Machine learning: identifying patterns and anticipating the future.
In any business, having knowledge about customer behaviour patterns is paramount to know how to respond and which sales strategies to implement. In the travel industry, this is even more important. It’s an ever-changing world and patterns can vary from year to year.
Being able to identify these patterns is what will help us make the best decisions and, in a certain way, anticipate the future to secure maximum profits. But how can we identify these changes? The answer is clear: with data analytics and machine learning techniques.
There are different patterns to focus on, such as behaviour patterns in the source market, in the chosen destinations or in the different types of customers. Using data to study these patterns helps us understand which habits are repeated and, therefore, enhance and optimise the product we want to sell in the most focused way possible.
Studying patterns helps us identify changes, either for better or for worse. Finding out about changes in the normal trend and pinpointing new ones are essential to secure the highest possible profits and anticipate the future in time. This means we can keep on adapting strategies.
Thanks to the study and analysis of the information provided by data, we can find out when the pattern changes, analyse its progress and discover what kind of actions have been carried out, in case they have an influence on the change. The positive side to all this analysis is that the company can respond and adapt to the trend of that particular moment. For example, finding out that destinations on which a company was more focused are actually losing fans, and that customers now prefer other places, is key to adapting in time.
How do machine learning and data analytics help us?
By identifying all these changes, we know how to respond, which helps increase sales and maximise profits. By studying past and present data, machine learning techniques help us achieve all goals. With these techniques, there’s even the chance to start introducing dynamic pricing based on demand.
If you’d like to find out more about what bed banks have to do to continue progressing in such a competitive business, make sure you read our ebook. “How to become a Smart Travel Distributor: The Future of Business Travel” Download here