Applying Best Practices from Other Industries to Travel & Hospitality
By Robert King General Manager, Travel & Hospitality, ClickSquared | November 13, 2011
While we travel and hospitality marketers can be highly innovative, most would readily concede that we don't have a monopoly on good ideas. Once in a while, it is important to raise our head and look beyond our current practices to learn from marketing innovators in other industries. After all, we're all seeking to build customer satisfaction and engagement – and create revenue – whether the end-customer is a traveler, a banking customer, a donor, or an avid sports fan.
To that end, what follows is a sampling of novel marketing approaches from the financial services, sports and entertainment, and non-profit sectors, respectively, which can offer the hospitality marketer some good food for thought.
Banking on it
While cross-channel direct marketing is not a typical customer acquisition approach for the retail banking industry, it definitely plays a big role in how banks share operational information with customers, and how they enhance customer relationships.
While customers may initiate a banking relationship based on one product, the goal of the financial services marketer is focused on growing that relationship to include the widest range of banking products and services. They want the checking account and the savings account, CDs, investments and the mortgage. To accomplish this, banks frequently utilize personalized, highly choreographed, triggered marketing campaigns. These automated campaigns are activated by a customer's action (or inaction) following a particular event or transaction. Has a customer been issued a debit/credit card from the bank? Have they activated it? Once the card is activated, how often is the customer using it? Have they used it at all? Based on this usage, what is the next best product to offer? Triggered, automated campaigns allow them to improve and expand their insight, and thus their customer relationships: their marketing programs anticipate their customers' needs.
Financial service marketers will often use direct mail to engage with a customer and gather more information. The majority of banking customers use online banking, so it is critical that banks grow and maintain their customer email list for both operational messaging and for communicating new offers and services. However, there are still "legacy" customers for whom banks either don't have email addresses, or, the email address is no longer active. Banks have found that using direct mail is an effective way to gather updated email and preference information so the banks can effectively communicate with these customers.