It is critical that, with the huge wealth of data and information that travel companies have, their analytics manager analyzes it regularly to keep up with the competition.
Data can act as the backbone for strategy and ongoing planning, especially in the market and customer service domain. But despite its importance, not all travel firms are adequately analyzing data due to a lack of in-house ability. Despite the extremely high potential value of data, it is rather challenging to get a grip on much of it, let alone extract valuable information.
Tips for Analytics Managers
The data analysis process is all about processing information through analytical and statistical tools to support decision making and increase profits. This information, often gathered through the booking process, can decode customer demand and behavior data and optimize their experience/increase conversion.
Nowadays, innovative techniques are constantly being used to empower travel companies to be more performance oriented and optimization minded. This can help all sorts of companies find continued success.
Below we have compiled four important key performance indicators that an analytics manager should look at, and attempt to control.
Keep Track of Booking Ratio
“look-to-book” is a term that defines the ratio of website visitors to full bookings, or conversions. It is also known as the global conversion rate of that particular sales channel. This metric matters a lot in just about every industry. A successful business not only keeps their eyes on this critical KPI, they also keep up with trends and best practices to maintain and increase it.
Error Tracking and Timeouts
You do not only want to track the good things, like conversions. You also want to keep an eye on things to avoid, such as errors and timeouts. These include really all technical issues that cause problems for your customers. There can be a lot of data in this area, but quickly acting on it can greatly improve the customer experience and set a blueprint for IT work and maintenance. The goal of smoothing and improving transactional processes absolutely helps increase bookings and client satisfaction.
Advance planning aka Days in Advance
Knowledge of sales trends based on history or analytics helps companies plan in advance. This kind of knowledge can be used to bolster operations, market more efficiently, and target their customers more effectively.
Requirement and Demands
Using bookings data in your channels, you can properly deduce what real-time demand is looking like at any point in time. This allows travel companies to weak inventory, bandwidth, and services. This operational advantage helps companies keep their customers happy and increase profitability by optimizing their supply to the most efficient point.
All travel companies benefit when they understand their customer and can predict and contextualize their behavior. The best analytical companies tend to be the most successful, and the competitive edge enjoyed by the data-driven firms simply continues to grow. The key to joining their ranks is continuous collection, processing, and analysis of new customer data and improvement to distribution channels. A successful travel company will be one with very few operational or technical errors, a lean and responsive inventory, and a top-notch customer experience.