How does the online travel industry capture the volatile demand?
Read more about what opportunities players in the online travel industry are missing out on...
The ongoing challenge within travel advertising
Pricing offers within the travel industry are constantly fluctuating in terms of supply and demand. This varies per destination and is constantly subject to changes due to events, competition, weather and many other variables. On top of these dynamics, there is another challenge for digital marketing: the consequences of COVID-19. This article from Google already mentions that COVID changes travel restrictions per country from one moment to the next, leading to more frequent last-minute cancellations of holidays. But how do you make sure that your pricing and your campaigns align in real time with the fluctuations in supply and demand?
Three ways to increase profit if you change your current approach
1. Feedbased automation
Given the dynamics of pricing, there is no getting away from integrating a feedbased set up for your creative and campaign processes with variables that work in real time. These include all data on website traffic, local weather and prices of competitors. This allows you to easily stop campaigns in a certain period or automatically adjust creatives to a more inspirational message if your offer is less competitive than your competition's in terms of price.
2. Outperform your competition with pricing and campaigns
Rolling out cross channel campaigns in one day sounds almost too good to be true, right? Opt for creative automation and establish dynamic campaign concepts in templates so that you can create your campaign with a few clicks and put it live immediately.
3. Retail media
With the wealth of first party data available to players in the online travel industry, a retail media approach is within reach. At the moment this is not being done, or too little, while it is a significant source of revenue: especially now that travel-related searches are at an all-time high. Get the entire request and execution process in order quickly and scalably with a self-service environment in which campaigns are prepared, overseen and automatically published to your website, newsletters, paid advertising channels and off-site.