Chinese Internet giant Tencent Holdings Ltd. has surpassed Facebook to become the most valuable social network company in the world, according to Bloomberg.
This milestone came about in part because Facebook’s share price dropped after announcing it would highlight posts by users’ friends and family over those of media and businesses. But, Tencent, which has wide-ranging technology businesses, has been making inroads, spurred by the success of its major social platform, WeChat, for some time.
With nearly one billion reported monthly active users in late 2017, WeChat has integrated its way into everyday life in China, becoming an increasingly appealing tool for global travel brands looking to enter the market and attract the plentiful and high-spending Chinese outbound travel segment. To see a payoff from having a presence on the platform, travel brands must educate themselves about its nuances and they need to formulate a thoughtful, WeChat-specific strategy before jumping in.
Important lessons can be learned from the travel brands already on the platform, including destination marketing organizations, airlines, cruise lines, and hotels. If it’s approached in this manner, WeChat can be key for travel brands looking to unlock the China market.
Source: Skift
