Collaboration is key to economic recovery for Tourism & Hospitality, study finds

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The travel and tourism industry is at a critical moment in its history, and how organizations move forward will determine the health of the industry for years to come. This is the premise of a study led by Break the Ice Media and conducted by Audience Audit to measure the impact of collaboration on the travel, tourism and hospitality industry. The study was conducted from October through November of 2020 and the results will be released in a webinar on February 9, 2021.

Break the Ice Media and its research partner, Audience Audit, set out to identify the different types of decision-makers in the industry, along with how their attitudes and opinions shape their perspectives when considering collaborations with other organizations.

“For four years, our Destination on the Left podcast guests have shared countless stories of successful collaborations and best practices for what made them successful,” commented Nicole Mahoney, CEO of Break the Ice Media and host of Destination on the Left. “In 2020 we decided to test what I’d learned in these interviews to find out statistically what the impacts of collaboration are. What makes them successful? How can they help recovery? The results will unlock insights for many on how to build more successful collaborations that will lead to a stronger industry.”

90% of study respondents say collaborations will get the travel, tourism & hospitality industry out of this challenge and be more successful over the next five years.

The study identified three types of collaborators within the industry, each one with a unique perspective on the benefits, risks and challenges of partnership with another organization. However, the study also found that collaboration is a constant in the travel, tourism and hospitality industry. It is not a matter of if, but when and how, organizations collaborate together.

76% of study respondents said they have collaborated with direct competitors, and 52% said they have collaborated with indirect competitors. Indicating that co-opetition (collaboration with competitors) is good for business.