No product could serve everyone (well except water and electricity). Minimum viable audience (MVA) is the way of survival. It’s about time for hospitality companies to adopt a laser-cut niche product (and marketing) strategy.
American Express GBT (Global Business Travel) is a good example. They are a credit card company focusing solely on businesses. They just launched a service called “Rest Assured Solution”. It’s an online travel booking platform for business travellers. Their research shows that some of business travellers make bookings outside the company’s policy because they can find cheaper rates out there. As a result, GBT incorporates this rate guarantee feature in this service.
Who are your minimum viable audience?
*Credit: I took the minimum viable audience from Seth Godin – my (book) marketing mentor.