Conclusion Third-party solution providers can play a crucial role helping airlines and hotels address revenue management and customer experience challenges. This study found that: Meeting customer expectations is crucial. Changing customer preferences mean airlines and hotels must adapt their approach to personalization. Eight out of 10 respondents consider personalization to be critical — but 69% struggle to adapt to customer expectations. This is even more important considering challenges with personalizing experiences have led to decreased loyalty (52%) and an inability to scale (46%). Data insights are potent tools for customer engagement and revenue management, but travel companies struggle with lack of skills and analytics. A combination of insufficient internal skills (58%) and the lack of data and technology (64%) are inhibiting effective digital interactions with customers. Companies should use advanced methods to meet customer expectations and the right third-party provider can yield transformational benefits. The most effective third-party solutions diversify revenue and optimize prices by improving personalization and testing capabilities, but only 18% of respondents’ companies use business experimentation systems — one of the most powerful tools available. This indicates a significant untapped opportunity for most travel companies that are looking to drive growth. Industry leaders expect the biggest benefits from third-party solutions to come from new revenue streams (69%), personalization (66%), and customer acquisition efforts (66%). 19 © FORRESTER RESEARCH, INC. ALL RIGHTS RESERVED. 18
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