Personal experience, the next big thing in the travel industry
Our offices are located at Rothschild Street in Tel Aviv, Israel. Usually, I go out to lunch at my favorite restaurant, Petrozilia. I sit at the Bar and Roza brings me Humus, Diet Sprite and a green salad. Then, having known me for quite a while, she suggests a main dish that she knows I would be likely to enjoy, and I order it. This experience is the essence of personalization. Amazon, Google and other giants do the same. The only difference is the huge scale.
The connection between pricing and personalization:
If Petrozilia will raise their prices, I will keep having my lunches there. Studies conducted in the travel industry showed that 37% of consumers are willing to pay extra money if they will receive a personalized trip. However, despite the high correlation between pricing and personalization, only a few companies in the travel industry actually invest in personalization. Indeed, studies found that only 36% of the managers in the travel industry think that their products are personalized.
How can you personalize your travel products?
We live in an era of a great revolution, the information revolution. In a nutshell, in this era, data are the most valuable asset. Thus, multi-national corporations and SMEs are measured by their ability to receive information, process it and act upon this information. The ability to personalize a product begins with data collection. Thereafter, one should be able to process it rapidly, in order to adjust the product accordingly. However, most businesses in the travel industry do not have this capability.
Do you want to personalize your products? Ask us – we have the solutions.