One of the things Booking.com and Expedia do very well is testing and optimizing. Most of the Ecommerce players in the market have this culture but these two are extremely well known for it.
Have a look at the work that went into building Booking.com for Business.
We are seeing some of this happening in hotels as well. This is coming from some chain hotels and new technology providers. Hotels have to build this culture internally. As the idea of testing to find improvements is the one that keeps innovation happening.
As the budget season is approaching and we are thinking about expenses for next year. Why do we not have a small amount in the yearly budget just dedicated to trying out new things.
It is not the amount but the mindset that will make the difference. Don’t get me wrong if you have a big budget it definitely helps but the initially you are focused on getting everyone to buy in and see the benefits of this approach.
Once I was watching an Interview of Dharmesh Shah, the CTO of HubSpot. He talked about the 3 metrics they look at every month.
- What did we try?
- What we tried and failed?
- What did we fail to try?
The core idea behind this approach is to keep their business innovative. Try things out, see if it works, if it doesn’t they try something else out. Also, keep an account of what you didn’t try.
Your adaptability is going to define how well you do in the future.
How do you drive innovation and sustain innovation?