding Astride I was C had a prior cells by current leading marketplace for. The Euro Euro Euro dollar thinking about adding an active these spaces. You're looking at an average in his youth ranger but hundred hours. Transactions I think so that the actual busiest as a potential like one active view which in Alan here is you deranged chorus. Then we look at the whole application experience you know strides averages now over 6000. Now Europe travel media saved then there can be a really great way to you. Make that travel inspiration actionable when you package. And when you make something easily palpable. Single weapon just read is really inspiring lark about. This epic adventure through the Kalahari and Namibia that's a really potentially interesting way for you to engage users and just becoming readers. And in doing clicking something that they can now interact with and truly experience. Quickly so I think that's nearly two different way to think about. Yeah for hours. So are we seeing on our back from if it's global we provide a churned through use Bluetooth a point by drawing get your guide and open table look. For a so community needs to review that place and recommend that places then if we have been on the that case then those option to book it will offer it but the way we look at is more long term is for. We provide the right experience in the red recommendation regardless if it's local Ballmer. Then people appreciate a product. Will have to repeat users are lot of loyalty they'll come back again to our wrap themselves. Do we try to actually educate users globally and for a child has been of people child maybe once the Euro sits really high. After then to convince it to go back without. And we also do the same thing with our partners so we also license a pundit and we try to harm work with them on the long term. Unleashes a to have their customers. Another question how do you. Had these experiences like Audi sell them into potential travellers in the planning stage. Instead. Yeah I think it one because damages there. The individual we're us madder alike. Our bed nets that's always the case of course anytime a marketing anything but especially with experiential travel because even the word experiential travel. We've all their right here what does that mean we'd get a larger than any serious. And charity partners with now necessarily leader. So be very careful about testing which words. Yeah you're using for example that would adventurer in in the mine zone of the world the is after news in the travel industry speak to define a certain type of travel adventure travel trade association. As a really knows definition of adventure travel the intersection. Of three tapes deep cultural experiences connection with nature. Our generally after decades market experiences now. Most. If consumers have no idea that that's the definition of adventure travel when they hear adventure they think sky diving in bungee jumping maybe Whitewater rafting. So we have to be really careful. Why couldn't he and greet Tuscany culinary Tories under could really appealed to EU you know sixty year old couple. The travel industry can think of it defined as an adventure to a Isis has deep local experience without and it food experiences in the segue into its active. But ease their word adventurer. Two variety instead they're going to be completely turned off. Girls can do is one. I think as they think isolated power using content as Xavier costs though it's about using content we create user generated content things that. You know our potential travel areas banking consuming become inspired and excited and then they conduct from their. All right we have a question. From anonymous again he's very active today it's forte dot com where what do you think about trips by air can be. You can almost say what they're only doing wrong they obviously. Do on this knowing we just. Question Adnan. I think it's interesting they've been trying for that and we know them well they've been trying for the last three years to actually planted I'll. In they would be going back and forth do join more than then images alliance something that. We believe. Has great potential but the weeks now presented loses its very early age and sells. Its rally but clearly in in ripe for some travel has seen because the artful way. Cooking class a it driving life being you know classes with the north car archives really cover. Interesting experiences that most travellers also. Kiribati if you going for the first and to pro C gonna go to the July fell again go to their daughter down going into the places are optimistic in cell. We believe that out for all of others as well as those unique experiences sell. I think it'll be interesting how they basically make it a mainstream pride because now as of now it's kind of very. Nu should. The way there are offering it now. Why would look that they must have a market the most they do. This deleveraging. Whether the deal which is basically offering. Accommodations. Harlem in that space much other that you just disappointed. As of the not getting inventory. From the activity since the beginning revenue better off either getting as much or even close to a figure from accommodative. One analogy euro's peak. Which recently by users either to actually Pereira joined people large. The EU member focused exclusively en us and each unique really special law specialise experiences. In the relatively quickly David it is selling the Vanilla. Classics because most people when they go to various they're less likely to want to take a very special. You know Warren made peaking classic. Then nearly doubling going to want to see the Eiffel Tower. And so they've they've ever did pretty quickly. OK. It levels talking about live like global local and is all over the place. How do. To experiential company's dealer Audi get through your marketing. Yes I'll I O stated aim. It's very interesting that carbon because it is. It's it's one of those. Catch phrases that everyone throws out a time then if you like to just that I can think about it wipe. What does that mean like what kind of while radar you know you're going to your city nearer twenty million people that would bear at eleven a much of the renewable hirdes period. They've yeah there at twenty different socio economic classes. Ages what kind of wild caught you looking to live like when you getting your works I think it's it's a bit about attach kind of generic catch phrase at this point. And yeah why I say with what were trying to do is help people. We're quite an insider which again is obviously knew she does falling like we we are more in you should jury did so we should when I'm last solution. Our my mass concept self writes we sell. Although avoiding insight which means OK you know white type what are the quoted is doing OK anything which does windows appeal but more to. The millennial generation so it's like. OK if you travel weather weighs as you know Warren rental weighs in you know what we think. Inside Europe means then we are going to take you to this growth. After beating pat Christie. So I think it's important to define. What kind of want a new world. Trying to enable people to live like you know. I I agree it hard to say exactly. Trouble as a means so it's a mission statement it's. L so it also depends on what type to me if you're going are. Just with a wide form with your kid is a completely different few if any have different consideration N. In looking for different things any still in both ways can come out. Jalla like a local arm. Bad. That we become a build the whole tribe hunters speakers we've we feel like it's more just say that it's really easy to save it's hard to do. In so you. So does her. How like Harris is gonna save it I think. Aceh still going Java combining intuitive quick. And however the deal why those other experiences -- so that's that we try to do is packed with those in without necessarily. Overwhelming among the first. Find it finally. How local is local. So I think enough for many years travel like local in Zimbabwe would have been bloody measurable food fifth. Or how local is that local what are travellers want. Any comment on the. Yeah our sort of yeah it'd it goes it's a foul winter that the previous question where. Yeah are you warning to. Real be although they how redefining what got you yeah you whining to yell have a rough subway community copper over persuaded some way targets are staying and our Hathaway from you know from the other side's Mattel. Maybe a price nitrate or so yeah how yeah agree I think. It is much smaller buys all people see that they want to do that as a it makes them feel like they're a bit more work if interest in in -- bit of bite. I don't wanna be too well Paul I would guess most people dancer we're now the main stream that's would be my day. Any questions in the audience. Well leaders say thank you for our panel.