How Does Tripit Create Value for the Customer?
Essay Preview: How Does Tripit Create Value for the Customer?
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How does TripIt create value for the customer?
Makes everything accessible in a more efficient and convenient manner
Provide ratings, customer feedback, sharing capabilities and the add-oons
Complete a SWOT:
Strength
Experienced leadership team
Talented team of software developers that know how to build a business
People are increasingly reliant on digital transactions in travel planning, especially email
Customized to each customer (mobile or email based)
The software collects and stores travel information rather than multiple email confirmations
Online travel service one of the fastest growing online categories
Itinerator is innovative software that reliably and accurately reads, decodes and then recodes the information contained in a traveller’s email confirmations from suppliers and intermediaries
Allows for growth in the way it has been constructed
Growing popularity of social media
Strategic partnerships with major corporations in the travel industry
Integrate travel guides and directions etc
Weaknesses:
Low focus on marketing development (mostly due to limited resources)
Low revenue, limited resources which make the company constantly evaluating and prioritizing its investments
Non-integration of already available travellers itineraries ratings and recommendations from other industry players
Not profitable
Difficulty obtaining financing, lack of resources for generating revenue
Should focus on obtaining and retaining customers
No major VA for suppliers, who are losing all revenue generating opportunities
Opportunities:
Target new range of customers (personal leisure customers)
Improve the technology so that possible future partners can tie in and create value-added applications
Reinforce its social media presence and social media features could help Tripit lean toward a tipping point
Implementation of subscription fees for premium members could increase the company’s bottom line
Expand to other market segments
Threats:
Competitor (Rearden Commerce) and potential copycats, no patent
Could easily be substituted by traditional travel agents
Impatient investors that want the company to demonstrate the capacity to generate revenues
Supplier can turn into competitor
What are the pros and cons in regards to investing in TripIt?
Why to invest:
In regards to social media being one of the front runners for communication, the timing couldn’t be better. The growing popularity of social media can easily aid