Do you love to travel? Seeing friends and family, going to new places or old favorites, soaking up the sun on the beach and listening to the waves break on the shore…
As more and more people are getting vaccines, what are we all thinking? Can I travel more! There is a huge opportunity for the travel industry to answer:
How do we make the most of the incoming post-pandemic freedom many of us are searching for?
Large and well-known companies in the travel and hospitality industries are using our practical applied artificial intelligence (Ai) and pre-built machine learning models to search for ways out of the pandemic. And the results are working!
We’re helping companies make up for lost time with our new Machine Learning Accelerator (MLA) program.
Artificial intelligence and machine learning used to essentially be reserved for Fortune 500 companies with massive expendable budgets. That’s because the technology was exploratory and practically everything was built from scratch.
Well, no longer! With this new program, pre-built machine learning models are now even more accessible… even for those companies without a Fortune 500 budget.
ElectrifAi has a very good understanding of what data is needed to obtain crucial insights for your business. In just a month, you can reap the benefits of applied Ai and machine learning.
Let’s look at some of the machine learning models that are well-suited for the travel and hospitality industries to see quick results.
What is dynamic pricing?
A dynamic pricing strategy can help solve fluctuating supply and demand problems by changing the price of an item or service to meet consumer demand.
Data can be used to more accurately segment customers and offer them prices based on many factors, such as lead times, seasonality, destination popularity, historical pricing, etc.
For example, in the airline industry ticket fares are adjusted according to the data on the individual making the enquiry, such as their purchase and behavior history. Personalized offers entice that person to follow through on the search and purchase the ticket.
Propensity models are fascinating because they allow us to use past data to predict the likelihood of someone to do something. Whether that is the likelihood of someone to buy, invest, or in this case… travel!
The pre-built Destination Propensity machine learning model identifies past guests/prospects more likely to book a trip for a specific destination and creates personalized destinations for those customers. Your marketing strategy can be enhanced by knowing how to specifically target someone with the right price, place, and time.
What are the benefits? You can increase buyer conversion rates with one-to-one target marketing of the right destination to the right customer with relevant content, products, and promotions. And applied Ai can help you accurately pinpoint that information.
The pre-built Dilution Prevention machine learning model can help you increase top-line revenue by holding out offers for high value airline seats, hotel rooms, and entertainment experiences and reserve those products for customers willing to pay premium prices.
Some buyers know how to get discounts for upgrades. They travel first class but they did not actually pay for the premium price of first class. This decreases the company’s revenue gain.
But there is a data-driven method for those individuals who can and do pay for first class prices. You can target your marketing efforts towards those people with large pockets who will pay extra to ensure they receive luxury treatment.
As a company, you can make sure to reserve enough seats for those who have the funds for first class and are willing to pay for it. And that way they actually have seats to buy when they’re ready to purchase.
It’s difficult for a human to know precisely how many seats to reserve. But using applied Ai to track those signals is a very effective and accurate way to accomplish that effort.
You likely have multiple systems that contain snippets of your customer’s profile. Using applied Ai to aggregate that information together is interesting and a great opportunity for those in the travel and hospitality industry to really see and predict customer behavior.
Get a 360 degree view of your customer and what they are like with the pre-built Trip Narrative machine learning model, which is based on activities that are happen to customers.
For example, one of those things happening to a customer could be a bad experience.
You have a choice. You can wait for that customer to post a negative review. Or, since you already know they had a bad experience, you can use applied Ai to flag that problem and proactively handle it before the customer gets around to posting the review.
You can make amends and rectify the situation to build trust. This is all part of the today’s ecosystem of success in the post-Covid world.
These are just a few pre-built machine learning models in ElectrifAi’s vast library. And they can be delivered very inexpensively. A lot less than a single data scientist!
We can explain to you what we’ve done with other companies who successfully used our pre-built machine learning models and you can test them out. Once you have the results in just a month’s time, you can decide if this solution is right for your business.
It’s time to take this strategic asset (your data) and turn it into insights that can shift the trajectory of your business in a very positive way. Increasing your ROI, decreasing your spend, and improving your understanding of your business as a whole with the precision applied Ai can provide is just the beginning.
Want to find out more about the machine learning models we reviewed in this blog? Check out our weekly live video series, This Week in Applied Ai. Episode 6deep dives into how we can help the travel and hospitality industries. And be sure to watch live every Thursday at 3 PM EST for even more exciting use cases.
Let’s help the world get back on its feet! Contact us today for a custom demo.