We take a look at some travel sector facts just released by Tripadvisor, and how Customer Experience Management (CXM) could be used to solve the problems uncovered.
The international travel sector is one of the largest markets in the world. In 2014, travel companies earned an estimated $1.3 trillion. Yet in many ways, it is one of the late adopters of Customer Experience Management (CXM). There are exceptions to this of course, one of which is TripAdvisor. A company that has just released some interesting travel market facts. We are going to take a look at a few of these, and try and show how CXM could be used to solve any problems.
First of all, let’s take a look at how the technology that travelers use, has come to be more and more mobile focused. 62% of travelers say it is important that they can make bookings on their mobile device. 56% of them use their phone to check flight information, and 35% of them use their phone to check flight prices.
Now, nothing really wrong here, but it is well worth considering that each of these transactions, booking, checking flight status and checking flight prices, could be a very good hook point for capturing the Voice of the Customer (VoC). Yet many travel companies lack even a proper mobile app, let alone on that has been designed to garner customer feedback as part of the booking/checking process.
When it actually comes to booking, 80% of travelers say that they start researching their trip two or more months in advance. In this day and age, it is unthinkable that any travel company should simply let these people check flight/accommodation details without at least storing the results for trend analysis, let alone actually capturing customer details so that they can offer a personalized experience based on VoC data.
Now consider the fact that 55% of people will use five or more resources to research their trip. Which supplier achieves the best tactical advantage? The one that captures VoC data as part of the quote process, and then uses it to follow up a booking query with personalized service, or the one that just quotes a price via a web portal and lets the customer move on to the next?
Finally, let’s consider another potentially vast source of the indirect Voice of the Customer, and this is social networking sites such as Facebook and Twitter, and also independent consumer reviews. These often publically visible sites, are cram packed with just the kind of VoC data that can be captured and analyzed to give a company a head start when a fresh consumer visits their booking platform. Yet only a handful of companies, such as Tripavisor itself, actually bother to do this.
It is quite surprising to realize that such a massive market, generating trillions of dollars a year, is falling behind when it comes to Customer Experience Management, and turning the Voice of the Customer in to a source of valuable consumer insights.
Here at SandSIV, we specialize in helping companies to begin to capture the Voice of their Customers, and then turn this data in to a valuable source of customer intelligence. The enabling technology we us for this, is the SandSIV VoC Hubtm. Contact us at firstname.lastname@example.org for a live demo.