Demystifying Data in Travel:
What Questions Are You Trying to Answer?
The Roadmap to Data-Driven Travel with FCM
Do you really need real-time data?
Data is more than numbers and graphs; it's a tool waiting to be wielded. While everyone seems to be raving about real-time data, AI, and predictive modelling, it's crucial to cut through the noise. The burning question remains: is immediate data always the most insightful?
- Real-time data: It's now, it's happening, and you know about it.
- Near real-time data: Quick updates, perhaps every 15 minutes.
Bonnie Smith, our GM at FCM, prompts us to ponder: "Is data that refreshes every second always more valuable, or is it sometimes just more data?" It's all about ensuring quality over sheer quantity.
Data in a Changing World
Sophie Kim's take from Slalom is a gem: "Predicting behaviour post-pandemic from data collected pre-pandemic is not going to work." We're in a new game now. While the past data is valuable, it's imperative for travel businesses to understand today's landscape and adapt. Embracing change is how we stay ahead and meet evolving customer demands.
Joining The Data Dots
Inter-departmental chit-chat? It's more than just tea breaks and birthday cards. When companies in the travel realm let their sectors like HR, sales, and operations collaborate, magic happens. Data tells richer stories, stories that spotlight patterns and trends. Maybe a sales surge does lead to increased travels. Who knew?
All About Personalisation
Here's where things get snazzy. Big data analytics and artificial intelligence allow travel organisations to craft journeys tailored to the T. By understanding a traveller's quirks and patterns; we're not just selling a trip; we're curating an experience. The result? Satisfied clients who feel seen, understood, and catered to.
Zooming Into Our Audience
Tools like google analytics aren't just techy gobbledygook; they're gateways into understanding our travellers better. With target marketing backed by data, our efforts become laser-focused. We're not shouting offers into the wilderness; we're presenting them to those who want them on a silver platter. Achieving that competitive advantage is all about knowing your audience.
The Role of Pricing
Efficient pricing strategies pivot on data and analytics. With the capacity to adjust prices in real time, we can adapt to market demands almost instantly. This dynamic approach not only boosts revenue but enhances the customer experience. After all, who doesn't love a perfectly timed deal?
Data at the Heart of Modern Travel
In the modern travel tapestry, data threads are interwoven intricately. Revenue management, customer feedback, and predictive analytics – they all play pivotal roles in shaping the future of travel. And at FCM? Well, we're not just on this journey; we're pioneering it. Let's harness the power of data together and steer the travel and tourism industry towards brighter horizons.