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Wednesday, 15 February, 2017, 14 : 22 PM [IST]

Power of Big Data to overcome Adverse Situations

The travel industry in India is always the busiest from October till March and this phase largely defines the success for the industry in any given year, but this time the tides have changed to a great extent. With the government taking a bold and corrective measure by demonetising INR 500 and INR 1,000 to curb money laundering and fight corruption, has affected the travel industry in many different ways, depending on the mode of operation.

The lack of currency availability has forced some hospitality customers to postpone or cancel their travel and accommodate or use hospitality products that easily allow other modes of payment.

To tackle this challenge, it is imperative for hospitality industry to identify and tap options which can help them manage situations such as these. If companies use the power of predictive data analytics and big data technologies they can easily tackle unprecedented situations.

With the use of big data analytics hospitality companies can change the tide by deploying advanced data driven marketing strategies such as location based marketing, artificial intelligence based service recommendation, and hyper-personalised marketing/selling etc.

Hospitality companies can use big data and advanced analytics for sailing through the rough tide and can help in the following ways:

Optimised offers and targeted consumer promotions
Hoteliers and other ancillary service providers have massive amount of customer level data and this can be used extensively for driving benefits. By churning and harnessing this data which is coming at an ever increasing rate, companies can identify valuable/loyal segment and send personalised offers/discounts which are highly optimised so that even in the phase of cash crunch it is still lucrative enough to be availed. For instance, an offer for a quick weekend getaway send to a customer who has searched your website for short vacations and also in past has used similar services has more likelihood to elicit a positive response and keep your business in momentum.

conversionsImage for representation purpose only


Personalised marketing communication
Big data can help advertisers increase their RoI through highly tailored marketing messages based on online user behaviour and their search history. Hospitality companies can use predictive analytics to track and send personalised marketing messages by studying the behaviour of travellers like, which destinations do travellers in the age group 18-35 prefer. A prompt advice can make a huge impact on the customer decision making and also help in better conversions. In fact many online travel agencies are now collaborating with big data startups using the Hadoop technology to process huge chunks of data.

Provide seamless cross-channel experiences
Hospitality service providers must have a single view of the customers — integrate cross-channel data in one and recognise them across devices instead of having their data lost. This is about implementing technology that puts the customer first and serve them better with same level of personalisation across channels.

To sail through this tide and keep the business in momentum it is important for companies to leverage the power of modern day analytics a.k.a big data analytics as it can help companies send more personalised, convenient and budget-friendly travel offers. Companies can more intelligently determine the most desirable and profitable experience – including packages, content, prices, promotions and markdowns – to put forward at any given time. That is the time to make wise data based decisions and big data analytics can be of great help.

The views expressed within this column are the opinion of the author, and may not necessarily be endorsed by the publication.
 
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