In: Economics
IDENTIFY AND ELABORATE THE GROWTH STRATEGY ADOPTED BY MAKE MY TRIP IN ONLINE TRAVEL INDUSTRY.
MakeMyTrip, an online travel industry is an example of a company that has been able to capitalise on local market knowledge and the application of international technology to quickly win enormous market share of Indian Travel Industry market.It provides an online “one-stop-shop” for travel products and services for the domestic Indian market. With customer focus and a commitment to technological innovationat the centre of its business model, it has rapidly grown to dominate the Indian travel sector since it entered the market in 2005. Its new Route Planner application, launched in 2013, integrates data on domestic flights, buses, trains and cabs to offer unprecedented travel information to its users, providing exact connectivity options between any two Indian cities. The application sifts through 1 billion possible routes and over 20 billion possible schedules in seconds to offer optimum travel combinations. It offers ticket options for certain legs of the journey and information for the rest.
Central to the company’s success is its pioneering use of mobile technology as a platform for sales and service.The use of mobile technology has made it reachable to the whole world with convenience.It also timed its entry at the start of a boom in low cost air fares and mobile phone and internet usage. With a slew of popular marketing promotions over the years, MakeMyTrip has established strong brand recognition nationwide. It is the leader in online air-ticketing in India – 1 in 8 tickets booked online in India is through MakeMyTrip.com
Below are thecertain growth strategied adopted by MAKE MY TRIP in india to hold a good place in indian online travel industry and became industry's leader.
1. Have A Good Website : It is very very important to have a good, attractive and user-friendly website of your Online Travel Agency. The Make My Trip has made its website in such a way that it attracts the customers quickly by having high-quality professional photographs and proper functionality. its website describes each and every servies provided by its business .
2. Engage With Social Media: One of the most popular sales technique for travel agencies is the use of Social Media.Having a great website is not enough, MAKE MY TRIP also have to get engage with social media like Facebook, Twitter, LinkedIn, Instagram, etc. That’s because Google ranks content that is spread via these networks higher than other content.People get influenced by their friend’s photos and book their trip accordingly, that is the growth strategy adopted Make my Trip.
3. Offer Packages :
Combine different services you provide to a unique experience by offering packages. Make my Trip provides many lucrative offer packages to its customers including exclusive seasonal packages,announce hot deals from airlines, Lucrative International family packages. It is a trend to sell travel packages online. Make My Trip opt this strategy to increase their revenue.
4. Offer Added Value :
The simplest thing that is done by Make My Trip to increase your revenue per customer is to offer added value to their experience as they agree to pay the price for your tours. Your customer would be a happy customer if you give them something more than the offer. Like Extra 10 % off on use of HDFC bank's or Axis Bank's credit and Debit card.
5. Encourage Your Customers To Leave Reviews:
This is one of the best strategies adopted by Make my Trip to know the level of services and customer satisfaction provided by Make My Trip.The practice of checking reviews before booking is becoming more and more common. The impact of Customer reviews is that you can improve its sales 5 times.Make My trip encourage its past customers to post a review of their trip experience on its site so new customers will be able to book with confidence.
6. Manage Online Reviews And Take Action:
Reviews are a barometer that can be used to identify that the services you are providing are doing well and also let you know the areas where you need to do better. This is one of the crucial strategies adopted by the Make my Trip to hold its customers' trust and to give high quaity services to its customers. It is not necessary to always get a positive review. In fact, negative reviews always inspire you to improve yourself in criteria’s in which you are lacking behind.
7. Ask For Referrals:
Customer Referrals are one of the top and most effective way to increase revenue for Online Travel Agencies if implemented correctly. Asking for referral should be a habit to get more clients. It is a small effort for a great reward. This is the strategy adopted by Make my trip to generate Maximum revenue and became leader of Online Travel Industry.It is assumed that by providing good services/products, their clients are satisfied and then definitely will pass good words about them to others.
8. Start A Blog :
Whenever your customers are planning their next journey or just fantasizing about it, they would love to read about the experience of other people with their Travel service provider. Make My Trip initiated many Travel blogs to attarctmaximum customers and to earn maximum reveune online.
Many other Growth strategies have been adopted by Make My Trip to make it number one leader in the online travel industry and maxmum profit earner.