The State of the Online Travel Industry in 2014

Online-Travel-reservation

State of Digital recently released a Travel 360 report after collating the viewpoints and analysis of experts, thought leaders and key commercial players of both the hospitality and travel industries.  The report aims to act as a marker of the level of integration between travel brands and the various online channels within digital marketing.

The key trend throughout this report is the idea that companies must be able to adapt their business and marketing models in an attempt to future-proof their businesses.  Facilitating ongoing relationships and interactions with travel consumers has now become critical to survival.

The following are seven key points highlighted in this report that you should keep in mind going forward.  They address challenges facing businesses today, and the holistic approaches and angles that will provide real value, strategy and insight to your brand.

1) Communicating a holistic brand message, consistently across all channels, is now very important to a brand’s long-term prospects.  Consistency is crucial when planning your marketing strategy.  It is important that your message is the same whether consumers see it on your website, in e-mail blasts, on a mobile site or from a third party site (OTAs, vertical marketing sites, metasearch engines, etc.)

2) Brands need to install a startup culture and nurture a digital experience that runs through the business.  Word of mouth is a great way of advertising to dozens of people, but those numbers will not sustain your business over the long haul.  “Rewriting the rule book” should not be seen as a negative experience, but rather as growing with the always-changing digital landscape.

3) Storytelling helps the digital travel industry to get the right customers in the right way.  Honest, authoritative and local content, infused with quality storytelling is the future of travel content.  The millennial generation is looking for a unique experience when planning a getaway.  Capturing that audience by telling your own unique story will be an important marketing tool going forward.

4) Storytelling, marketing, PR and outstanding content will inspire loyalty and provide long-term success to a brand.    Brand loyalty has recently taken a step back to deals when consumers are planning to travel.  Re-establishing brand loyalty with quality content and marketing is a key to survival in the future.

5) There is going to be an increasing trend towards personalization and the creation of more unique experiences.  As noted earlier, this is precisely what a new generation of traveler is looking for.  Millennials are willing to spend the money if they believe their experience will be unique

6) Mobile is the biggest growth area in terms of sales.   Recent projections by PhoCusWright predict that U.S. mobile bookings will almost double in 2014 to $24.3 billion, up from $12.3 billion in 2013.

7) Mobile has led to the rise of the ‘always connected traveler’ and the possibility of in-experience interactions with brands.  Social media allows guests to provide feedback and interact with a company in a way that has nearly usurped the role of the on-site concierge.  Travelers use their mobile devices for everything from getting directions to their accommodations, to finding a restaurant or tourist attraction during their stay.

To download and read the full State of Digital Travel 360 report, click here.

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