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December 12, 2017

Business Model Canvas Booking.com

The travel industry is a $1.3 trillion heavy. And the biggest player by market capitalisation
in this huge pond is the Booking.com’s parent, the Priceline Group.  Priceline owns a
number of brands that are all running a platform business model (the most promising
business model right now).

Booking.com and Expedia are the biggest Online Travel Agencies (OTAs). I have
compared their business models here. But this space is becoming more interesting by
the day with an increasing amount of players moving into this space,
including TripAdvisor and Google.

What makes Booking.com so successful despite the enormous competition by similar

and other business models and a strong pushback by the major hotel chains? That is
what we will be looking at today.


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Business Model Canvas

The Business Model Canvas consists of the 9 categories you see below to describe a
company. Broadly speaking, the left-hand side is the supply side from the business’
perspective and the right-hand side is the customer side.

The Business Model Canvas as devised by Alex Osterwalder.

Download the business model canvas as excel le: Business-model-canvas [xlsx]

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Overview

This articles is structured in line with the elements of the business model canvas:

1. Value proposition
2. Key partners
3. Key activities
4. Key resources / assets
5. Customer segments
6. Channels
7. Customer relationships
8. Revenue
9. Cost structure

Overview

Before we get started on Booking.com, let’s have a brief look at the other brands that the
Priceline Group owns:

Booking.com: online accommodation reservations

Priceline.com: combined packages for hotel, rental car, airline ticket and vacation
reservation (in the US)
Kayak.com: travel meta-search engine
Agoda.com: online accommodation reservations (in the Asia-Paci c region)
Rentalcars.com: rental car reservation service
OpenTable: restaurant reservation and information services

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Value Proposition

Value Proposition
Platform businesses have two or more customers that they need to provide value to. In
the case of OTAs, these are the travellers and the hotels.

Value proposition to travellers

1. Cheap(est) prices: Booking.com has contracts in place with the hotels that it lists.
One of the clauses, called rate parity, is that the hotels can’t offer the same (type
of) room at a cheaper rate on the hotel’s web pages. And if they do so they have to
match it on Booking.com. Without such a rule, users could choose a hotel on
Booking.com but then complete the booking on the hotel’s pages. Despite some
changes in this space, Booking.com is still able to offer the cheapest prices on
those hotels it most prominently features.
2. Amount of choice: Booking.com has now over 1 million places to stay in their
database and a large amount of ltering options that make it easier for the user to
nd what they are after. Moreover, Booking.com helps consumers to make value
choices.
3. Reduction of risk: the star rating and reviews generated (over 100m reviews to
date) by other users reduce the risk of being disappointed. Booking.com features
reviews only from those who have booked through them. This system effectively
prevents manipulation, a problem well known on many other platforms. I have
covered this topic extensively in my Yelp article.
4. Call centres: Many people still want to talk to a human prior committing to a
considerable amount of money. Two-Thirds of Booking.com’s employees are in the
customer service areas for this reason.

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5. Useful app: the traveller’s journey does not end with the booking. Booking.com’s
app has useful content prior to the booking but increasingly also travel guide
functionality in their app. Also, bookings through apps have multiplied from 2015
onward and are expected to stay in the double-digit growth space.
6. Useful travel content: useful content that accompanies the traveller’s micro
moments.

Value proposition to hotels

Hotels have a love-hate relationship with the OTAs. While a majority of their bookings
come through other channels, OTAs remain crucial to get as close to being fully booked
as possible*.

1. Incremental revenue: the key value proposition is that Booking.com helps to ll

otherwise empty-staying rooms. Hotel rooms are like perishable goods. If they are
not booked on a night the revenue for that room that night is irrecoverably gone.
With hotels being high xed cost assets, this loses the room’s contribution to the
high xed cost base.
2. Ability to react: Booking.com allows hotels to implement their revenue
management strategy by providing the ability to exibly decide/change which
rooms they offer through Booking.com on which nights and its rates. This allows
hotels to drive additional business on a short fuse, to put up special promotions,
and dynamically adjust commission for soft periods to rank higher.
3. Global reach: Booking.com helps hotels to reach global markets and potential
customers that by themselves they would not reach. Achieving global reach in a
meaningful way (i.e. high conversion rates) requires investments that may be
underestimated. Booking.com have localised content, payment options, apps, etc.
They also translate the hotel content into the local language (~40 languages done
by a localisation team) and are present on the relevant advertising channels. The
Priceline Group have acquired local online travel agencies who have captured a
meaningful local market share and built a recognised brand. They have o ces in
many countries, an online presence in over 220 countries, feed their mobile apps
and keep all the content consistent.

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4. Risk reduction: Fees are structured in a way that there is no upfront payment and
no payment whatsoever unless there is a booking. Unlike in online marketing, there
is no risk of paying money for advertising for no return. Cost-per-click models that I
have described previously come with the risk of no or low returns.
5. Drive additional tra c to the hotel’s website (“billboard effect”): One prominent
study came to the conclusion that there are is a considerable amount of travellers
who research on the OTAs, like Booking.com, but then book on the respective
hotel’s website. Thus, the OTA pays for the customer acquisition cost (CAC) but
generates no revenue for themselves. This effect is called “billboard effect.” More
recently, other studies have questioned that this effect (still) exists. It is ultimately
hard to measure due to the hundreds of micro moments over which the customer
journey unfolds. But there are two things I am very certain of:
1. Being present on an OTA with good ratings will have positive effects.
2. Bookings will take place where the customer gets additional bene ts (loyalty
bene ts, perks, freebies) – at the same price, be it on the hotel page or on the
OTA pages.
6. Market intelligence: Booking.com shares market intelligence, booking forecasts
for given locations as well as how the hotel is performing on the Booking.com
platform in relation to competition.

*  Some of the most important KPIs in the hotel industry are Average Daily Rates (ADR)
and Revenue Per Available Room (RevPAR). For the purposes of this article, note that
“fully booked” means maximising these KPIs,

Key Partners
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1. Hotels or property owners: Booking.com sees anyone who registers their property

to be bookable through them as a partner. And there are many types of
properties that fall into this (hotels, villas, golf courses, castles, boats, capsules,
tents and more).
2. Major hotel chains: Hotels – esp major chains – have a love-hate relationship with
Booking.com. Sticky points are commissions and customer data. I have described
the tug-of-war in detail here.
3. A liates: Booking.com runs an a liate program through which those websites
make a commission (on Booking.com’s commission) should their webpage
originate a booking. They offer various products to their a liates. This helps
Booking.com grow into the non-OTA areas that still manage a lot of the market.
4. Travel agents: Booking.com wants travel agents to book through their
platform and earn commission through it. Bene ts for the agents are no upfront
costs as well as no additional operational costs.
5. Corporate travel managers: Booking.com offers an option for corporate travel
managers to make bookings on behalf of their employees. They have not entered
the travel market business in earnest. But surely, it will be an area of interest to
drive growth even if not top on the strategy agenda right now.
6. Technology partners: I classify only those tech providers as key partners that
provide cutting-edge, proprietary (and ideally exclusive) technology and actively
collaborate as key partners. There are not many as such as Booking.com develops
most of their software in-house and relies on acquisition where complementary
platforms emerge. Global distribution systems, channel managers and reservation
systems as such are in my mind not key partners as we are talking about well-
established interfaces in this space.
7. Meta search engines: Meta search engines are becoming increasingly important.
Priceline own one of the biggest ones, Kayak.com. Booking.com collaborates with
TripAdvisor and Google Hotel Ads who are two of the other big ones.
8. Lobbyists: lobbyists play a big role in the tug-of-war that I have linked to above.

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Accommodation providers are key partners of Booking.com and key to positive

indirect network effects [source: Priceline investor presentation]

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Key Activities

The biggest difference between traditional business model and the platform business
model are indirect network effects. Key activities have to aim to enhance these. Of
course, Booking.com knows this very well. From their investor presentation, you can see
how they see the positive indirect network effects.

1. Enhance positive network effects and customer experience by increasing:

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the number of bookable accommodations at an increasing amount of

locations
the types of bookable properties (variety)
useful content, such as user reviews, pictures, etc
and by enhancing customer experience

2. Provide great customer support

3. Improve the websites and the app based on the captured data and evolving
technology, trends and feedback
4. Improve conversion rates based on data and over 1000 experiments at any given
time
5. Accompany the micro moments on the traveller’s customer journey
6. Search engine visibility: Maintain top rankings on paid advertising and improve on
organic search rankings
7. Observe the moves of hotel chains who want to increase direct bookings
8. Grow loyalty programs to counter the hotel chains loyalty program and to obtain
valuable customer data
9. Develop new travel-related services to grow partner and customer base
10. Observe regulatory landscape and moves of lodging lobbying groups
11. Observe industry landscape for new entrants and adjacent industries for
new/potentially disruptive approaches (e.g. meta search engines)
12. Observe the moves of the known direct competitors
13. Stimulate demand through promotions/noti cations to subscribers

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Technological lead helps Booking.com to accompany the traveller’s journey to hotel

selection across devices and micro moments [source: Priceline investor presentation]

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Key Resources / Assets

The master resource of your platform are its network effects which are enabled by the
participants, the content, the data/algorithms, skilled staff and the website/app
infrastructure:

1. Number of hotels and other accommodation partners available for booking

2. Number of locations covered
3. Engaging content: high-quality, professional photos, good hotel descriptions incl all
amenities&facilities
4. Fresh user-generated content: reviews, ratings
5. The captured user data and proprietary algorithms
6. User experience (UX) of the website and app
7. The global network of Priceline-owned peer-platforms
8. Skilled technology staff (>2500 technology staff)
9. The loyalty program and its members
10. A liate program members
11. Trained customer services staff (2/3 of all employees)
12. The website and app infrastructure and all the interfaces to the various
hotel/ ight/rental car/ etc distribution systems

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Choice, content, localisation allow high conversion rates thus enable Booking.com to
auction cost-per-click advertising higher than others and get tra c and bookings
[source: Priceline investor presentation]

The Booking.com webpage key to achieving high conversion rates that allow
auctioning for rank #1 in Google and Bing advertising spots. It is full of persuasive
webelements to close the sale. Click image for full size..

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Customer Segments

In the platform business model, there are two or more sides that should be considered
customers (or partners and customers). Let’s start with ways to segment
accommodation providers:

1. Property types: hotel, resort, apartment, villa, Hostel, motel

2. Room types offered
3. Star rating 1-5; user rating -10
4. Amenities ( tness, sauna, jacuzzi, pool, beach), facilities (wi , restaurant,
cafe), room facilities
5. Proximity to sights (or remoteness)
6. Type of hotel: Independent, small chain, large chain,
7. Locations: Single location, multi-location, multi-national
8. Type of infrastructure: property management system, central reservation system,
channel manager, etc

There are many ways to segment travel customers. Here are a few examples:

1. Travel motivation: Leisure, business, group

2. Demographics: Age group, gender, marital status, kids, income bracket, lifestyle,
etc
3. Booking details: length of stay, how many days prior booked, booking device,
booking location, package/accommodation only
4. Employment: income bracket, full-time/part-time, retiree
5. Spending behaviours: ancillary bookings/spending

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The issue with this is that the data required for the above type segmentation is disbursed
across the multitude of players in the industry (or not known) and will not satisfy the
recommendations of effective segmentation:

identi able so that they can be measured & tracked

accessible by communications and distribution channels
substantial so as to be pro table
durable to maintain stability of cost and impact to pro ts

Therefore, traditionally you will nd a more transaction-centric way to segmentation.

All this said you can sense that there is a great opportunity in this space (and some
airlines have built their capabilities in this space very well through their loyalty programs).

Once you have a rich data set, you can segment and micro-segment depending on the
problem you are trying to solve.  For traditional advertising and targeting purposes,
segments should be at least 10-15% of your visitors. But for more innovative and
personalised purposes, your micro-segments can be smaller.

Let’s conclude with the reminder that good segmentation is a powerful enabler for
effective revenue management.

Channels

Booking.com’s sales channels to their customers:

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The Booking.com webpage

The mobile-optimised webpage
The Booking.com app
TripAdvisor (Cost-per-acquisition model)

Ad channels:

General search engines, Google, Bing:

paid advertising
organic search ranking through useful content
other OTAs
TripAdvisor (Cost-per-click model)
Meta search engines:
Kayak.com
Google Hotel Ads
other

Communication, content and other channels:

iTunes App Store, Google Play Store, etc for their app

eMails for direct communication with their customers
Useful content, e.g. Booking.com’s destination nder pages
User generated travel guides
They have a broad range of inspirational articles with links to city overview pages
and hotels

Related articles

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Search & Social

Search platforms and social networks are

undisputed masters in creating network effects.
Learn from:

Google
Facebook
Twitter
Snapchat
Pinterest

Creating App biz models

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Demand aggregation

Demand-aggregating platforms establish

themselves as middlemen between existing
businesses and consumers, take:

Groupon
Yelp

OTAs

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11/24/2020 Business Model Canvas Booking.com

Online Travel Agencies are B2C ecommerce

platforms specialised on one vertical / industry:

Booking.com
TripAdvisor
Expedia
Biz model comparison

Check out our homepage for more...

Customer Relationships

Relationships with hotels

The relationships with the hotels is that of a love-hate relationship

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Hotels are unhappy about the amount of commission they have to pay for bookings
through the OTAs
Due to this ambivalence, Booking.com makes it very easy to join their platform
They make sure there is no risk for the hotel (no booking, no fees, no set-up fees at
all, etc)
They give “instant grati cation” to those that join by making them visible globally,
translation to other languages, etc at no cost

Relationship with travellers

Customer service (two Third of Booking.com employees are in customer services)
Ensure content and reviews are representative of the actual accommodation
Remove all friction and risk
Transparency
Privacy

Owning the customer relationship is one of the most important things that all platform
businesses have to keep in mind. And when we say that we, most tangibly, mean their
contact data (i.e. email address). This is crucial for the ability of repeat-, up- and cross-
sales.

Hotels would love to have the customers email-address once they book through
Booking.com. This would give them ample opportunity to build a customer relationship,
to cross and up-sell themselves and get ancillary revenue etc. This is one of the reasons
why hotels entice their guests to sign up to their loyalty program.

But it also is an area of trials. As an example, Expedia and Red Lion Hotel have started
collaborating on their loyalty proposition as part of which Expedia shares more
information with Red Lion (most notably the customer’s email address).

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Revenue

The Online Travel Agency business is characterised by two predominant business

models and then some other:

1. Agency business model
2. Merchant business model
3. Advertising business model
4. Subscription business model
5. Other (e.g. travel insurance fees, marketing and business analytics services)

Booking.com generates most of its revenue through the agency model where each
reservation incurs a commission (they also generate some ad, merchant and other
revenues but these are a very small percentage). Here are some examples where
Booking.com and the other subsidiaries of the Priceline Group use the above business
models:

Reservation of accommodation, rental cars, etc generate commissions and fall into
the agency business model
Priceline’s Name Your Own Price and package deals fall under the merchant
business model
Their meta search engine Kayak.com earns advertising revenues on a cost per click
pricing model
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OpenTable earns commissions but also subscription services for their reservation
management system (see my article on Yelp for this)
Travel insurance fees which for now I am not going to elaborate further on
Revenues generated by Booking.com’s BookingSuite accommodation marketing
and business analytics services

Online travel booking is capturing an increasingly larger share of the >$650b

accommodation booking market [source: Priceline investor presentation]

Priceline believes that travel booking is in a secular shift from o ine to online booking.
On global level online booking accounts for <40%. In the US, online bookings have now
captured over 50% market share. Some analysts expect that it will now taper but that
other countries will catch-up to similar levels. A case might be made that where there is
no strong tradition of o ine travel agencies, the online space may capture an even large
share.

From their annual report, you can see that the majority of Priceline’s revenues come from
Booking.com using the agency business model:

1. Agency business model: $7.98b/$10.7b = 74%

2. Merchant business model: $2b/$10.7b  = 19%
3. Advertising and other revenues = $0.7b/$10.7b = 6.6%

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Cost Structure

Let’s look at Priceline’s annual report to understand their operational cost structure. Note,
that they don’t split out Booking.com’s costs separately. Hence, we have to take things at
an aggregate level. With Booking.com being the largest entity, we still get a good feel for
the numbers.

Operating expenses
Priceline’s operating expenses from their annual report (pg 71):

Performance advertising: $3.4b
Brand advertising: $0.29b
Sales and marketing: $0.43b
Personnel, including stock-based compensation of $0.24b, respectively $1.3b
General and administrative: $0.45b
Information technology: $0.14b
Depreciation and amortization: $0.3b

Capitalised costs
Priceline’s capital expenses from their annual report (pg 71)

We are not interested in all their capital costs (capex). But let’s have a quick look at capex
in relation to their website/app development shows overall capitalised costs of $54.2m.
In the balance sheet, direct website/app assets are recorded as property & equipment.

Property & equipment: $347m

Intangible assets: $2b
Goodwill: $2.4b

Priceline Acquisitions
You may be surprised about the low operational expenses to Priceline’s website/app
development capex given their portfolio of brands (and in relation to the assets listed).

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To get the complete picture on this you need to look at their major acquisitions of travel-
related platforms.

# Year Company Price Ref(s).

[13]
1 2004 Major stakes in Travelweb and Active Hotels

[14]
2 2005 Booking.com

[15]
3 2007 Agoda.com

[16]
4 2010 TravelJigsaw / Rentalcars.com

[17]
5 2013 Kayak.com $1.8 billion

[18]
6 2014 OpenTable* $2.6 billion

[19]
7 2014 MBuuteeq and Hotel Ninjas $98 Million

[20]
8 2015 Rocketmiles

[21]
9 2017 Momondo and Cheap ights $550 million

[22]
10 2017 Mundi

[Source: Wikipedia, Dec 2017]

* In their annual report 2016, Priceline accounted for impairment to goodwill in relation to
OpenTable of 94om.


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Network effects

Platform business models have indirect network effects at their core. Here is how
Priceline describes these for their own business.

Priceline and Booking.com indirect network effect fueling a virtuous cycle

[source: Priceline investor presentation]

Business Model Canvas Booking.com

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And here is nally the summary Business Model Canvas for Booking.com.

Business Model Canvas for Booking.com (download as a pdf from free download
area)

Our articles are intro. Expert knowledge is here …

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Article by Dr Murat Uenlue / Business Model Canvas, Online Travel Agency (OTA), PBM in-depth examples, Platform business model /
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About Dr Murat Uenlue

Murat Uenlue, PhD ("IoT"), Program Management Professional (PgMP), Project
Management Professional (PMP). Project Manager of multi-billion dollar projects and
business cases. Current and former Advisor and Consultant to great start-ups. Best
way to contact me is LinkedIn (click here).

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