Richard Fain on market positioning
From Delivering the WOW, with Richard Fain (Leadership, Travel, Culture, Business) · · The Action Catalyst
“We're not trying to offer the vacation of a lifetime. We're trying to offer a lifetime of vacations. We are competing for your time. That's the one of the things here is this is one of the most important times of a family's year because they don't get that much vacation time. And so they really want it's really important that it be done right and that they get the best vacation.”
On , Richard Fain, Former Chairman & Chief Executive Officer at Royal Caribbean Group, spoke about market positioning during Delivering the WOW, with Richard Fain (Leadership, Travel, Culture, Business) on The Action Catalyst.
About Richard Fain
Richard Fain, former chairman and CEO of Royal Caribbean Group, appeared on the podcast "Delivering the WOW" on March 1, 2024, where he discussed the company's experience during the Covid-19 pandemic. Fain said that within a few weeks the company went from generating a billion dollars a month to zero revenue, a situation he said his training and business school background had not prepared him for. He described the period as both horrifying and gratifying, citing how employees came together toward a common goal. Fain also discussed the company's decision-making during the pandemic, stating that the mantra was not about saving money by putting ships in cold layup, but about ensuring they would be ready when the pandemic ended. He characterized this approach as a "cheap expense" when viewed in the context of the company's goal of operating after the pandemic. Fain added that the company's focus was on how to emerge from the crisis rather than on short-term expenses.