Strategy

The global amusement, leisure, and recreation industry is entering a transformative era where traditional pricing models are rapidly becoming obsolete. To adapt, industry leaders are increasingly adopting data-driven pricing approaches that respond in real-time to market demands and consumer behaviour.
Specifically, best-in-class organisations are turning their back on traditional one-size-fits-all ticket prices and instead embracing dynamic pricing, advanced segmentation, subscription models, two-step pricing, and loyalty program revitalisation. In an industry burdened with high fixed costs and volatile demand, such sophisticated pricing structures are likely key to achieving sustainable profitability.

Of course, anyone can recognise great strategy after the fact – be it Netflix, Uber or Virgin Atlantic. But corporate development of impactful strategy is both extremely difficult and highly uncommon. By embracing a set of fresh approaches to planning, which take the organisation out of its comfort zone, executives can build strategy that is more unique, more resilient, and hopefully more likely to get them to where they want to go.

The Gold Coast has relied for more than half a century on a sun, sand and theme parks offering to bring tourism dollars to the city. While successful in the past, this approach limits the city’s appeal to an increasingly sophisticated and diverse travel market. Embracing the cruise industry has the potential of securing future tourism revenues as well as facilitating the development of a more comprehensive, diverse and resilient tourism offering.

Recent multi-year research programs at Harvard and Google are calling into question everything we thought we knew about team dynamics. It turns out, counterintuitively, that traditionally structured teams focused singularly on error-free task completion are not particularly high-performing.
New empirical evidence suggests that the teams who are most successful have an important difference – they are open to admitting mistakes and discussing them with one another. These teams display a unique openness to and culture of constant learning and improvement.

For Australian CEOs facing the challenge of juggling urgent operational needs with strategic imperatives, there is limited opportunity to devote headspace to contemplating the ramifications of Artificial Intelligence on their organization. Not only is the pace of AI development incredibly fast-moving, but the concept of AI is extremely diverse, covering everything from analytics to automation, machine learning to natural language processing. Moreover, the AI sector does a great job of keeping out non-technical people – complex mathematical and programming-based concepts mean that even the most determined business leader can quickly be dissuaded from wading into the technical swamp of AI.