Why is having the right approach to data is key to driving business performance?
While there is no shortage of data right now, data is useless without the right analysis. The challenge for marketers is knowing how to take advantage of all of that data and couple it with actionable insights to deliver the best results. By combining rich data and the right advertising technology, marketers can design better, more personalized experiences for consumers.
Marketers need to start with rich data. Travel data in particular reveals insights into multiple touch points along the path to conversion. Looking at behavioral and transactional datasets, marketers can tap into an increasing number of opportunities to drill deeper into customers’ personal preferences and habits.
For retail and luxury brands, piecing this data together for a holistic picture of a traveler’s preferences can unlock the types of current and future products consumers might want. This gives marketers the ability to offer consumers the most relevant advertisement at the most opportune time.
Measuring, tracking and monitoring traveler’s searches, preferences and booking patterns shape the holistic picture of unique consumers. Another key challenge for marketers is managing campaigns across platforms and thinking of mobile as a separate channel. By understanding in real time what consumers are doing across platforms –phone, tablet, laptop and the universe of each shopper’s frequently visited sites, commerce and loyalty data – marketers can more successfully engage from inspiration to purchase through the most appropriate channel.
The most effective offers are the ones that are tailored to cater to the needs of the individual customers – with the right message at the right time on the right platform.
Anna Chalmers, Head of Marketing, Americas, ADARA
Take business travelers as an example. According to our data, those who regularly travel in business class are twice as likely as the average person to earn in excess of $100,000 and are three times as likely to own homes worth in excess of $250,000. They are twice as likely to own a luxury vehicle and 3.5 times more likely to have spent more than $1,000 online in the last six months. Business travelers are four times as likely to spend over $100 for online music or subscriptions while 40 percent purchased apparel online in the past six moths. They are two times more likely to purchase jewelry, two times as likely to have consumed wine in the past 30 days and nine times as likely to have shopped at a major luxury retailer. What these numbers tell us is that business travellers are avid consumers in comparison to those who do not travel as frequently for work. Equipped with this data, marketers know where this demographic makes their purchases, what they are buying and when.
By aggregating global travel data at this level, marketers can take this holistic, global picture of the traveler and deploy the most compelling offers, effective cross-channel communications and manage inventory and prices. The most effective offers are the ones that are tailored to cater to the needs of the individual customers – with the right message at the right time on the right platform. This is our focus and expertise at ADARA, fuelled by first-party data from more than 90 data partnerships with the world’s leading travel brands.
We look forward to sharing more about ADARA’s approach to actionable insights and helping companies drive business performance.