The travel industry distribution model has changed rapidly with the rise of the Internet.
Travel consumers are now in the driving seat and there is a new challenge present: the paradox of choice.
Use data driven decisions to move with the times
In our brand new guide ‘Your passport to personalization’, we explore how a simple search for a holiday has evolved far beyond a trip to the travel agent and a flick through a travel brochure.
Consumers are now able to search, compare and craft their own personalized experiences—think about the range of Online Travel Agents (OTAs), price comparison and metasearch engines, aggregation tools, fare price predictors, route hackers and more. There have never been so many options to book your next holiday.
Take action to achieve results
In the guide, we’ve identified the key areas in the booking funnel where you can develop a personalization strategy to impact topline revenue as we follow the journey of a customer. We’ve explored how data driven decisions can be used incrementally to understand online behaviors, starting with the basics, such as geolocation, but then moving towards more granular information, such as size of party, travel preferences and even what activities they enjoy while on vacation.
‘Your passport to personalization’ mirrors the customer booking journey from beginning to end and is filled with real-life case studies that consider both segmentation and highly focused personalization tactics. A key consideration in the guide has been relevance—ensuring that the right kind of personalization is delivered at the right stage in the booking journey, and considers the most up to date data, either gleaned from the website, offline data sets, or API integrations.
Why technology is the answer
Qubit’s technology uses highly granular data to increase profitability and build customer loyalty, and it enables digital experiences that surprise and delight holiday makers throughout the booking journey. Qubit’s own research shows that companies which focus on personalization stand to increase revenue by up to 6% if they get this right.
Consumers are already on board with the use of technology and have come to expect it when booking. In December 2017, we conducted a survey of 1,000 travel consumers across the UK and US.
Our research uncovered insights around the holidaymaker mindset, and validated just how much consumers value the role of personalization throughout the digital journey. Results showed 45% of respondents say their favorite travel booking sites made an effort to personalize the experience to their preferences and interests.
The desire for travel brands to be customer-first can be balanced with business needs, such as how to shift excess or undersold inventory. Personalization shouldn’t be considered a buzz word, rather an essential component to developing a customer-first retention strategy - read more in ‘Your passport to personalization’.