Big fish, Little fish: Where do you sit in your TMC's portfolio?

Continuing our blog series around the RFP process, we wanted to delve deeper into the cultural fit of a TMC, and how you and your business fit within their client portfolio.

Why is this important?

Determining whether you're considered a "big fish" or a "small fish" by your TMC can help you both understand your position and leverage within the relationship, and also determine if they're the right cultural fit. 

Whether you prefer to be a big player in a small supplier, or a small player with a big supplier, will be driven by your travel strategy and company culture. There are pros and cons to both approaches, and only you will know which fits your business best.

Regardless of your preference, when it comes to RFPs, knowing where you sit in relation to other clients can help you assess whether a TMC is the right cultural fit for you and your business travel programme.

Here are several steps and strategies to assess your standing:

1. Analyse Your Transaction Volume

• Compare transactions: Compare your transaction volumes with industry standards or average volumes for similar businesses. Business travel is based on volume, so knowing where your programme sits in these terms will allow you to see your positioning within the TMC's portfolio.
• Spend analysis: Most travel managers will know the annual spend of their business travel programme. If you don’t, it's worth finding out this figure. Your annual spend will help you rank your importance within your TMC, as well as the wider business travel industry.

2. Review communication and service levels

• Response time: This doesn’t always track, as different industries may have different needs. But understanding how your SLAs and account management provision relates to other businesses can signify whether you’re a big fish or a little fish for the TMC.
• Customisation and flexibility: Not everything can be personalised, but if your TMC frequently customises their offerings for you or shows flexibility in their terms, it indicates you're important to them. This may mean you’re a big fish, or it could simply be indicative of the culture of care within that specific TMC. 

3. Evaluate discounts and payment terms

• Special pricing: Check if you receive special rates, group discounts, or preferential payment terms. These are typically reserved for larger, more influential clients. If you have standard terms and are not receiving benefits, it could suggest you are a small fish and are not on the radar for preferential treatment.

4. Review engagement

• Regular meetings: Do you only see your account manager when your contract is up for renewal? Or do you have frequent and regular strategic meetings with senior management? Dedicated time and focus on your account points towards a greater level of importance to the TMC. After all, they want to keep their big fish happy.

5.  Marketing and promotions

• Case studies and testimonials: TMCs often ask for a case study, reference, or testimonial from their most significant and successful clients – the big fish. Highlighting your business in their marketing materials is a sign of your prominence in their business.

6. Benchmark against peers

• Industry networking: Conducting your own external research can be invaluable. Engage in industry networking, such as the BT Show, ITM or GBTA, to gather insights on how other clients are treated by the TMC. This can provide a comparative understanding of your position.
• Supplier’s client portfolio: Research the supplier's client portfolio (through their website, annual reports, or industry publications) to identify key clients and see where you fit. Does your industry, size of programme, and volume of transactions align with their other clients?

7. Feedback from the TMC

• Direct inquiry: Have an open conversation with your TMC about your importance to their business. Suppliers often appreciate transparency and may provide insights into your standing. You can also include questions in the RFP process to ascertain these details if the TMC isn’t forthcoming.

8. Internal metrics and KPIs

• Performance metrics: Track key performance indicators (KPIs) related to your TMC’s service, such as delivery times, quality issues, and support responsiveness. Higher performance levels can indicate your account is of high importance. But small fish may also find that their programmes hit all the KPIs if the TMC is service-focused.

Once you have that clear understanding of whether you are a big fish or a small fish, and which approach best suits your travel programme strategy, you can begin to manage your supplier relationships more proactively - especially within the context of RFPs.

Within Travel Counsellors, we focus on a care-led service, which is as much about the travel manager as the travellers themselves. Once you understand your needs, we can then work within our network of experienced Travel Counsellors to find the perfect fit for your business. 

So, if you’re looking to be a big fish, we can pair you with an individual Travel Counsellor, who will be your dedicated point of contact, making sure you’re a sizable catch for them and reaping all the benefits that comes with that.

On the other hand, if you've assessed that small fish is the way forward, then one of our larger corporate Travel Counsellor teams could prove to be the right match for your business needs and goals.

As for which is the "better" position – big fish or little fish – this completely depends on the specific context and strategic goals of your business. Either way, we’ll work to understand where you want to sit in your TMC's portfolio and make sure everything goes swimmingly!

Get in touch today for a no-obligation chat about your travel management needs.