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With its "Braving the Long Tail" theme—kicked off by president and CEO Philip Wolf in his customary opening monologue—the conference examined the impact of Long Tail economics in which companies thrive by cracking open niches and selling "more of less" in the travel industry. Another hot topic among presenters and attendees was the growing role of social media and its impact on travel.
This year's PhoCusWright Conference featured 67 sponsoring companies, gathered participants from 31 countries and saw keynote speeches from the top four online travel agencies (OTAs): Travelocity, Orbitz, Priceline and Expedia.
Big Names, Ideas Dominate
As attendees have come to expect from The PhoCusWright Conference, some of the most important players in the industry took to the stage to share big ideas.
In his "Customers First, Business Models Second" keynote address, Jeffery Boyd, president and CEO of Priceline.com, detailed the challenges that online travel agencies and other travel companies face in reaching Americans who are more focused on celebrity gossip than seemingly more important news stories. He also challenged his audience to ponder the potential impact to brand value if a company targets sub-groups on social networks that are focused on unusual interests.
Travelocity president and CEO Michelle Peluso described the need for the online travel industry to become more satisfying for consumers, noting that customers rate their experience with the Internal Revenue Service as more satisfying than they do with airline service.
Tim Armstrong, president, advertising and commerce, North America for Google Inc., insisted to a crowded theater that travel companies need to offer everything to everybody. "If you do not know where your assets are connecting with consumers, then you will not be able to connect with the Long Tail."
Dara Khosrowshahi, president and CEO of Expedia, discussed the company's launch of a new media-based pricing model, and examined how OTAs are filling the role of the traditional travel agent.
New Blogger Summit
The PhoCusWright Conference featured its first-ever Travel Industry Blogger Summit, providing a forum for these players to meet face-to-face and converse openly about blogging in the travel industry. A highlight from the Blogger Summit was a workshop run by the experts behind the Tips from the T-List book, examining how an active, content-producing network of bloggers can influence customers' online spending habits.
More Highlights
TripAdvisor president and CEO Stephen Kaufer explained their shift from a mass review Web site to one incorporating social networking. While introducing Kaufer to the audience, PhoCusWright's Wolf pointed out how TripAdvisor has helped shape the Long Tail of travel.
Farecast's president and CEO Hugh Crean detailed the site's latest search capabilities, which support the company's "selection and price are not enough" philosophy. He noted that the site now allows users to search for flights based
on many different options, such as price, weather, date, class, distance and type of flight.
Five companies vied for winning a "Five Minutes of Fame" slot during a special workshop session on travel industry start-ups. LeisureLogix, which offers personalized road trip planning, mapping and travel reservations services to travel-related or affinity Web sites ("the other 88% of travelers"), was voted the winner by the conference attendees and thus gained a slot to address the Center Stage crowd.
An entire session was dedicated to virtual world Second Life. Scott Hyden, president, STA Travel Inc.; Daniele Mancini, corporate e-business director, Costa Cruises; and Burt Rosen, vice president, brand interactive marketing, Starwood Hotels & Resorts Worldwide Inc.; industry players who have or have had a presence in the virtual world, discussed the differences between the 'early days' of Second Life and its current potential, and what it all means to travel companies.
