To attract an online travel customer, you’re not just trying to gain a ticket or room sale. You’re gaining the opportunity to engage with a customer throughout their travel experience, to upsell or cross-sell them higher-margin services, and ultimately, their loyalty.
Quick and convenient bookings, rise in customers’ trust in online payment, and the ability to easily compare various available travel options are major factors expected to drive growth of the global online travel booking market.
Competition in the online travel industry is fierce, and subject to constant price fluctuations. Each travel destination offers several accommodation options and seasonal deals, with thousands of hotel and room variations. Whether you are a hotel, vacation rental or car rental agency, competitive pricing and product availability is critical. Having continuous knowledge of your competitors’ price and product offerings, recognizing changes to the marketplace, and acting quickly but strategically are instrumental to the success of your company.
There is so much data available on the internet with insights deeper and broader that what is currently supplied by existing software or intelligence vendors. Here are some of the business questions you can answer with web data:
- Which vacation markets have the best metrics: occupancy, average daily rates and revenue per available night?
- What is the average daily rate (ADR) of rooms or rentals within a half mile from my property?
- Which booking sites have more properties in my target markets?
- How can I identify the relative performance of my vacation rental properties across different booking sites?
- How do I get visibility into inventory availability and pricing based on season and market?
- How do car rentals compare amongst different IATA locations and ACRISS types?
- Where are travelers going to, when are they traveling and where are they staying?
- What are the top attractions by destination?
Revenue management is critical. It maximizes profitability by selling the correct number of seats, rooms or cars at various price levels based on demand and pricing elasticity. Simply put, it’s selling the right product to the right customer in the right place at the right time for the optimum price via the best channel. The more information you have around your customer and competitor, the bigger your competitive edge. Whether you are trying to compare competitive pricing, analyze market share, forecast next season’s demand or design marketing strategies web data can help you make informed decisions. Web data is the key differentiator that will give you the pieces of the puzzle to see the bigger revenue picture.
Web data is transforming the travel industry. It drives the right decisions and deliver positive business outcomes. Download the free online travel ebook to see how travel companies are leveraging web data to differentiate and stay a few steps ahead of its competition.