Data Trends in Travel and Hospitality

Today’s industries increasingly depend on data and digital trends to improve their service and products. That comes as no surprise, considering we’re still going through digitization, and we’re likely to keep refining our data gathering and analysis processes with new legislation and better tools.

It can be put down to one simple fact: those who have the most accurate data and know how to leverage it usually win in the market. Now that everyone is joining that race, it’s more important than ever to keep an eye on data trends. In travel and hospitality, two very high-competition industries, it will make the difference between successful businesses and those that struggle. Let’s have a closer look at data trends in travel and hospitality:

Real-Time Data Use Is Rising

To remain relevant in a competitive market, providing a flawless customer experience has to be the priority. When it comes to travel and hospitality, more and more businesses realize that they need some real-time data analytics and automation to reach and retain their customers. As the face of the industry is changing and it becomes easier for customers to book their trips without any help from travel agents, hospitality and travel businesses have to work extra hard to make sure they’re offering what the customers need.

Big Data Is Still Big

One of the things that help businesses determine the preferences of their customers is undoubtedly big data. As is the case in virtually every other industry these days, big data is the supreme ruler of all insights and analytics. It helps hotels with revenue management, informs the targeted marketing efforts of businesses, and helps companies get a feel for what their competition is doing. It’s an invaluable tool in hospitality and travel.

Personalized Experiences Are Desirable

On the customer side of things, it seems people are slowly beginning to favor personalized experiences. According to American Express Travel survey, 83% of Millennials have stated that they have no problem with travel brands tracking their digital patterns if this would provide a more personalized experience for them. It is an excellent boost for targeted marketing, and also a good incentive for travel and hospitality brands to make best possible use of customer data.

Predictive Data Analytics for Better Customer Relationships

Many businesses turn to predictive data analysis to accomplish a more personalized experience for customers to enhance relationships. Real-time and big data is extremely important, as well as its accuracy. Using that information to conduct proper data analysis is what supercharges a company’s marketing efforts. Customers appreciate being offered the most favorable destinations, at their budget, and covering all their preferences — so any company that can provide them that within a single, streamlined package is going to gain their loyalty.

Data Accuracy

Staying in touch with customers and keeping their contact data accurate is extremely important for the day-to-day functioning of hospitality and travel businesses and their marketing campaigns. Software integrations solutions like Runner EDQ CLEAN_Customer help your business stay on top of the ever-changing addresses, phone numbers, emails, and all the other contact data. Other features, such as geocoding, social media handles and demographics data help you identify your target customers, and reach them with your marketing efforts.

Make the best possible use of your data and elevate your business to another level with enterprise data quality. For more information on Runner EDQ’s software solutions and how they can help companies in travel and hospitality, click here.

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