A report last year suggested that marketing will increasingly be seen less as a cost and more as a source of revenue. In our experience, however, most travel businesses are already acutely aware of how they can improve revenues by engaging travellers on the right channels, but some are still yet to see the light.
The report we're referring to is 'The Rise of the Marketer Driving Engagement, Experience and Revenue', by The Economist Intelligence Unit. It examines three trends which it claims will help a company generate as much revenue as possible. Now, who doesn't like the sound of that?
Hotel News Resource takes a look at the three trends and applies them to the travel industry:
A broader view of customer experience
Travel firms have a vested interest in taking an integrated, holistic approach to the customer journey. Not only does it help facilitate an exceptional brand experience for travellers, but it makes for better customer insights which will elevate your marketing campaigns.
In the past, travellers had to put up with receiving dozens of offers, confirmations and recommendations from various sources – in fact, some still find themselves on the end of this sporadic communication. However, thanks to today's technology, travel brands now have the capabilities to reach out with tailored offers and deals at the exact moment their customers want them. The key is to have eyes on every stage of the customer journey.
Digital and data dominate investment
With the first trend in mind, it's perhaps little surprise that digital channels – alongside data – is where most businesses are spending their technology budget, according to The Economist survey.
Travel brands are not an exception, investing in a multi-channel approach in order to increase top line revenues. However, if you're going to invest in more than one digital channel, you've got to commit to an omnichannel approach that accounts for each platform and device that a customer will use to interact with your organisation. Those insights can then be put towards an integrated experience. The cost of not doing so is a 10% loss in revenue, according to a recent study.
Marketing touchpoints as a consumer point of sale
As we touched on at the start of the piece, there is a growing recognition that marketing is a legitimate revenue source. How so? Being able to profile individual customers so that you can provide them with tailor-made offers not only improves transactions but promotes loyalty.
It goes without saying that sales and revenue management still play a significant role, but marketing is where you will yield repeat purchases. If your customers think you know what is best for them, they won't bother looking anywhere else when it comes to booking their next trip.