It’s
not a cake walk to predict the future trend for any industry. With upgradation
of technologies and resources and the rate at which advancements are occurring
in every domain, it’s really a tough job to forecast the changes that’s going
to happen in the near future. However, a prediction can definitely be organized
by keeping a close watch on the past trends and how has things been changing at
various frequencies. We can get the prediction by making the best use of both
Primary and secondary data that is available with us at any time. We always try
to predict the forecasts based on the available data, be it the revenue of an
organization or trying to figure out the best strategies to increase sales as
well as easing out tactics for our customers.
Now
let’s try to analyze this on a travelers point of view. There was a time when
business travelers used to just travel to a particular destination for their
meetings or conferences and after their purpose is fulfilled, they take the
flight back to their native place. But now, with change in time, people have
got more indulged into exploring. They don’t mind spending some extra time in a
particular place post work to explore the culture and beauty of that
destination. Now with the beauty of Predictive Analytics, you might receive an exclusive offer from your
favorite airline (the one you fly most often) for the ideal route (you tend to
fly late morning and like non-stops) along with an option to include a hotel
(where you have a loyalty account) at a significant discount (from a brand
you’re not familiar with but desperately wants you to be). How can this be
attained. The travel companies and the big data specialists who help them are
getting better and better at divining the needs of their customers based on
prior booking patterns. This is how the predictions can be done and ideas can
be carved out for better brand positioning for the organization.
1) Track the Travel Trends
closely:-
Demand for different travel destinations keeps changing rapidly. If we start
comparing the top travel destinations for customers in a span of one year, we
can witness that most of the same destinations find their way to the top of
the list. Proper research if carried out can also give us a lumsome idea of
some unexpected blips that might turn up in the near future for some
destinations depending upon the demand and supply ratio, customer expectations
and willingness to try out something new. This analytics can help the travel
companies to customize their marketing strategies and align their 4P’s
accordingly to increase profits.
2) Aligning
your own data with the data of the 3rd party:-
It’s not wise to rely completely on the data or research that has been carried
out by your organization. Sometimes we might not have a clear picture of the
consumer behavior which might land us to an illusion of our analysis to be
right. Let’s take an example of an Airline which considers a passenger
travelling with them twice in six months to be a Loyal customer. But we never
know, that same customer might prefer some other airline for his further
travels depending on the rates and availability. So these can be clarified and
viewed better with matching up with a 3rd party data analysis.
3) Keeping
yourself updated:-
Predictive Analytics in a trending technique and rigorous improvements and
enhancements are being carried out to ensure better and effective analysis. We
should also be aware that along with us, our competitors are also using the
same technique to improve their marketing plans. It’s crucial to stay updated
for all the latest advancements and stay competitive in the market. In travel,
predictive analytics brings the dual promise of greater yield for suppliers
(air, car, cruise, hotel companies) and at the same time a greater travel
experiences for their customers
Nice one Shiv very informative.
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