Two corporate travel executives explain how providers can adjust to shifting demands and preferences.
MIAMI BEACH, Fla. — Fear can be a good thing when trying to stay abreast of the latest technology, says an expert who will share his insights with operators on May 1.
“I want attendees to understand just because they may have done business the same way for 100 years it doesn’t mean they’ll get away with it for the next 10,” says Sam Mallikarjunan, a marketing fellow at HubSpot. “I want them to be adequately aware of the shifts of technology and consumer behavior and the impact that will have on their business.”
Mallikarjunan will present on Tuesday from 9 a.m. to 10:30 a.m. during the LCT Technology Summit at the EDITION hotel in Miami Beach. It’s still not too late to register for the industry’s most relevant event for understanding how to succeed in luxury transportation in the future.
“I want attendees to leave with a sense of enormous hope and optimism, and most importantly, confidence they can do this,” Mallikarjunan says. “Not only survive, but thrive. Yes, they need to be adequately worried so they are motivated to make hard changes, but they can do it. You don’t need to be an MIT grad or spend millions of dollars. You have all the tools you need, and nothing is out of reach…all it requires is a shift in thinking with a focus on strategy, expectations, and management.”
Mallikarjunan’s talk will focus on how operators should think about and understand technology changes, as well as the effects of global economics and consumer behaviors on business. He’ll approach this from the standpoint of startups looking to disrupt, and from the perspective of incumbents who are looking to maintain and/or accelerate their advantage.
“It’s a scary time to be in business,” he says. “The average lifespan of a company on the Fortune 500 list has gone from 75 years to just 15 years, and is expected to go down as low as five.” It’s time to change your thinking from just making things as efficient and profitable as possible, to being innovative and customer centric as well.
He says what most companies don’t think nearly enough about is how if the lifetime value of your customers goes up, everyone on the sales and marketing teams get a raise. “You’ll have bigger budgets and salaries, because you can only afford to spend more acquiring customers if you’re really good at keeping customers.”
If operators feel really confident they have a good grasp on how the world is changing and how it will impact them, then they don’t need to attend. But Mallikarjunan says this is highly unlikely.
“Considering I think about this for a living and don’t feel confident, if you do feel that way I’d love for you to come see me after the talk and tell me why. A lot of companies aren’t aware of the dangers this imposes. Disruption typically moves from the bottom up; if something isn’t disrupting your market now, it’s likely it will happen in the future.”
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