Whilst the online travel market is growing significantly, it is also a competitive and fast moving market with some margin challenges. Having bought a prospect to your website or call center (potentially with a high Pay Per Click cost), it is important to convert them into paying customers and then maintain a relationship with them through effective and personalized marketing.
Consumers will often search online as they research a trip, potentially over a period of days or weeks. They will search various websites for transport, accommodation and events. There is enormous potential to add value into this process, making your site sticky and the one they ultimately choose to transact with.
Both before and after the booking, this process is generating significant data for companies which can use it for demand management and revenue optimization. If a particular date in the future is experiencing fewer or greater searches, the price can be adjusted dynamically.
Example 1 – Customer Search Frequency
A customer revisits the same hotel page multiple times over a period of days, indicating a high likelihood of booking. Price can be adjusted accordingly and tailored marketing messages can be deployed to encourage the transaction.
Example 2 – Demand Management and Revenue Optimisation
Many customers are searching to stay at your hotel for a specific date in future. This information is fed into demand management and operational systems and tailored marketing is built around this.
Example 3 – Review Monitoring
A high value customer has submitted a negative review on your website. A human workflow item is raised to contact the customer to discuss the review.