Webinar: Personalization in Airlines with Tom Bacon and Dr. Medepalli
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Take a look at this presentation to understand how airlines are losing revenue by only focusing on fares and why personalization of experiences is the way forward.
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Webinar: Personalization in Airlines with Tom Bacon and Dr. Medepalli
- 2. Agenda
- 3. Our Speakers Today Principal, Revenue Optimization Tom Bacon Consulting, LLC Chief Product Officer RateGain Tom Bacon Dr. Anand Medepalli
- 4. (Cooperation+ Love x community building ) Survival tactics A 20,000 years old equation Freytag’s Structure of Storytelling Storytelling : The age-old formula driving human evolution
- 5. 2083333 Snap chat pictures 1388999 GIFs served 49890 Instagram 473400 Tweets 4333560 Video Views Source Statista Stories created in an Internet Minute Today’s travelers crave stories in micro-moments
- 6. For them, every Travel is a Story! Source AARP Traveler trends 2018 1 2 3 4 Travels to seek experiences and transformation Spends all of their vacation time in a year Spends more than GenX and Boomers on each travel Bucket Lists and Impulse Travel remain priorities
- 7. Passenger Expectations Air Travel Experience • Tracking Baggage • Random Security Check • Standard Seats • Standard Fares • Small Meals • Limited Engagement Options • Happiness • New Culture • Nervousness • Sadness • Self-Exploration • Urgent Assignments • New Beginning Satisfaction with Last Air-Travel Experience North AsiaLatin America North AmericaMiddle EastAsia PacificAfrica 40% 47% 59% 47% 56% 56% But a Traveler perceives his story to be divergent from an Airline's story Source: IATA Global Passenger Survey 2017
- 8. Source: Digital transformation initiative: aviation, travel and tourism industry. WEF, January 2017. Potential to unlock approximately $1 trillion in value for the industry by 2025. Enabling a Traveler’s story will impact both your business and the society
- 9. Ancillary – Billed as “personalized”;Critical to Financial Health Theory: Pay only for the services you want! $88.2 Billion Airline Ancillary Revenue (Ideaworks) $38.0 Billion Airline Profits (IATA) Global Airline Performance 2017
- 11. Ancillary must add Value! True Personalization adds value; drives increased Customer satisfaction/Engagement – the “story” 7 Signs airlines need to take a step back with ancillary Customers can’t book you Customers don’t like you Customers don’t know what they’re buying Customers can’t find what they want Customers are overwhelmed with choice Customers perceive nickel-diming Customers are surprised what they get
- 12. Data Requirements: More than Personalized Micro-segmentation Contextual Two-way Dialogue 1 2 3
- 13. A Personalized “Story” Right product Right price Right messaging Right time Right channel
- 14. Entire Travel Experience is a “Story”
- 15. Competitive Positioning High Ancillary % Leisure Business Orientation U.S. Airline Industry 2018
- 16. Competitive Positioning High Ancillary % High Personalization U.S. Airline Industry 2018 Blue Ocean!
- 17. Ancillary <-> Personalization 1 2 3 Value-added Ancillary Data is more than Personalized Marketing the “Story” Whole Travel Experience Included Competitive Opportunity 4 5
- 18. How Much do you Estimate Better Customized Offer Creation Will Increase Your Airline's Total Passenger Revenue ? Source: Skift Research: A new formula for Airline Success
- 19. Crawl – Walk – Run – Fly! Embrace a test-and-learn culture!s 1 2 3 Industry is just crawling… But we’ve got to begin somewhere! Now is the time
- 20. Charting your Personalization Path forward 1 2 3 Establish traveler discovery and micro-segmentation Create a digital data foundation Turn your Data into an Asset
- 21. Map a Traveler’s Journey with you
- 22. Cancellation propensity Path to discovery Customer profiles Booking data Channel Preferences Cross-product purchases Promotions & Events Competitive offers Social sentiment Clickstream data Brand reputation Product choices Path to purchase Price sensitivity Social influence Total spend “Why will they come back to me?” Figure out your customers Machine Learning Cloud Computing
- 23. Market Pricing Bookings SNEW Airlines Capacity & Traffic Customer Feedback Data Types Search data Customer Reviews Crawlers Res Systems External APIs / SFTP Search OAG / WEF Data Collection Historical Data Streaming Data Data Lake Outcome Scenarios Cross-data Insights Data Cleansing & Validation Data Aggregation Analytics Ready Data Marketing • Traveler profiling • Demand forecasting • Digital marketing spend optimization • Promotions planning & pricing • Sentiment scoring & pricing Data Deltas MachineLearningFramework Revenue Management • Demand forecasting • Pricing optimization • Automatic rate updates • Smart alerts Data Services • Smart search • Smart sampling • Price guidance • Quality control Create a digital data foundation Data Views Data • Rate shopping • SNEW • Airline capacity & traffic • Search • Macro-economic indicators
- 24. Being Traveler Centric requires a paradigm shift in your approach • Batch-driven • Static-rules based • Limited data inputs with latency • Silo organizational disciplines • Self-learning and evolving • Automated response • Risk-aware • Full organizational visibility and control • Exponential growth in data (SNEW, IOT) • Always-on • Iterative batch planning accounting for execution realities • Flexible and responsive • Limited data inputs with reduced latency • Silo organizational disciplines • Predictive planning based on real-time events • Flexible and responsive • Increased data use (SNEW, IOT) • More connected organizational disciplines, but not fully Reactive Responsive Synchronized CognitiveProactive • Predictive planning based on real-time events • Flexible and responsive • Increased data use (SNEW, IOT) • Full organizational visibility with inter-connected insights Walk Run FlyCrawl
- 26. WEBSITE PERSONALIZATION: Market Price Comparison Compare price for other airlines for your dates: Compare price across other travel partners for your dates: . INR 54,000 INR 55,000 INR 57,000 INR 51,500 INR 52,000 INR 56,000 INR 57,500 INR 56,000 COMPARE * (CHEAPER RATES 3 DAYS AHEAD)
- 27. WEBSITE PERSONALIZATION : Alternate Dates Comparison
- 28. WEBSITE PERSONALIZATION : And oh, look at the Events & Weather Forecasts Compare price for other airlines for your dates: Compare price across other travel partners for your dates: . INR 54,000 INR 55,000 INR 57,000 INR 51,500 INR 52,000 INR 56,000 INR 57,500 INR 56,000 COMPARE WEATHER FORECAST EVENTS * (CHEAPER RATES 3 DAYS AHEAD)
- 29. WEBSITE PERSONALIZATION : And here is a Promotion for you! Compare price for other airlines for your dates: Compare price across other travel partners for your dates: . INR 54,000 INR 55,000 INR 57,000 INR 51,500 INR 52,000 INR 56,000 INR 57,500 INR 56,000 COMPARE WEATHER FORECAST EVENTS EFFECTIVE PRICE (after discount): INR 39,246 * (CHEAPER RATES 3 DAYS AHEAD)
- 30. SOCIAL MEDIA CAMPAIGNS: Retarget your customers with related offers and information on their social media profiles.
- 31. PERSONALIZED DISPLAY ADVERTISING PERSONALIZED BANNER ADS DYNAMIC CONTENT IN BANNER ADS
- 32. SMS MARKETING Send real time SMS alerts personalized on the basis of user booking history and real time data from RateGain’s APIs. Include offers for new customers and retarget those who left without booking by showing them that Singapore airlines is the cheapest for those dates & upcoming events in the destination location. 1 2
- 33. For enquiries contact us: marketing@rategain.com
- 34. For enquiries contact us: marketing@rategain.com
Editor's Notes
- We work in an industry which creates curious travelers, experiences and stories that you can tell over ages. This photo depicts the image we have in our mind about travel and experiences
- We work in an industry which creates curious travelers, experiences and stories that you can tell over ages. This photo depicts the image we have in our mind about travel and experiences
- 1- Change icons 2- Cancelation propensity
- Client can use tools such as ‘Adroll’, ‘Adacado’, ‘Google DoubleClick Bid Manager’ and ‘MediaMath’ for dynamic display advertising. Banner HTML will have placeholders to accommodate real time data from real time RateGain’s API. Singapore Airline can show pricing, events and weather data in these promotional banners
- Singapore Airlines can use any marketing automation platform to send dynamic sms – Eloqua, Pardot etc.