The RFP tool has made life so much easier when sourcing hotel and putting together proposals. Before cvent all of this was manual, now it is automated and you can review each hotel in one place before you source them. For the event management tool, there are just so many features and widgets that you can use for your events. If booking hotels the registration form can integrate with passkey so the attendee can reserve a room right away.
This is a guest article by Manu Agrawal, senior associate consultant for the airlines practice at Infosys. Airline Frequent Flier Programs FFPs were introduced around three decades back by American Airlines in an attempt to reward repeat customers and build brand loyalty.
Since prior efforts were primarily focused only on attracting new customers, this was considered to be a novel approach to Customer Relationship Management and marketing.
A generic definition of CRM is given below: A typical CRM initiative will therefore involve: Collection and refinement of customer related information and Gathering actionable insights along with their subsequent application Thus developing an understanding of how customer expectations can be fulfilled by bringing about changes in service offerings and service delivery.
The ultimate objective of any CRM initiative, as for any other marketing exercise is a positive impact to the bottom line. However, CRM is different because it is a market pull strategy — ie. Frequent flier programs are, by a subtle contrast, largely push based as suggested by the following definition: Therefore, they have retained their position as the staple CRM initiative for most brands.
Long term loyalty, or short term cash? Over a course of time, the utility of FFPs for airlines has increased exponentially, albeit in different ways. From a weapon in the marketing arsenal which required investment, they are now being operated as independent profit centers.
Let us see how this model works. As compared to earlier loyalty programs which used to offer reward miles on air travel alone, contemporary programs reward buying behavior at retail outlets, financial firms and brokerages and through credit cards as well.
These firms purchase reward miles from airlines at a certain price, thus offering them revenue and free mass marketing while the customers get an attractive incentive to spend.
This means that miles are earned mostly outside the airline, and incentivize frequent buyers rather than frequent fliers. Nevertheless, airlines love their loyalty programs due to their high cash generation ability which can be gauged from the following facts: Inwhen United filed for bankruptcy, the only part of its operations that was making money was its FFP.
Moreover, while the existence of an FFP does not always guarantee motivation to use the airline, their unavailability is sure to drive customers away, thus turning them into a hygiene factor for the customer.
Moreover, in some cases Customer data is also spread across many external partners and thus cannot be used in data mining or Business Intelligence activity. Segmenting customers on the basis of their lifetime value is an effective way to realize this objective.
Value based segmentation is an approach that assesses the total value of a customer to the company.
For example, to justify additional marketing spend on existing customers, it might be required to evaluate their current wallet share vs.
However, for isolating customers at the risk of attrition, their behavior at touch points and long term versus short term spend will become more important. Segmenting customers on the basis of their value to the company instead of flown miles the current method of segmentation for FFPs can be a better basis to gauge their importance to the Airline.
An elementary way to calculate this value has been formulated on the basis of the RFM Model, the components of which are — R Recent — Period since last purchase [A lower value corresponds to a higher probability of the customer making a repeat purchase] F Frequent — Number of purchases made within a certain period [Higher frequency, higher loyalty] M Monetary — The cumulative profit that the airline acquired from the customer over a given period [Total Revenue — Total Cost] While M is an indicator of current value, R and F are indicators of potential Value.
Let us see how Current and Potential Value can be calculated using a simplified approach. Current Value CV Calculating the Current Value is a fairly easy task, which involves summing up all monetary gains from the customer: This approach comprises of 3 steps:* Airline Customer Relationship Management Tool INDEX 1.
Introduction 2. System Analysis a.
Existing System b. proposed System 3. Feasibility Report a. Technical Feasibility b. Operational Feasibility c.
Economical Feasibility 4. System Requirement Specification Document a. Overview b. Modules Description c. Process Flow d. SDLC Methodology e. Inbound Logistics' glossary of transportation, logistics, supply chain, and international trade terms can help you navigate through confusion and get to the meaning behind industry jargon.
SWOT Analysis SWOT analysis is a tool for auditing an organization and its environment.
I was speaking at a Customer Experience conference recently and was asked by one of the delegates “So what comes after CEM?” We have grown up on a diet of TLAs (Three Letter Acronyms) first being exhorted to embrace TQM, then BPR, through CRM, CMR and now CEM (Customer Experience Management), so it seems perfectly reasonable to ask about the NBT (Next Big Thing!). of Customer Relationship Management (CRM) in Airline Industry: Its Concepts and Implications 1. Introduction In today’s global marketplace, airlines are countered with unstable and highly competitive business environment. Build more meaningful and lasting relationships and connect with your customers across sales, customer service, marketing, communities, apps, analytics, and more using our Customer .
It is the first stage of planning and helps marketers to focus on key issues. Revenue management is the application of disciplined analytics that predict consumer behaviour at the micro-market level and optimize product availability and price to maximize revenue growth.
The primary aim of revenue management is selling the right product to the right customer at the right time for the right price and with the right pack. ACSI Unique Benchmarking.
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|A Smarter Way to Study....short presentations, real results||Improved customer service efficiency and effectiveness Individualized marketing messages also called campaigns Connect customers and all channels on a single platform.|
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|Read Lessons||System Requirement Specification Document a. This is a computerized system to make seats reservations, keep ticket bookings and availability details up-to-date.|
The American Customer Satisfaction Index, the nation's only cross-industry measure of customer satisfaction, gives businesses science-based insights across the complete arc of the customer experience..
Read More» ACSI Solutions. ACSI Benchmark SM is a total CEX measurement and tracking solution, enabling companies to benchmark all aspects of the customer . This is what a successful digital transformation looks like, based on research into the characteristics of enterprises that have succeeded with transformations in real life.