My Company's Revenue Dropped to $0 — and We Thrived with TripActions' CEO, Ariel Cohen
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Crises happen — and there is always another one around the corner. So how do you create a business that is flexible enough to weather the storms without losing sight of your company’s North Star? This is how TripActions, a unicorn worth $4B in just 5 years that saw its revenue drop to $0 in an industry that came to a complete standstill, navigated through the crisis and emerged with a higher valuation and more customers than ever. Key Takeaways include: How to structure a sustainable business How to define and contextualize a crisis Finding opportunities without sacrificing mission
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My Company's Revenue Dropped to $0 — and We Thrived with TripActions' CEO, Ariel Cohen
- 1. Our Revenue Dropped to $0 And My Company Thrived ARIEL COHEN Co-founder and CEO TripActions @TripActions
- 2. Crisis-proofing Your Business ● Have a clearly defined vision for your company ● Define what the crisis actually is — put it into context ● When faced with a crisis, lean into your mission, vision and culture ● Look for opportunities born from crises to solve new pain points Never have a plan B — The goal is to create a business that is structured to be flexible and move fast, without losing sight of your company’s North Star.
- 3. What’s Your Vision Have a clearly defined mission
- 4. Culture We believe in High Talent Density that empowers our teams to deliver amazing products for our users and customers. Mission Deliver exceptional & efficient travel experiences for everyone. Vision To power the in-person connections that move people, ideas and businesses forward.
- 5. • One unified business • Client loyalty is key • Separate solutions for all user needs • Best technology & service • Global service at speed & scale • Market leader in travel & expense space • User is at the center of everything we do One Unified Platform
- 6. Then, the Pandemic Hit
- 7. Define the Crisis Before you can solve for a problem, you need to know what it is
- 8. Define the crisis ● No magical thinking ● Use historical analysis, data, and other precedents to contextualize and estimate the scope of crisis ● Act quickly and decisively ● Put employees and customers first
- 9. Lean Into Mission Hyper-focusing when faced with crises
- 10. Easily see traveler impact: Real-time data on recent/current/future travelers going to affected countries as defined by the CDC Stay updated on Coronavirus news: And its impact to business travel Monitor global impact: See coronavirus cases globally as tracked by Johns Hopkins CSSE Customers needed a Coronavirus report and CDC integration yesterday. So we built it over the weekend. Seamlessly monitor coronavirus developments and its impact
- 11. Keep travelers safe while on the road: ● 24/7 365 global travel agents Gain better visibility at scale: ● Live traveler map ● Traveler reports Mitigate risk with flexible tools: ● Risk management system integrations ● Business continuity Emergency communications with employees ● En masse and individually Integrated real-time data and built health & safety tools TripActions Proprietary and Confidential
- 12. #PassThePlane Paper Airplane Challenge Social Impact Reach: 12M+
- 13. Look for New Opportunities Expanding to gain market share
- 14. What’s Your Amazon Model?
- 15. Virtual and physical card payments for corporate spend. Seamlessly connects to TA travel to provide real time reconciliation, visibility, and policy compliance. TripActions Liquids
- 16. Bring distributed teams together safely to increase collaboration and strengthen company culture Find destinations based on price, proximity and sustainability. Team Travel
- 17. Personal travel, available exclusively for TripActions business travel customers. The biggest inventory on the planet, with the best prices delivered and supported by one familiar provider Lemonade Personal Travel
- 18. High-touch, bespoke business travel service for the high-end sector, as well as the C-suite. White Glove Travel powered by Reed & Mackay
- 20. Business Travel management Launched, 2017 Lemonade Personal Travel Launched, 2021 White Glove service by Reed & Mackay Acquired, April 2021 Corporate Payments Launched, Feb 2020 Corporate Spend Management Launched, Oct 2020 Team Travel Launched, Jul 2021 Current business lines
- 21. $1B $2B $4B $1B Jan 2019 $2B Jan 2020 $5B Today ...And our customer list continues to grow
- 22. A Year Like No Other 2020 EMEA Launch 2021 COVID shuts down travel Liquid launches Convertible raise Team Travel Series E Funding Enhanced personal bookings Expanded rail Layoffs VIP + Events Liquid innovation kills expense reports Reed & MacKay joins TripActions A TripActions Company Enterprise Edition
- 23. Key Takeaways : ● Have a clear vision for your company ● Define the crisis — and act quickly and decisively ● Lean in to your mission and vision ● Finding opportunities without sacrificing mission
- 24. THANK YOU
Hinweis der Redaktion
- Crises happen — there is always another around the corner. The goal is to create a business that is structured to be flexible and move fast, without losing sight of your company’s North Star. This is how TripActions — a unicorn worth $4B in just 5 years of existence — a company that saw its revenue drop to $0 in an industry that came to a complete standstill and forced consolidation and closure, navigated through the crisis and emerged with a higher valuation and more customers than ever. Okay, Let’s go.
- The first step in crisis-proofing your business is setting and retaining a clearly defined vision. If you’ve clearly defined your company vision, you’re able to not just build a good product, but to build a good product that addresses the pain points that your mission is looking to solve. This is not groundbreaking, but founders can get distracted by of-the-moment trends or ancillary services.
- Our vision at TripActions is to power the in-person connections that move people, ideas, and businesses forward. TRAVEL WAS A VERY ANTIQUATED INDUSTRY, gate-kept by legacy companies with legacy tech. Our mission is to deliver exceptional & efficient travel experiences for everyone. Tech should foster productivity — NOT be another pain point No one was doing both (tech and travel) well
- Perhaps no other industry was hit as hard as corporate travel. What do you do when the industry that generates your company’s revenue completely stops?
- This wasn’t a financial crisis — this was a pandemic. And in studying the world’s previous pandemics, we anticipated it would last ~2 years The first key action we took was to support our employees, mobilizing the entire workforce to WFH The second was ramp up and scale support — in a time when many travel companies were cutting support. You can’t build a sustainable business while cutting off support to customers when they need it most.
- The unfortunate truth is that companies found themselves unprepared in the midst of the COVID-19 crisis. So we did what we do best — which is build good product that solves pain points to align with our mission. And we knew that bringing people together (or back home) started with duty of care
- Keeping users engaged, connected and hopeful 12M social reach
- Remember when I asked about the broadest model, the Amazon iteration, of your company? This is the time to put that vision into play, if you have the fiscal ability to do so. Competitors are contracting, there’s consolidation — there’s no better time to gain market share. The key here is staying true to your mission: this isn’t a “reinvention” or a pivot — this is about EXPANSION
- We had launched our spend solution, TripActions Liquid, just a month before the pandemic. We could have killed it (no one was traveling). Instead, we accelerated the expansion of its capabilities beyond travel — workers were remote and had new needs that required access to company funds (remote work setups, etc); and so did finance teams. With Liquid, we knew that we had created the ability to provide real-time visibility into all business spend and an instant reconcile transactions. This not only provided finance teams with the ability to better manage employee spend — it also gives them an extra layer of duty of care: businesses can find where their employees are in case of an emergency, based on where they are spending money. They can also adjust policy — on the fly if needed — to make sure employees have access to funds. We’ve seen Liquid called a pivot in the media, but it wasn’t a pivot — it was a strategic expansion and acceleration of something that was already on the roadmap and which aligned to our company mission, vision and ethos. We anticipated the need
- Recognizing that users liked booking with us not only because of UX and pricing — but also bc they had access to 24/7/365 travel agent support, we opened up a personal travel capability that allowed employees to book their leisure travel with us too.
- VIP travel is complicated, and that was before COVID-19.
- As a result of all of these efforts, we’ve seen our bookings rebound + book of business grow to the point where our bookings are fast approaching pre-covid times
- Expanded our enterprise penetration Launched our covid dashboards and reporting, traveler safety features, features for travel managers such as automation of using unused ticket credits Launched over 50 customer-facing features during the pandemic period alone Didn’t stop selling Sold some of our biggest accounts Launched Liquid as no expense, Liquid purchase. A shift to a more distributed and remote workforce has hastened change on the payments and expense side of the business. We’ve recognized the acceleration of digital payments and the need to capture both travel and non-travel spend in real time. Today we’ve evolved into a spend management platform. Acquired R&M - right time for us to cater to a segment that is very important to us - C levels, EAs, Meeting & Events (to pair with Team Travel) This required F2F to make it happen and go live in 4 months - we couldn’t have an effective integration without meeting F2F. This is how we were able to confirm that their culture and capabilities matched their reputation Launched Lemonade
- Define the crisis — and act Lean into mission and vision Find opps to make business stronger coming out of crisis