Short Answer 
Travel agents start by researching competitor prices using online travel agencies to analyze flight options and pricing trends. They stay informed about market conditions to adjust their strategies accordingly and leverage this information to provide clients with optimal deals and insights for cost savings.
Step 1: Research Competitor Prices
Travel agents begin by utilizing online travel agencies like Kayak, Expedia, and Skyscanner to gather information about competitor pricing. This process includes:
- Analyzing various flight options and prices.
- Identifying trends in pricing among competitors.
- Understanding different factors that influence costs, such as fuel prices.
Step 2: Stay Informed on Market Conditions
Agents must keep themselves updated on how market conditions impact travel costs. This information helps them to:
- Adjust pricing strategies in response to fluctuations in fuel costs.
- Recognize customer travel patterns that affect demand.
- Implement effective pricing techniques to remain competitive.
Step 3: Leverage Insights for Client Benefits
With the information gathered on competitor pricing and market conditions, travel agents can better serve their clients by:
- Offering the most cost-effective deals tailored to client needs.
- Utilizing price discrimination strategies of airlines to find the best rates.
- Providing insights into booking timing and travel patterns for maximum savings.