Ring in the New Year, and with it, opportunities for innovation and new revenue streams. The beginning of the year is a good time to take stock on how well travel and hospitality companies are leveraging their assets to generate incremental revenue. Here's some thoughts on how your organization can add margin and income to your bottom line:
Upsell and cross-sell. Nothing revolutionary about this opportunity, but if you are not leveraging the treasure trove of your data yet, you may want 2015 to be the year of data mining. Technology and budget challenges often stymied marketers to reach their customers in the "after sale" time period - after purchase and before travel - in order to reap the benefits of highly profitable upgrades and activities. New, flexible solutions may make it more simple and streamlined to automate recommendations to increase your customer's satisfaction, as well as your bottom line. Visit companies such as Fusion, Sabre and Monetate. Remember, context, content and timing is key to increasing these "after sale" bookings and attractive margins.
Monetize your site visitors who don't purchase. If someone has visited your site, and exits before purchase, there is intent information that is valuable to others. The old adage, "One man's trash is another man's treasure," has never been truer. You may be sitting on millions in unrealized media value, locked away in your site traffic. Speak to Intent Media, Adara, Sojern and several smaller solution providers, to see if you can realize new revenue streams from your unfulfilled traffic. Think about it, they've indicated, by their browsing and click-thru activity that they are planning a trip to Vegas, but they haven't purchased the trip from you. Another company will pay to access that intent - so you may offset your acquisition spend, or even generate profits!
Start today by finding ways to make your corporate New Year's resolution to find new, profitable income a reality. Let me know the ways you are finding "money left on the table" for your organization.
