Technology for maximum gain
In the age of digitalisation, effective analysis of data has proved to be the key in delivering personalisation of services in the airline industry. This ensures an increase in conversion rates, improve repurchase rate and customer satisfaction.
The concept of Fourth Industrial Revolution as first suggested by Professor Klaus Schwab, WEF Founder, elaborates a revolution which is a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.
Within the next few years, artificial intelligence and machine learning, advanced robotics and autonomous transport, advanced materials, biotechnology and genomics are going to collate providing real time everything – from industry reports, to business analysis, consumer behaviours to industry patterns. Each entity with its behavioural prototype formed by pulling together their digital, biological, etc. activity will bring together in a new phase of digitalisation.
Most of these advancements right now are at various stages of evolution. In the travel and tourism domain, it is still in a very nascent stage. Presently, we use various online tools to promote our businesses to reach out to more and more customers, but how far are we really succeeding? Are we being able to create real consumer base and loyalty? Are the dissatisfied customer’s cases getting analysed? Are we keeping a tab on the data required for launching successful campaigns like frequent flyers programs? Are we actually evaluating the vast data of consumers available with us?
In order to reap the benefits of the Revolution, we need to understand what we have in hand today. Hence, understanding technology is very important. Effective data analysis is the first and foremost step towards reaping the benefits of digitalisation.
An apt example can be taken of the airline industry today. The potential of personalisation here is still unharnessed by the biggest players. Although digitalisation has remarkably enhanced the quality and quantity of data available today, its power goes unrealised through low level of application to attain business goals. The apt use of data in the airline industry can increase conversion rates, help launch more effective marketing campaigns, increase revenue per trip, improve repurchase rate and boost satisfaction, advocacy and loyalty of their brands. In order to get maximum benefits, efficient analysis of data is mandatory.
It is time to bring together data attained from various sources like booking/travel data, social media searches/ clicks, web behaviour, airline loyalty quotient, frequent flying pattern etc., and focus on customers accordingly. Understanding the behaviour of the customer, his likes/dislikes, needs, and experience ends the first step towards using digitalisation next comes the implementation which can be done through providing tailored messages to airline customers, free upgradation of class, extra facilities, check in details, boarding and check in information and gate number. Launching loyalty programs and its benefits comes next. An important portion of loyalty goes to customers with grievances. Addressing such cases and offering amends is another approach to building consumer loyalty.
It is time to bring together data attained from booking/travel data, social media searches/ clicks, web behaviour, airline loyalty quotient, etc., and focus on customers accordingly
( The views expressed are solely of the author. The publication may or may not subscribe to the same.)