RevTech for Hospitality & Travel
Data-Driven Revenue Growth in Hospitality & Travel
Hospitality and travel companies facing a heavily price-conscious new consumer base, an increasingly crowded competitive landscape, and dramatically shifting travel habits. While globalization and other trends have made travel more attractive to more people, they have also served to make the market more attractive to more innovators.
Hospitality and travel companies are in desperate need of agility - something that business systems have trouble accommodating. This is why RevTech is so appealing to these companies: legacy systems (usually inventory and revenue) become integrated with newer technologies (usually marketing and advertising). Then RevTech analyzes growth opportunities in pricing, promotions, marketing and awareness optimization.
Why is Data-Driven Revenue Growth Imperative for Hospitality & Travel Companies?
Hospitality & travel companies need to identify the optimal means of acquiring and converting customers, among pricing, promotions, marketing and experiences. With airlines, this means evaluating data from booking and in-flight entertainment systems, and coordinating revenue optimization efforts with vendors such as onboard wifi providers. With cruise lines, this means analyzing ticketing and onboard revenue performance, and evaluating customer interest in new experiences. With hotels, this means integrating and measuring room inventory, pricing, and upsell opportunities such as experiences and room services. With restaurants, this means understanding local awareness, optimizing across search touchpoints, and improving targeted customer experiences.