Business Travel Executive, Dec 2020/Jan 2021

21 Business Travel Executive askBTE com December 2020 January 2021 easy to read and comprehend and its easy to take This can be accomplished with everything critical included in a survey that takes no more than three minutes to complete Setting up a survey with an eye toward benchmarking results over time or benchmarking against different audiences can lend additional valuable insight This is especially true when measuring moving targets like traveler sentiment in the COVID world Standardization enables such benchmarking Buyers can then assess progression over time and gaps in sentiment between for instance their own travelers and or general industry sentiment Theses insights will drive ideas and timelines for program adjustments and changes Standardization also creates industry measures of all companies to gauge the wider implications so buyers and sellers can reset together 2 apply the supply side Success will be achieved by understanding both sides of the issue What travelers want and need and how travel teams and suppliers are prepared to meet them Once we know traveler sentiment we can understand how the traveler supplier relationship may need to change We will have more insight on issues which may impact our ask of suppliers For instance Mix of domestic vs international travel Whether driving replaces rail or flying for some portions of the travel program Whether travelers use a rental company or personal car What hotel experiences and amenities may need to change Meeting size comfort levels and limitations What protocols need to be monitored and communicated airline hotel market specific etc Other parameters both broad and specific From these insights travel buyers will work with key suppliers to obtain current and evolving safety information rework agreements to fit the new demand patterns and align suppliers to the travel reset Further they will tailor messaging content and timing to best meet these new realities Here are some how to details Assess the changes in spend patterns now versus 2019 looking for mismatches Model current discount structures against both patterns to see the gain loss Project return to travel rates for the next two years Use a ramp up approach leveraging traveler sentiment to estimate the multi year impacts Have the substantive discussions with key suppliers where needed Once the contracts are adjusted new messaging content and cadence can be deployed 3 do the new managed travel Supplier responses will be slowed by workforce reductions communication strategies need lead time and technologies will need programming adjustments to balance the new travel realities This means its paramount to start now Application of traveler sentiment will become part of the new travel management model Again capturing traveler sentiment on an ongoing basis and benchmarking it with industrywide sentiment will mold a successful program To do the new managed travel buyers will not only want a pulse on sentiment but also levers in place to quickly shift policy adjust supplier relationships as needed and communicate to travelers in a timely manner Travel contracting will be different post COVID Inclusions of safety content journey advice and realigned demand patterns will upend current targets and discounts Be ready While buyers are certainly grateful for suppliers who are graceful with underperformance two inevitable problems arise First buyers may not realize maximum value with a misaligned discount savings contract thereby achieving less value than possible Second suppliers will reach a turning point where grace cannot be further extended A direct soon to happen result is an urgency for revised agreements resulting in a flurry of RFP activity Astute buyers will be ahead of these issues to maximize their programs and get it done before the bulk of the managed travel community realizes they are caught in the tidal wave of sourcing Uncertainty and lack of trust are uncomfortable and often lead to inaction Successful future programs depend heavily on the merging of certainty and trust into a new single thoroughfare Know your traveler sentiment apply the supply side and do the move to the new managed travel model sooner rather than later We can agree Da Vinci was ahead of his time Before the inevitable oncoming onslaught of RFPs one has to ask Will you also be ahead of time by proactively managing change now n Will Tate is a partner at GoldSpring Consulting and leads a team of dedicated business travel and meetings consultants Wills financial background and deep travel expertise accent his ability to aggregate superior travel spend analyses for an in depth look at travel program performance resulting in exceptional travel and meetings advice for the firms clients Get Related Stories and News Click Here