Like every other industry, the travel & leisure industries use data and analytics to improve their online experiences, provide the best customer service and, of course, increase their bottom line. However, not all data collection or analytical programs are the same, and some lend themselves better to the travel sector than others. If you intend to make better decisions for your travel company, take note of how analyzing travel-related data is transforming the entire industry.
Why collect travel data?
The global travel industry is expanding; gross bookings across the sector grew to hit $1.6 trillion in 2017. With that expansion comes increased competition, so travel companies that want to maintain or even grow their market share need to know what consumers are looking for if they're going to offer responsive goods and services. As of 2017, two-thirds of all travel organizations were using some form of data analysis or insights programming to understand their niche better.
What data to collect?
In most cases, relevant data depends on the industry segment; information related to air travel might not matter to a hotel. However, many travel companies use a whole range of data to improve their understanding of the expectations of the traveling consumer, from the means of transportation (car versus train versus plane), to the style of accommodation (hotel, B&B, hostel), to the support services offered (currency exchange, tour coordination, enhanced services).
Those that are successfully utilizing their data end up creating better experiences for their customers, identifying pricing strategies that attract more customers, and are better able to prepare for peak seasons by hiring better-qualified staff. Not insignificantly, by cutting back on less lucrative services and enhancing those of proven profitability, agencies are doing better business at less cost and with higher margins than before.
Which programs are best for online travel companies?
Again depending on the niche, some travel-focused analytics software programs are better than others:
- If you're looking for data related to a narrow sector such as B&B accommodations, for example, OTRAMS might be your best fit. Designed specifically for B&B and hotel wholesalers, OTRAMS will personalize their software to meet your needs. They enjoy a five-of-five star rating from existing clients.
- If you want a service dedicated to bookings, you might consider WebBookingExpert. This company uses analytics to predict what travelers might like based on choices they've already made.
- Agencies specializing in tours might appreciate the software solutions offered by Rezdy. This convenient service provides connections to a wide variety of global suppliers of activities, vehicle rentals, charters, shuttles, and, of course, tours. They can help you with reservations for your customers, help manage them through their adventures, and offer other options when they come looking for more fun.
- If you're seeking a full-service provider that will help you respond to all your customer's demands and requirements including B2B, B2C, bookings, reservations, and more, TravelCarma might work for you. This digital agency partners with smaller entities around the world to offer first-class services from more than 80 suppliers through automation, revenue and expense management, and all manner of mobile solutions.
- For travel business solutions geared more to the business than the traveler, Lemax is considered one of the best. Lemax covers the "business" of the entire travel business, from sales and marketing to operations to finances. Using their automated services saves time and reduces errors, which in turn reduces wasted time and effort. The cloud-based software also upsells related products and services based on consumer analytics to both satisfy the customer and capture all available revenue opportunities.
Today's travel industry is booming, and data and analytics are helping every agency gain an extra piece of that ever-growing pie. If you need some digital insights for your travel enterprise, try one of these options and be prepared to achieve your next level of success.
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