Current market conditions are pushing airlines and other businesses to think differently about how they can leverage loyalty programs to drive growth, even when the core business isn’t on pace to meet growth targets.
With the entire airline market seeing decreased profits as of Q2 2024, airlines are looking at different ways of how they can maintain profitability. Some airlines are cutting routes, grounding planes, or finding ways to increase efficiency. Others are searching for additional revenue streams to supplement and achieve their business objectives.
Smart businesses are leveraging travel as an alternative way to generate growth – ensuring sustained profitability at a time when the market faces uncertainty.
One of our partners in the airline space is using this as an opportunity to drive growth through their loyalty program, increasing revenue from travel by more than 50% since launch. Brands looking to accelerate their growth can strengthen their own loyalty programs by:
- Aligning their strategy with the right partner to ensure technology supports business goals.
- Keeping the program focused on their customers to increase engagement.
- Investing in their solution to drive continued revenue growth.
Align your strategy with the right partner
For brands looking to continue to hit their business goals, choosing the right partner – who can look at market conditions affecting the wider industry and think creatively – is critical.
Here’s what to look for in a partner:
Ability to customize platform economics
The ability to tailor platform economics to meet specific business goals is essential. This includes customizing prices, inventory, and other key elements to align with your strategic objectives. For example, a partner that allows you to adjust pricing models and inventory management can help you respond swiftly to market changes and customer demands.
Align your strategy with the right partner
For brands looking to continue to hit their business goals, choosing the right partner – who can look at market conditions affecting the wider industry and think creatively – is critical.
Here’s what to look for in a partner:
Ability to customize platform economics
The ability to tailor platform economics to meet specific business goals is essential. This includes customizing prices, inventory, and other key elements to align with your strategic objectives. For example, a partner that allows you to adjust pricing models and inventory management can help you respond swiftly to market changes and customer demands.
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