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Why the value of personalisation in experiences is now growing 18% annually.


Personalisation is the key to more memorable travel experiences.


In today's digital age, travellers have more information at their fingertips than ever before. They can compare prices, read reviews, and book their travel online. This means that they are no longer satisfied with a one-size-fits-all travel experience. They want travel companies to understand their individual needs and preferences and to tailor their offerings accordingly. Those are the brands they are going to spend money with and stay loyal to.


This is where personalisation comes in. Personalisation is the process of tailoring a product or service to the individual needs of a customer. In the travel industry, this can mean recommending relevant destinations, hotels, and activities to travellers based on their past travel behaviour, group type and interests, or providing them with personalised customer service.


There are a number of reasons why personalisation is becoming increasingly important in the travel industry. First, consumers are demanding more personalised experiences in all aspects of their consumption. They want to feel like they are not just a number, but that the company they are doing business with actually cares about their individual needs. Second, personalisation can help travel companies improve their conversion rates and increase revenue. When travel companies personalise their marketing and sales efforts, they are more likely to reach the right people with the right message at the right time. This can lead to a significant boost in business.


Finally, personalisation can help travel companies build stronger relationships with their customers. In our view, this is what hospitality is all about. When travel companies know their customers well, they can provide them with a more personalised and memorable experience. This will lead to increased customer loyalty and repeat business.


In fact, the value of personalised experiences in the travel industry is expected to grow to over $400 billion by 2030, an annual growth rate of 17%. This is because travellers are increasingly looking for experiences that are tailored to their individual needs and preferences. They want to feel like they are getting the most for their hard-earned money, and they are willing to pay a premium for personalised experiences.


So, how can travel companies personalise their offerings? There are a number of ways to do this, including:


  • Capturing customer data. Travel companies can collect data about their customers, such as why they are travelling, who they are with and what their interests are. This data can then be used to recommend relevant experiences, services, and activities before and during their trip.

  • Leveraging AI. AI is becoming increasingly relevant, and it can be used to personalise travel experiences in a number of ways. For example, AI can be used to recommend relevant destinations, hotels, and activities to travellers based on their past travel behaviour. AI can also be used to personalise and improve customer service interactions.

  • Giving personalised recommendations. Travel brands can use personalised recommendations to suggest activities and services that are likely to be of interest to a particular person or group. Improving their overall experience will leave a lasting impression.


For example, a travel company might use personalised recommendations to suggest a trip to Paris for a traveller who has expressed an interest in art and history. The company might also suggest hidden gems that are hard for travellers to discover on their own, helping them to live like a local during their trip.


Personalised recommendations can be a powerful tool. They can help travellers to find the perfect destination for their needs and interests, and they can also help to increase revenue for the business, a win/win. As a result, personalised experiences are becoming increasingly popular for both consumers and businesses in the travel industry and beyond.


 

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