Trust in the power of inquiry.
March 5th, 2018
The travel industry is changing and fast. That's why we've designed the LQ360, the world's first global travel industry query set, to better predict where it's all going.
Asking more and better questions is absolutely critical in today's business climate. Research has shown that questions form the foundations of our cognitive thought processes. Developing our "query palette" helps to expand our creativity, strategic thinking, and effectiveness as leaders.
The LQ360 is a comprehensive industry query set aimed at identifying the industry's toughest strategic challenges - through questions. Now we're using the collective wisdom of the crowd to optimize the list, and to effectively build better more useful planning and forecasting frameworks for the travel industry.
HERE'S HOW IT WORKS
1. Send us your big questions. These can be narrow or wide in scope. Tell us what keeps you up at night, in the form of a question. Here are some examples:
35. Will General Data Protection Regulation derail my direct marketing road map?36. Should we (can we) acquire TripAdvisor?37. Are oil prices really inching back up?38. Can Europe really afford to squeeze Google out?39. Will regulators push to break up big tech?
2. Access the LQ360. By participating, you gain access to our full query set. Read through the LQ360, stay informed of how the industry is changing, expand your query palette, use it as a brainstorming tool for your strategic initiatives.
3. We update the LQ360 on a rolling quarterly basis to reflect shifts in the market.
Here is a deeper explanation.
THE POWER OF INQUIRY
As researchers, we talk to a lot of people in the industry. Our job is to ask questions and, traditionally, our clients have come to us for answers. More recently we're realizing that the questions that we ask may actually hold more value than our answers.
Questions form the foundations of our cognitive abilities and decision making processes. Don’t take our word for it, read Ashwin Ram’s 1989 dissertation Question-Driven Understanding: An Integrated Theory of Story Understanding, Memory and Learning.
Ram is an accomplished AI researcher. He recently came over from Amazon to join Google as the company's Technical Director of AI. If you want a better understanding of the fundamental underpinnings of AI, we suggest that you read Ram’s early work. It’s a fascinating and readable journey into the human mind.
Ram’s research partly inspired this next phase in our own query-driven research. This initiative, The Collective Query Project, builds on our LQ360 Query Set For Travel Industry Predictions.
We developed the LQ360 (LUFT Query) as a bottom-up approach to travel industry predictions. Rather than distilling down our vision for the future, we wanted to improve our ability to understand and think critically about the industry. We also wanted to empower and encourage our partners with better forecasting tools and methodologies.
As an industry, we tend to look toward canned forecasts from pundits to help shape our view of what's coming. We do like trends. They give us structure and a framework for understanding what's next. They also give us a platform and context for discussion and dialog at conferences and events.
However, we also believe that syncing up with widely-accepted trends may, in certain cases, put us at a disadvantage. Channeling our innovative spirit toward solving collective challenges means that everyone competes in the same space. Whether it's direct booking strategy, merchandising, tours and activities, etc. we tend to channel our efforts toward the mainstream realms of opportunity.
Here, we wondered whether there was a better way to educate readers on the forces shaping the industry.
Our response is the LQ360. A compilation of the biggest questions that we have about the future of travel.
Our LQ360 query set spans a large swath of the sector. We also segmented out our query set into eight distinct sub categories:
Branding & AdvertisingEffectively communicating our value proposition.
Competition & StrategyAnticipating shifts in the market.
Sales & MarketingEnsuring a steady stream of revenue.
Enterprise TransformationStaying nimble and cost competitive.
Leadership & ManagementExecuting on vision, inspiring the best in people.
Product & InnovationGiving customers what they want and need.
Society, Policy, EconomicsAdjusting to factors outside of our control.
Partnerships & ConnectivityCapitalizing on the momentum of others.
AVOID GROUP THINK, ASK QUESTIONS
Why? Because we all face unique business challenges. Those in marketing and hospitality face very different issues than customer success managers. Nevertheless we can all learn from each other. Questions are the key to unlocking our collective wisdom. Here is a subset of questions from our LQ360 query set:
These may or may not be top-of-mind for you. However, your query palette is now likely richer than it was just moments ago. From here, just let your brain do the work. The human brain is a beautiful machine. It will store these queries and then naturally use them to process new information and to create new questions but also new ideas.
In very basic terms, this is how our brain processes information through questions, according to Ram: Information goes in - let's say as you read a newspaper article; our question palette then determines what we take away from this information.
Therefore, we believe that seeding our query palette with new and relevant questions promotes creative and critical thinking.
BLUE OCEAN STRATEGIES
Questions are clearly key to discovering new areas for growth and competitive advantage. In Blue Ocean Strategy W. Chan Kim and Renée Mauborgne of INSEAD offer seminal insight into marketing strategy.
In it, they argue that companies can succeed by creating "blue oceans" of uncontested market space, as opposed to "red oceans" where competitors fight for dominance, the analogy being that an ocean full of vicious competition turns red with blood.
Through questions, we can hone in on new opportunities. This was our reasoning behind the LQ360. Rather than filling our brains with knowledge, let's fill our brains with more and better questions (we will explain in more detail in an upcoming white paper).
COLLECTIVE QUERY PROJECT
We want to understand the industry through the questions that you ask yourselves on a daily basis. Join the conversation. Submit your most critical queries. Submit five and we will send you complementary access to our LQ360 database.
Our long-run aim is to expand the collective query set by orders of magnitude. These are still early stages but we think there is tremendous value to be unlocked here. We'll also be digging deeper into the implications with our AI partners, as part of our God Speed initiative.
Send us one (or multiple) genuine queries and we will follow up via email with our LQ36O query set. Work emails only please. We will also keep you involved in the project as it develops.