Did you heard about Lastminute.com? If you like travel, I think you will interesting in this digital company. Lastminute.com is one of the most successful travel intermediaries in UK, and its marketing strategy plays a key role in its success.
4Ps marketing strategy
Commonly, e-commercial companies usually use 4Ps strategy to manage business. The 4Ps of marketing include four factors: product (or service), place, price, and promotion. In the context of online marketing, these four factors have distinguishing interpretation. Lastminute.com utilizes the 4Ps strategy in an effective way.
In products (or service) strategy, Lastminute.com offers air-tickets, hotel rooms, tour packages, entertainment reservations gifts, auctions, and other travel related services. These multitudinous products and service have fulfilled consumers in a great extent.
At the same time, in place strategy, trading process occurred in the website of lastminute.com, and online trading can save costs of company as well as can contact with customers more expedient.
Besides, pricing strategy, through creating lowest price for its products and through delivering services effectively, lastminute.com stays head of other online travel competitors.
What is more, in promotion strategy lastminute.com not only do traditional marketing, such as advertising on buses, radio promotions, but also cooperate with online companies. At the same time, Lastminte.com has innovative promotion strategy. Through using innovative marketing idea, Lastminute.com promotes its products by co-branding, which have strengthened the performance of the existing products and have captivated consumers’ attention.
4Ps marketing strategy is not enough
Using online auction has largely affected business performance of Lastminute.com. Online auction is an innovative marketing strategy applying by Lastminute.com. The unique characteristics of the online auction service of Lastminute.com are that it offers an auction in the process of online purchasing instead of posting a fixed price, and it conceals hotel location or airline brands until payment completion. As Lastminute.com, it is an important distribution and marketing channel, and it is acknowledged that online auction has increased the popularity of its tourism services, has helped selling residual seats of hotels and airlines, and has drawn bidders and customers’ interest. Although it is beneficial for consumers to look to purchase products or services at a bargain price through the process of auction, there are also limitations in online auction. The limitation is that because all reservations are prepaid, it is non-cancellable, non-refundable, and it is customers themselves to take the responsibility for the reservation.
Social media technologies have helped Lastminute.com in a large extent. It is another innovative way of buying and selling tourism services. Lastminute.com using social media to promote its products is because with the prevalent of advanced social media technology, there is an increasing trend for people to socialize, build up relationships and communicate with each other. These social media applications such as Facebook, Youtube, may have an influence on customers’ decisions. For example, through advertising on social media, Lastminute.com attracts loyalty customers, and these customers can bring new subscribers by recommending this company. Lastminute.com uses social media in order to say on the top of the latest trends, which are significantly important to its customers, and the company can provide a more personalized service by direct communication.
In my opinion, application of science and technology, and innovative ideas are the key to digital companies’ success.