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ONLINE PURCHASE LOOP prepared by TRI HOSPITALITY, INC.
| Date post: | 19-Jul-2015 |
| Category: |
Leadership & Management |
| Upload: | tri-hospitality-inc |
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ONLINEPURCHASE LOOP
prepared by
TRI HOSPITALITY, INC.
TRI HOSPITALITY TRAVEL • REVENUE • INNOVATION [email protected]
ONLINE PURCHASE LOOP
The Online Purchase Loop steps away from the traditional Purchase Funnel created by E. St. Elmo Lewis in 1898, to show the process consumers utilize when making travel decisions. The Purchase Loop highlights three stages of a consumer experience.
1. Decision Loop 2. Experience Loop 3. Advocacy Loop
Starting with awareness, each Loop highlights some main touch points consumers experience throughout their journey. Each stage triggers conversation about how to engage consumers digitally at each point. A consumers “Sphere of Influence”, is represented by the size of each loop and is key to calculating a consumers lifetime value. The Online Purchase Loop helps you identify the story your brand is telling. Ultimately, a stronger understanding of consumer behavior allows a business to micro-target their potential guests.
TRI HOSPITALITY TRAVEL • REVENUE • INNOVATION [email protected]
DECISION LOOP
The Decision Loop begins at the point a consumer consciously decides they want to travel—Awareness. Awareness comes in different forms, the desire to take a vacation, a business trip, a family event, etc. Travelers view themselves as professional consumers or Prosumers, utilizing the internet and social networking for research and to publish their experience.
Although the final purchase may not be an “online purchase” at some point your guest will access the internet for research. According to Google, over 78% of consumers utilize the internet when discovering, researching, and/or booking travel. It is essential to develop a digital footprint that consistently portrays your story and brand. Once a consumer has chosen a desired hotel they need to select a channel to purchase through. Finally with new online products there is the risk a consumer will be persuaded elsewhere.
TRI HOSPITALITY TRAVEL • REVENUE • INNOVATION [email protected]
EXPERIENCE LOOP
The Travel Experience does not have to start from the moment a guest checks-in. Technology is extending the reaching arm of hospitality providers from the time a consumer purchases a hotel room until after the stay is consumed and beyond. The Experience Loop can be sliced into three touch point opportunities.
1. Pre Stay 2. In Stay 3. Post Stay
Mobile applications, email and surveys provide some of the tools to engage consumers throughout the three stages. Every stage offers opportunities to engage your guest for feedback and drive incremental revenue. A progressive loyalty program will combine outstanding service levels with smart technology to offer a complete and interactive Travel Experience.
TRI HOSPITALITY TRAVEL • REVENUE • INNOVATION [email protected]
ADVOCACY LOOP
Social Networking Sites have not only expanded the reach of Word of Mouth Advertising they have created a community of ‘professional’ travel influencers. It is the responsibility of the hotel to not only continuously engage their guests but to connect with them post stay. There are three major points of the Advocacy Loop:
1. Travel Influencer—Guest 2. Engage and Connect—Hotel 3. Direct Data Marketing and Retargeting—Hotel
Revenue is driven by the supply and demand continuum. Increase demand and you will increase the propensity to drive a higher revenue. Guests that become advocates, independently promote your hotel stimulating your internal demand resulting in decreased acquisition costs and increased profits.
TRI HOSPITALITY TRAVEL • REVENUE • INNOVATION [email protected]
PARTNERSSTEVEN RUBIN Steven is the founder of TRI Hospitality, Inc. He has global experience leading revenue, sales, marketing, digital, and operations teams. Steven’s experience in online travel and revenue management includes creating a Regional Online Marketing Position for Kimpton Hotels to developing and launching a new global online travel business for Travelzoo. He is on the advisory boards of multiple technology companies, working to build the next generation of travel experiences. Steven is also an Adjunct Professor at NYU, teaching Revenue Management and Strategic Pricing.
CHRISTOPHE SABINEU Christophe Sabineu is a recognized Revenue Management expert and entrepreneur. Originally from France, he started his career in hotel operations and marketing. He was a founding partner at Revinate Inc, which is the world-wide leader for Online Reputation and Guest Intelligence for hotels and restaurants. With a focus on education and data-driven decisions, Christophe has been a leader at implementing new methodologies and tools at companies such as Accor Group, Denihan Hospitality and Kimpton Hotels.
THANK YOUCONTACT [email protected] [email protected]
