Jan 20 2016
blog, Data Management, Travel & Tourism
Today’s travel and tourism industry faces the challenges of increased competition, online business models, demanding customers, dependence on data, and tremendous need for on-the-spot marketing campaigns. Thus, more and more, the global tourism industry is utilizing data aggregation services for greater opportunities and revenue generation. Many data aggregation services are especially tuned for the tourism industry to enable effective tourism analytics, price and promotion modeling, and marketing overhaul.
In the current business environment, what you know does not matter as much as how fast you can “act” on the actionable intelligence. The travel companies have started taking a re-look at their existing data-management strategies with a mission to extract more value from their data assets. As data technology has made it possible for multiple data streams to seamlessly combine, predictive analytics is now playing a crucial role in forecasting hotel booking patterns, ticketing patterns, travel destination choices, and many other important information for tourism success. Review Data management in travel and tourism to learn how data management services aid the tourism businesses.
Research states that travel businesses that have prior knowledge of their customers’ online spends can target their tourism packages & service offerings, manage price rates, boost sales, and improve overall service efficiency. Moreover, data aggregation services provide both qualitative and quantitative data on the evolving travel and tourism markets. This information goldmine can be effectively leveraged to predict the highs and lows of tourism business. Data-enabled market knowledge is also helping tourism business operators to target their products and services for micro-markets such as luxury travel, health tourism, retirement holidays and so on. Predictive analytics also aids in providing personalized customer service to customers with highly specific budget, destination, lodging, and dining preferences.
Many travel companies now rely totally on data analytics for predicting the highs and lows of revenue generation, capacity planning, or inventory management. One observation is that though tourism business utilizes large volumes of disparate data, but this data reside on separate silos. The future need for business success is advanced data management system with integrated data storage and analytics capabilities. The single view understanding of customer preferences will allow the business operators to design a highly personalized customized sales and service process to retain the increasingly demanding travelers. Also, read about the benefits of Cloud BI solutions.
Price and Promotion modeling is integral to the business operations of travel agencies to retain the right customer at the right time. Most tourism providers currently use intermediaries like Facebook to publicize their ads for price and promotion. The intermediary sites usually employ some sort of filtering algorithm to deliver the best travel deals including air tickets and hotel stay. Thus with advanced data services, travel business operators can take strategic decisions to boost tourism sales and drive enhanced travel revenue.
Travel companies are increasingly using their data-management systems to
The benefits of data-driven marketing for travel industry include accurately forecasting future travel demands, targeting specific markets, and creating personalized offers for individual customers.
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