The journey from reputation to revenue in Travel & Hospitality
What customers perceive about your brand can make or break an organization in the modern travel and hospitality (T&H) landscape. The depth of connections and loyalty that T&H brands can build with their customer base is significantly influenced by their reputation to deliver positive customer experiences, which can tip the scale between expanding customer base and diminishing it.
Feedback to fast forward growth
Traveler and guest feedback is a key consideration in building brand reputation in the industry. T&H enterprises therefore need to be quick on their feet when it comes to responding to customer requests, resolving issues promptly and fairly, and going above and beyond to deliver a positive experience. Outside perspective can help – checking third party ratings sites like TripAdvisor, Yelp, and Google reviews gives a fair idea on how the brand is being perceived by customers.
Negative comments and responses can also work for the brand, as it presents an opportunity to quickly identify areas of improvement and show initiative in delivering better service. It lets brands interact directly with customers to quickly set things right in case of an issue, or to provide additional context and clarification – making customers feel heard and valued. Actively encouraging satisfied customers to leave feedback also helps balance out any negative feedback and showcase improvement.
Building reputation with data analytics and AI
Data analytics and AI can play a crucial role in reputation management by providing T&H companies valuable insights into how their brand is perceived by the public. Here are some ways to do it.
- Sentiment Analysis: Analyzing vast amounts of customer feedback and social media data to determine the overall sentiment towards a hotel or an airline as an example. This helps T&H enterprises understand how customers feel about their products, and services.
- Social Media Monitoring: Monitoring social media platforms for mentions of a travel brand and analyze the sentiment of these mentions. This helps to respond to negative comments, track mentions of their brand, and engage with their audience.
- Reputation Risk Assessment: Assessing the risk of reputation damage based on factors such as industry trends, brand sentiment, and the impact of events like travel disruption. This helps to anticipate potential reputation risks and take proactive steps to mitigate them.
- Predictive Analytics: Making predictions about the impact of future events on a travel company’s s reputation. For example, predicting the potential impact of a major event such as a merger or acquisition between two airlines.
- Anomaly detection and content analysis: Identifying and monitoring unusual or unexpected activity related to a travel company’s reputation online, such as negative reviews, social media posts, or online comments. The process involves collecting data from various online sources, analyzing the data to identify patterns and deviations, and using machine learning algorithms to detect anomalies in real-time. This information can then be used to respond to potential threats, mitigate damage to the reputation, and improve overall online presence.
Reaping the rewards
Good reputation management can have several positive consequences for a T&H enterprise:
- Increased customer loyalty: The reputation of your brand can encourage customers to spread the word to choose your business over competitors, leading to increased customer loyalty and repeat business. Customers who have experienced excellence on a visit are more likely to return and recommend a brand to others.
- Higher bookings and revenue: A good reputation can also lead to increased bookings and revenue. Customers are more likely to book with a business that has a compelling reputation.
- Competitive advantage: A positive reputation can give your business a competitive advantage over other businesses in your market. Customers are often willing to pay a premium for services of a brand that they’d like to be seen associated with. A powerful reputation can make it easier for businesses to attract top talent and partnerships.
- Improved brand image: A good reputation can also help to improve your business’s overall brand image. Customers are more likely to view your business favourably if it has a good reputation, and this can help to enhance your brand’s value.
Like it, or hate it, reputation management is definitely not something an organization in the travel and hospitality industry can ignore if you plan to survive and thrive in this post pandemic environment where customer experience and sentiment drive business outcomes like never before. It is a constant uphill battle that can be made easier by leveraging data analytics and AI.
If you need help in devising and implementing a robust and sound reputation management strategy to ensure continued success, simply reach out to Tech4TH. We are on a mission to use cutting edge digital technologies to drive intelligent and joyous engagement for travel & hospitality enterprises with their customers, employees and the communities in which they operate. Drop us a note on firstname.lastname@example.org know more.