This weeks Friday 5 looks at the Topics of Forecasting Demand, Cross-Channel Marketing, Marketing Personas and the Decision Making Process in travel as well as an interesting piece on behavioural economics in travel marketing.
1. Look Ahead, Not Back, to Forecast Demand
How much data do you use to forecast demand for your hotel? Traditionally, revenue managers mainly used historical booking data but considering the rapidly changing and highly competitive environment, is it time to change this practice?
2. How Guests Choose Hotels during Online Booking
Excellent read on eye tracking and revenue management. The key takeaways from a recent study include the impact of images in the decision making process and price thresholds.
3. Hotel Brands Must Travel Cross-Channel Route to Bookings
By 2016, 50% of travel bookings will involve more than 1 device so hotels must be ready to meet their guests on every channel with engaging experiences at every step of the purchase path. Mobile Commerce Daily looks at closing the gap between discovery and purchase to create a smoother booking process.
4. What Hollywood and Cats Can Teach You about Creating Marketing Personas
Another great read from Hubspot on creating marketing personas, drawing parallels to screen writing and movies to make an emotional connection with your customers.
5. What Travel Brands Can Learn from Behavioural Economics
Behavioural Economics is the study of how and why we make choices. This excellent report from Skift and Boxever looks at how travel marketers can use behavioural economics to understand travel bookers and to guide their decisions in the purchase path.