Why Demand-Based Data Matters
Demand-based analytics promise a step-change in travel brands’ capabilities, unlocking huge insights that will allow brands to better target consumers, build superior products and adjust faster to changing patterns says new research
Measuring and making the most of consumer data
Demand-based data is increasingly important and can allow travel brands to become both more agile in the short-term and better prepared for long-term trends according to the new Understanding Customer Behaviour Through Demand-Based Analytics white paper from EyeforTravel and Datumize, which is free to download now. Looking at ongoing demand patterns will arm travel brands with a wide-range of capabilities, such as more responsive marketing, better-adjusted pricing, more personalised products, superior forecasting capabilities and increased planning capabilities.
This kind of data is of utmost importance to a youth brand like Contiki, part of The Travel Corporation's agglomeration of 30 international brands. Raj Dhawan, senior executive, technology at The Travel Corporation, explains that understanding and forecasting demand is critical to keeping Contiki's catalogue of offerings appealing and up-to-date.
"The one area that we look at regularly is search terms on our website - the cities and countries where people are searching," he explains. "That may result in us culling some trips and destinations or increasing our inventory on those destinations.
"There are areas and destinations that are hot in the market versus those that are not, and every year that changes a bit. Based on that, our product changes to some extent, with variations that could appeal to the audience that we have."
Building on this monitoring, the business is experimenting with a machine learning pilot to give these learnings a concrete and immediate use: Depending on patterns of searches, for example for a particular area or cost bracket, Contiki customers will see a website personalized for their type of customer.
"When people search for certain terms, the website is curated based on this," says Dhawan. "That's something we are piloting, and that uses machine learning and the search product on the website."
This is just one example of the insights from brands featured in the white paper. Download the full research now to get more from industry leaders, including Europcar, IHG, Thomas Cook Hotels & Resorts, Vueling and W2M.
Demand-based analytics promise a step-change in travel brands' capabilities, unlocking huge insights that will allow brands to better target consumers, build superior products and adjust faster to changing patterns. To understand how to unlock the value contained in demand-based data, download the Understanding Customer Behavior Through Demand-Based Analytics white paper now! It includes:
- Real-world examples and case studies
- Industry survey data
- Data-based techniques and areas of focus that can improve business performance immediately
- Expert insight.
EyeforTravel is an online travel intelligence provider to hotels, airlines, online travel agents, cruise, car hire firms and more. Established in 1997 by Tim Gunstone, right at the inception of online travel, the group offers a diverse product portfolio including industry analysis, insights, research, webinars, reports and conferences. From major hotel brands to new startups, EyeforTravel helps its 80,000 strong customer base make better decisions, build better brands, close the most lucrative deals and ultimately sell more of their product.
For more information visit www.eyefortravel.com.
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