When you lose half your money, even though it’s just on paper, or when you don’t know what to do anymore or where to go just for a teeny-weeny yield for your hard-earned dollars, it is demoralising.
What a start to the new year we’re all having. It’s all bad news. Let’s see the flash points: Chinese economy, stock market rout, Saudi Arabia-Iran, Dear Leader, blasts in Turkey/Jakarta, oil prices, and add to these existing problems such as the migrant issue which polarises Europe and… I’ve had enough, haven’t you?
What’s clear is 2016 will be challenging, with George Soros even going as far to say it’s starting to look like 2008.
Travel and tourism CEOs I’ve been speaking to about it aren’t giving me the usual big spiel about the glass being half full, or that ‘crisis’ means threats and opportunities. This time, they admit there are just too many uncertainties.
At the time of writing this on January 19, it’s hard not to worry about the psychological impact of losses made in the stock market on consumers. When you lose half your money, even though it’s just on paper, or when you don’t know what to do anymore or where to go just for a teeny-weeny yield for your hard-earned dollars, it is demoralising. When you don’t feel so rich anymore or don’t feel secure about money, it affects your mood to spend, including on travel.
So what to do in bearish times? Here are a few suggestions I hope will inspire you.
One, take stock and clean up your act. You’re going to be fighting with your competitors for any customer who is still travelling, so if you haven’t learnt about the art of personalised service or equipped your company and your people with the technology and mindset to deliver what consumers want, there’s no better time than now to start.
Make it the year you think about value add. For example, what grunt work can you outsource so that your travel specialists can deliver the real value-added knowledge to persuade the well-informed customer that he still needs a retail travel agency?
Give your business development people a lot of love and encouragement, or if you don’t have them on your paycheck, please employ the best you can afford, even if it’s just one person for now. Finding new market sources and new revenue streams are critical in bearish times.
Go even further and relook your entire business model. Are you able to discern a new niche that will ensure your longevity in the business in the years to come?
Lastly, do not be afraid. Let’s all show Indonesia some solidarity and adopt KamiTidakTakut (We’reNotAfraid) as the mantra not just against terrorism but in times of uncertainties. I’ve been inspired and strengthened by that simple line – three spirited words that encapsulates energy, defiance and dare.
Now don’t we just need these very qualities this year?
