Nowadays passengers have a wide choice of airlines, ranging from low cost to legacy carriers, depending on their travel preferences and cost sensitivity. Rapidly growing and fast-moving competition compel airlines to get on track and work on their product offers in order to maintain passenger loyalty and win new customers. Regular product reviews and subsequent adjustments are essential in response to changing passenger needs, competitors’ offers and upcoming trends.
The impact of a well-developed product improvement initiative is often underestimated. The definition of a new product or current product adjustments may affect satisfaction levels among an airline’s customers and benefits for further stakeholders as partners, airline management, employees and shareholders.
Product optimization need not be restricted to high investment. It also gives airlines an opportunity to reduce related costs for innovative products by up to 20% based on establishing the right processes, raising efficiency and eliminating disinvestments. Simultaneously, revenues may be increased by up to 15% by diminishing the product investment backlog and boosting the attractiveness of the product.
In terms of product optimization, Lufthansa Consulting offers clients a comprehensive approach, using a well-proven set of tools and methods to create an optimal solution, tailored specially for the airline in question and the competitive challenges it faces.
Lufthansa Consulting has worked successfully with many airlines around the world to optimize their product and find answers to increasing competitiveness.