This week’s blog post is contributed by Casey Martin, Senior Director, Client Partnerships, Oracle Data Cloud.
The travel industry is facing a new set of challenges and opportunities. Changing consumer behaviors and preferences are driving a much-needed shift from the tried-and-true tactics of the price-driven promotions of the past to today’s more tailored offerings.
The travel industry is impacted by these changes in consumer behavior. To stay ahead of the curve, marketing teams must examine their use of data to better understand and attract customers—from booking flights and making hotel reservations to securing rental cars.
Travel marketers have traditionally focused on first-party data and “in-market” datasets to generate bookings and maximize media efficiency. But by narrowing the scope of data strategy to these two sources, travel marketers are significantly limiting the percentage of the total travel market they are reaching.
This process is failing to fill the funnel with new consumers unfamiliar with their brand and, worst of all, ceding market shares to competitors.
The majority of first-party data used by travel marketers is based on their loyalty programs, bolstered by data from bookings, call centers and their company’s website. These sources are valuable, but leave many questions unanswered.
A great example is when marketers attempt to leverage these datasets to answer important questions, such as “what drives consumer decisions?” and “how can marketers attract new customers to a brand?”
Most loyalty programs simply capture name, address and email from members when they sign up. These are good data points, but insufficient on their own for making critical marketing decisions in today’s highly complex marketplace.
By thinking beyond your first-party data and “in-market” datasets, savvy marketers can accomplish four critical tactics to generate bookings and build your brand’s loyalty base. Here’s how:
By leveraging third-party data to extract more value from your first-party data, savvy travel marketers are expanding their relevant reach, increasing return on media spend and creating engagement amazing experience for their customers. This not only reduces cost per bookings, but also builds brand-loyal evangelists for life.
About Casey Martin
Casey leads client partnerships at Oracle Data Cloud in the Travel, Financial Services and Telecom verticals. Prior to Oracle, Casey served as VP, Head of Sales at AddThis, helping a successful transition from a media business to DaaS business prior to acquisition by Oracle in 2016. With more than 14 years of experience in marketing and sales leadership, Casey remains focused on intersection of marketing and technology.
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